Global Self-Driving Car Market Report,
published by Variant Market Research, forecast that the global market is
expected to reach $20 billion by 2024; growing at a CAGR of 25.7% from
2016 to 2024. By geography, North America is expected to hold the largest market
share in the global self-driving car market.
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Complete Report @ https://www.variantmarketresearch.com/report-categories/automotive/self-driving-car-market
The self-driving car is
also known as a driverless, robotic, or fully automated car. About 1.25 million
people are dying per year due to road traffic crashes according to ‘World
Health Organization’, said in May 2016. The mounting concern about
reducing the number of accidents caused by human errors is the key factor
driving the growth of the market. Moreover, increasing support by government,
rising investments in industrial automation in the automotive industry, along
with, growing demand for smart and luxury cars worldwide, are supporting the
growth of self-driving car market. Lack of compatible infrastructure of these
driverless cars would pose as a restraint for the market. Privacy and safety
issues of the self-driving cars are some of the major challenges for
self-driving car manufacturers. Furthermore, increasing R&D investment for
commercialization of autonomous cars is expected to provide opportunities for
the lucrative growth of driverless car market during the forecast period.
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Sample Report @ https://www.variantmarketresearch.com/report-categories/automotive/self-driving-car-market/sample-request
The global self-driving
car market is bifurcated into components and geography. The components are
further segmented into software, hardware, optical cameras, Lidar, radar, and
others. The software component of the market is projected to hold the maximum
market share during the forecast period, driven by increasing technological
advancement in software segment such as advanced driver assistance systems to
enhance safety and driving process.
Based on the
geographical analysis, the market is segmented into North America, Europe,
Asia-Pacific, and Rest of the World. North America is expected to hold the
major share of the market holding about 40% of the total market segment;
growing at the highest CAGR during the forecast period, owing to the early
adoption and the presence of key market players in this region such as Tesla,
Ford and General Motors. However, Asia Pacific is expected to witness significant
growth rate during the forecast period; growth being driven by China, Japan,
South Korea and India.
The key players of the
market are Google Inc., Daimler AG, Tesla Motors, Inc., Audi AG, Ford Motor
Company, Toyota Motor Corporation, Dutch Automated Vehicle Initiative (DAVI),
BMW AG, Volvo Group, Nissan Motor Company, Baidu Inc., Apple Inc. and
Volkswagen among others. These major players present in the market are adopting
new product launches as the key strategy to offer new and innovative products
to customers to enhance their customer base. Moreover, agreements,
collaboration, partnership, acquisition, and expansion are the market
strategies adopted by the major companies in the self-driving car market. For
instance, in December 2016, the Google’s parent Alphabet Inc. has formed a new
driverless car company known as Waymo LLC. The Waymo has tested its autonomous
cars across Texas, Washington D.C., California, and Arizona.
For more information, Contact:
VARIANT MARKET
RESEARCH LLP
India Office
(Corporate Headquarter):
Office No. FL
No.7, Prakash Developers,
Survey no 34/A5,
Wadgaon Sheri,
Nagar Road, Pune
– 411014
Tel: +91 20
65337795
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649 Mission St.,
5th Floor, San
Francisco,
CA 94105, United
States.
Tel:
+1-415-680-2785
Fax:
+1-415-680-2786
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