Autonomous Cars Market – Global Industry Analysis Trends and Forecast 2016-2024
Autonomous/driverless cars are operated by computerized navigation systems that rely on various sensor technologies to obtain information about the car’s position with respect to other vehicles and objects on the road. Apart from increasing the convenience of drivers, autonomous or driverless cars also enable geriatrics and people suffering from disabilities to use cars. This has been one of the key drivers for the global autonomous cars market in the last few years.
Around 90% of road accidents around the world are caused by human error, making the development of driverless cars more than just a technological advancement and virtually a necessity. Even besides the avoidance of manual errors, widespread adoption of autonomous cars also improves the overall flow of the traffic and makes parking easier. Large-scale adoption of driverless cars can thus help make roads safer, which has led to a growing number of governments showing support for their development. This is likely to remain a key driver for the global autonomous/driverless cars industry in the coming years.
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Despite the convenience of autonomous cars, there are several restraints hampering the growth of the market for the same. Rather than wanting to delegate driving, many customers enjoy the experience of manually driving a car, which fully autonomous cars would eliminate. Finding the sweet spot between driving pleasure and the safety and convenience brought about by autonomous car technology is thus a lucrative R&D target for leading players in the global autonomous/driverless car market.
Even though it is statistically safer, many consumers are discomforted by the idea of leaving the task of navigation entirely up to a computerized system. Recent failures in the testing of close-range scanning technologies have also made consumers wary about the advent of autonomous cars. Despite the presence of reputed automotive giants and technology leaders, improving the public perception of autonomous cars as being inherently unsafe has been a key obstacle for the industry.
Geographically, the report segments the global autonomous/driverless cars market into North America, Europe, Asia Pacific, and Rest of the World. While the industry has lucrative prospects in Western Europe and the Far East, North America is likely to remain the dominant regional market for autonomous/driverless cars in the coming years due to the early establishment of the market in the region and the presence of several leading players in the industry.
The report also profiles the operations of key players in the autonomous/driverless cars market, such as Nissan Motor Company, Tesla Motors, and Google Inc.