Global Driverless Car demand is expected to reach 138,561 Units by 2024 and is estimated to grow at a CAGR of over 85% from 2017 to 2024.
Driverless car leverages the sophisticated technology delivered by the innovative temperature sensors, IR sensors, proximity sensors along with actuators giving them the robotics capabilities. According to the research conducted by National Highway Traffic Safety Association (NHTSA), adoption of the driverless vehicle in the U.S. has the tendency to save up to 69 deaths caused by road accidents.
The U.S. and Sweden are expected to be the early adopter of the Driverless cars with early launch mainly by the U.S. technology group, Alphabet Inc. (Google) and the Swedish automaker Volvo Group. In addition to the aforementioned players, Tesla Motors is an emerging player with several positive tests conducted over the last two years. Further, in May 2016, Apple Inc., a competitor to Google, have invested approximately $1 Billion into the Chinese ride sharing company, Didi Chuxing primarily to develop the self-driving technology. This move is widely expected to offer Apple Inc. a major foothold in the lucrative Chinese automobile industry.
Driverless/Driverless Car Market, By region, 2017 – 2024 (Units)
The market growth is highly dependent on the traffic regulations followed in a country. The current traffic regulations require a driver to have full control over an automobile in every circumstance. However, development of semi-driverless vehicles with the inclusion of several features such as Adaptive Cruise Control (ACC), and Anti Braking System (ABS) have instigated government worldwide to amend the aforementioned regulation. For instance, New Zealand, Germany, Sweden, the Netherlands and the U.S., are amending traffic regulations, thereby creating a pathway for driverless automobiles.
“Optimal Price Point (OPP) for PAH Treatment”
Estimated Average car cost – $ xx globally. However, with large scale technology adoption, OPP, and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Driverless car to be boon for teenagers and retired persons”
According to the age group, the driverless automobiles are generally expected to be adopted by teenagers with no driving license or old age retired individual. The old age individuals might be suffering from different diseases which may increase the accident probability. In Japan, more than 80% of the road accidents involve individuals with age above 55 years. The adoption of the driverless car is anticipated to drastically reduce the accident rates over the forecast period.
“Notable industry participants include Tesla Motors, Alphabet Inc., Volvo Group and Apple Inc.”
Key players include Tesla Motors, Alphabet Inc., Volvo Group, Baidu Inc., Uber Technologies Inc., Nissan Motor Company and Apple Inc. The expected key market participants rely on developing technology innovative solutions in order to reduce cost, increase productivity and offering differentiated product luring customers from the different demographic group.
Manufacturers are also expected to focus on venture funding and acquisitions of smaller innovative players. For instance, acquisition of NOKIA Here Maps by major German automobile manufacturers Volkswagen Group (through Audi), BMW and Daimler.
The development of SDC and Autopilot technology by Google and Tesla respectively have significantly escalated entry of driverless cars in to the market. The computer vision and human car control technology applied in these cars have lured consumers which results in promising future for the driverless cars.