Technological Advancement In the Automobile is Augmenting the Growth of the Autonomous Car Market

 


An autonomous car (sometimes also called a driverless vehicle or reship car) is really a car that utilizes a variety of computers, sensors, radars, and other artificial intelligence (AI) to operate a vehicle between destinations on its own. A substantial advancement in such vehicles is their capability to take and re-rout non-passenger traffic. In this, the chance of collision or accident is drastically reduced. The major benefits include time savings, money saved on gasoline and automobile insurance premiums, and the lowering of traffic jams.

Increasing technological developments in automobiles is playing a significant role in the growth of the autonomous car market. Growing spending in digital infrastructure and development in autonomous vehicle infrastructure can be causing the growth of the market. Autonomous cars offer more comfort and rest while traveling. And also this reduces the cost of the driver for commercial vehicles and taxis. Other benefits such as for example reduced crash risks, improved safety, and increased road capacity provided by this car are again propelling the growth of the Autonomous Car Market. An increasing amount of partnerships and agreements among key players to introduce autonomous vehicles is further anticipated to augment the growth of the autonomous car market. As an example, in February 2020, Volkswagen Group and Microsoft have expanded their cooperation concerning the U.S. software giant's cloud technology to include speeding up the development of automated driving.

Europe is projected to achieve significant growth on the forecast period and that is related to the increasing investment by the federal government for developing autonomous vehicles. As an example, in March 2019, Germany has announced that it's investing €58 billion in electric, autonomous cars. €40 billion ($45.5 billion) is likely to be spent over the following 36 months on e-mobility, and another €18 billion has been earmarked for digitization, alongside connected and autonomous driving.

Key Developments:

  1. In December 2020, Apple has announced its planning to construct a self-driving car and could launch it on the market in 2024

  2. In November 2020, Honda Motor Co announced that it will mass-produce level 3 autonomous cars that will allow drivers to let their vehicles navigate congested expressway traffic

  3. In January 2021, Tata Consultancy Services (TCS) has announced the launch of the Autoscape Solution Suite to greatly help deliver next-generation autonomous and connected vehicle experience

  4. In September 2020, TomTom releases new tech for autonomous vehicles to raised manage roads and weather

  5. In April 2019, Elon Musk has announced that it's aiming to launch ‘robotaxis'within its broader vision for achieving an autonomous ride-sharing network in 2020


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