Technological advancement in the automobile is augmenting the growth of the autonomous car market

 

Autonomous Car Market

An autonomous car (sometimes also known as a driverless vehicle or reship car) is a car that utilizes a combination of computers, sensors, radars, and other artificial intelligence (AI) to drive between destinations on its own. A significant advancement in such vehicles is their ability to take and re-rout non-passenger traffic. In doing so, the risk of collision or accident is drastically reduced. The major benefits include time savings, money saved on gasoline and automobile insurance premiums, and the reduction in 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 is also contributing to the growth of the market. Autonomous cars offer more comfort and rest while traveling. This also reduces the cost of the driver for commercial vehicles and taxis. Other benefits such as reduced crash risks, improved safety, and increased road capacity offered by this car are again propelling the growth of the autonomous car market. An increasing number of partnerships and agreements among key players to introduce autonomous vehicles is further anticipated to augment the growth of the autonomous car market. For instance, in February 2020, Volkswagen Group and Microsoft have expanded their cooperation involving the U.S. software giant's cloud technology to include speeding up the development of automated driving.

Europe is projected to gain significant growth over the forecast period and this is attributed to the increasing investment by the government for developing autonomous vehicles. For instance, in March 2019, Germany has announced that it is investing €58 billion in electric, autonomous cars.  €40 billion ($45.5 billion) will be spent over the next three years 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 build a self-driving car and could launch it in 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 help deliver next-generation autonomous and connected vehicle experience

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

5.      In April 2019, Elon Musk has announced that it is aiming to launch ‘robotaxis’ as part of its broader vision for achieving an autonomous ride-sharing network in 2020


Location: India

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