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Driverless cars are automated cars which feature all the major competencies of traditional cars. The driverless car is also known as autonomous car, robotic car or self-driving car. Increased road accidents are a major driving factor for technology providers to develop a safe and efficient transportation system. Moreover; it is expected that the driverless car will reduce fuel consumption by 10% and insurance costs by 30%, there by driving the market exponentially. A majority of the manufacturers have indicated a keen interest in developing, manufacturing and commercializing driverless cars in the coming years.
Volvo is one of the leading automobile manufacturers and would launch its first driverless car by year 2017. However, the lack of infrastructural development to support V2V connections, stringent government regulations and increased threats arising from terrorism, prove to be a major restraint for this market. The growing demand for smart and automated vehicle systems should boost the market of driverless cars. The development cost for the driverless car technology is very high, however, as technology advances the price is expected to decline. The study projects affordability and a rise in the adoption of these cars, amongst middle-class families, during 2040-2050.
The global driverless car market is segmented on the basis of components and geography. The component market comprises of radar sensors; video cameras; LiDAR sensor; ultrasound sensors and a central computing system. Geographically, the driverless car market is segmented across North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East and Africa).
Key Market Segments
Key Market Players
