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Rising Adoption of Advanced Cars Fuel Growth of the Self-driving Car Market

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Published on : Nov 07, 2019

The global self-driving car market is basically driven by surging investment in the research and development and innovation. A report, titled “Self-driving Car Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2030.” The report offers the growth scenarios present globally as well as revenues of the overall self-driving car market. The self-driving car market report thoroughly discusses robust growth prospects and prominent strategies implicated by several key players operating in the global self-driving car market, which are likely to benefit the market growth and grab leading position in terms of revenue in the market. The report is available on the website ResearchMoz.us as well.

Surge in smart city projects coupled with rise in adoption of connected cars, which are based on the internet of things (IoT) for helping to solve the problem of traffic congestion, are driving growth of the global self-driving car market. In addition, desire of luxurious life has led to demand for high-end cars that encourages the development and innovations in the automotive industry. Additionally, government support and regulation for introduction of fully automated or high cost cars are fuelling growth of the global self-driving car market.  

Rising Adoption of Advanced and Electric Cars Drives the Market Growth

Through IoT, car drivers improve their display by getting the continuous criticism from rapid in-memory figuring frameworks inbuilt in associated cars. These inbuilt PCs offer highlights, for example, gathering, breaking down, and putting away information which aides for deciding. The wide reception of associated cars is required to make rewarding open doors for self-driving vehicles. 

Stringent guidelines and low possession cost are pushing adoption of cars. Decrease of expense is of prime significance, as self-driving cars are probably going to be broadly utilized by organizations such as Uber and Ola. Uber is trying to add Ford Fusion, a half breed vehicle, for testing in Pittsburg, U.S. Besides, Roadstar.ai, a China-based new company, has plans to offer self-driving electric cars by 2020. Electric cars are simpler and effective in saving fuel; automakers are using electric vehicle stages to develop self-driving cars. The cross breed portion is assessed to extend at a higher development rate, when contrasted with the electric section, as hybrid cars have lesser time, and consequently, are simpler to keep up for ride-hailing organizations. 

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The self-driving car market is segmented on the basis of fuel, usage, level of autonomy, hardware, and region. Based on the level of autonomy, the market is segregated in to level 4 and level 5. Based on fuel, the market is segregated in to ICE, hybrid, and electric. Based on the usage, the market is segregated in to personal and on-demand service. Based on the hardware, the market is segmented in to ultrasonic sensors, RADAR, LIDAR, cameras, GPS receivers, vision detectors, and others.

On the region, the self-driving car market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Of these, North America dominated the self-driving car market and is estimated to remain dominant in coming years. Active government investment and consumer acceptance are estimated to benefit the market growth in coming years. Additionally, Asia Pacific secured second leading position in terms of revenue owing to steps taken by key players in the self-driving car market in the region. 

Some of the key players in the global self-driving car market include AB Volvo, Apple Inc., Audi AG, Aptiv, BMW AG, Baidu, Continental AG, DiDi Chuxing, Daimler AG, Ford Motor Company, Waymo LLC, General Motors, Honda Motor Co., Ltd, Nissan Motor Company, Microsoft, Groupe PSA, Tesla, Inc., Robert Bosch GmbH, Toyota Motor Corporation, Valeo SA, Uber Technologies, Inc., and Volkswagen AG.