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North America Autonomous Cars Market size worth over 12 million units by 2024
Published Date: 2019-07-04
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According to the Graphical Research new growth forecast report titled “North America Autonomous Cars Market Size, By Level of Autonomy (Level-1, Level-2, Level-3, Level-4), By Type (Internal Combustion Engine (ICE), Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV), 2019-2024”, estimated to exceed 12 million units by 2024.
The North America autonomous cars market is forecasted to increase by rising investment in the auto technology. The self-driving vehicle industry is promising the parties involved in the manufacturing and distribution to get huge profits and lucrative returns on investment. This is encouraging the VC investors and corporations to invest in autonomous technology to secure their future. The investment in the technology brings new opportunity in the development of self-driving car.
The rising concern of customer for vehicles safety, green environment and more connected has given rise to the widespread adoption of ADAS technology. The ADAS technology provide features such as blind spot monitoring, lane departure warning systems and parking assistance features. Additionally, advancements in the automotive LiDAR technology is driving the market.
However, the high cost of autonomous vehicles is holding back the growth of autonomous cars market. The autonomous vehicles deploy large number of sensors and electronic system (LiDAR and cyber security software) to enable the V2V and V2X communication. These sensors and electronic system used for the communication of the vehicles are costly and hence it increases the overall cost of production.
The level 1 autonomous cars market is forecasted to grow due to the integration of the advanced driving assistance and safety systems into passenger cars. Also, the increasing vehicle safety concerns and governmental regulations for vehicle safety across the globe supports the market growth. On the other hand, advancement in autonomous technology is expected to grow the level 2 autonomous cars market. The advancement includes integration of artificial intelligence, GPS, and advanced electronic sensors such as radar, LiDAR, and ultrasonic sensors. These advancements in autonomous technology promote the market growth.
Some of the vendors operating in North America autonomous cars market are Toyota Motor Corporation, Volvo Car Corporation, General Motors Company, Uber Technologies Inc., Tesla Inc., Volkswagen Group, Subaru of America, Inc, Ford Motor Company, Waymo, Aptiv PLC, Nvidia Corporation, Autoliv Inc and others. Mergers, acquisitions and investments have been the commonly used strategy by various major players to enhance service offering in various regions. For instance, in October 2018 General Motors has teamed up with Honda to acquired USD 2.75 billion funds. This collaboration aims at building autonomous vehicle to serve variety of use cases.
Segments we cover:
North America Autonomous Cars Market, By Level of Autonomy
North America Autonomous Cars Market, By Type
- Internal Combustion Engine (ICE)
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
The above information has been provided for the following regions and countries:
- North America