Self Driving Car Market is projected to cross US$ 300 Billion by the end of the year 2030
The self-driving car is also known as a robot car, driverless car or autonomous car/vehicle. The self-driving car is a vehicle that can drive itself without human intervention in any condition. Today, self-driving vehicles have become anabsolute reality, which has the potential to pave the way for future transportation systems where computers take over the art of driving. Self Driving Car Market is projected to cross US$ 300 Billion by the end of the year 2030.
During the early 90s, the concept of self-driving vehicles was found in science fiction films or book but today it has become a reality as several engineers and technicians across the world have been working on driver assistance systems. In the recent future, the automobile industry will change more drastically than it has over the past three decades because today the world is standing at the entrance of new age of highly automated driving (autonomous vehicles). Autonomous vehicles have made its way to market and they are here to stay and change the shape of people commute. Though today the reach and use of such self-driving are very much limited but in future these vehicles will rule the automotive sector. Almost all the well famed automakers are actively exploring self-driving vehicle programs and extensively conducting research, development and real-time on-road testing.
Self-driving cars use several components and various kinds of technologies, in order to drive itself safely across the congested traffic and parking areas. Some of the components include a camera, Radar, Lidar, and ultrasonic sensors while some technologies include GPS, network systems, high-speed internet connectivity, augmented reality and cybersecurity. Self-driving cars can be built with GPS sensing knowledge to help with navigation and different sensors to avoid collisions.
The self-driving car market is driven by various factors. Some of the factors responsible for the growth of self-driving car include growing awareness for zero tail emissions vehicles, depletion of fossil fuel reserve, independent mobility for children, elderly and disabled, road safety concerns, traffic congestion, fuel efficient and increasing total ownership cost of the vehicle (fuel cost and driver salary). Further, the autonomous vehicle also increases one's productivity as thepassenger can do their work while the vehicle drives itself.
Owing to these benefits, it is expected that in the recent future self-driving car is going to storm the automobile industry. In addition, increasing government support across the globe for the autonomous vehicle as they offer several benefits including subsidies on purchase and relaxation in road tax and further developing the required infrastructure, which again boosts the growth of self-driving car market over the forecast period. On the other hand, high vehicle cost, security and privacy concerns, risking driver jobs and gaining people trusts are among the key restraints, which may be expected to restrict the growth of self-driving car market over the upcoming years.
Contact Us:
Email:info@renub.com
Phone:+1-678-302-0700
Web: www.renub.com
225 Kristie Ln, Roswell, GA 30076, United States
About Us: Renub Research is a leading Market Research and Information Analysis Company with centers at Noida India and Roswell USA. We have long-term experience especially in international Business-to-Business Researches, Surveys, Business and Consulting. Throughout the years we have acquired expertise in most market sectors, including Information Technology (IT), Telecoms, Life Sciences, Medical & Pharmaceuticals, Financial Services (Banking, Insurance, Reinsurance, M&A, etc.), Energy, Chemicals, Automotive, Retail, FMCG, Consumer Goods, Logistics, Governmental, Social, and Others.
