Increasing Demand for Personal Transportation and Rapid Urbanization in Developing Countries is Influencing the Growth of Autonomous Vehicle Market
The global automotive industry is undergoing a period of wide-ranging and transformative changes with a shift in the consumer behaviour as well as an increase in the implementation of stringent environmental regulations.
This demand for autonomous vehicles is also anticipated to create significant challenges for automotive stakeholders and consumers in terms of cybersecurity risks, data theft, and involvement of unscrupulous agents within the automotive value chain. Moreover, the introduction and subsequent growth in sales of electric & hybrid vehicles, the development of advanced driver assistance systems & self-driving technologies, increasing demand of connected vehicles, and disruptive trends, such as ride-hailing, car sharing, and in-car payments are expected to change the way people use mobility services.
Unlike other industries, automotive research & development initiatives are largely backed by the industry. Improved fuel economy and targeting reemission targets continue to drive automakers to bring improvements in vehicle powertrain, light weighting, aerodynamics, and other vehicle attributes.
Usage of autonomous vehicles reduce the traffic density due to fleet formation by interconnected vehicles utilizing the road network to the fullest, also, robotic systems enable these vehicles to park themselves reducing the congestion further. In addition to this, using autonomous vehicles can reduce the risk of fatal accidents and therefore, increases the road safety. Substandard conditions of the roads across the globe and technical & safety concerns of using the automated vehicles are some of the challenges faced by both the OEMs and system manufacturers.
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At the same time, high growth potential of these vehicles in commercial applications like product deliveries, taxi services and in mining activities are some of the factors which are expected to drive the market in the upcoming years. The autonomous vehicle market is also proportionally relative to the development of the automobile industry. The need for personal transportation, rapid urbanization, and increasing disposable income of the middle-class population of developing countries have influenced the vehicle market to substantially enhance its sales, along with growth in the autonomous vehicle segment.
Automotive OEMs and self-driving technology providers are developing autonomous passenger vehicles as well as commercial vehicles. Passenger vehicles include cars and robo-taxi and commercial vehicles include heavy trucks and heavy buses.