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Autonomous Cars Market Size to Reach USD 1.33 Billion by 2027; Development of Ride Hailing Technology to Boost Growth, Says Fortune Business Insights™

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Pune, Aug. 18, 2020 (GLOBE NEWSWIRE) — The global autonomous cars market is set to grow exponentially owing to the increasing development of the ride-hailing technology. Hence, numerous industry giants are investing hefty amounts of money in the field of driverless ride-sharing. This information is given by Fortune Business Insights™ in a new study, titled, “Autonomous Cars Market Size, Share & COVID-19 Impact Analysis, By Type (Fully Autonomous and Semi-Autonomous), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027.” As per the study, this market size was USD 1.82 billion in 2019 and is projected to reach USD 1.33 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period.https://www.fortunebusinessinsights.com/industry-reports/autonomous-cars-market-100141
This Report Answers the Following Questions:What are the market drivers, hindrances, and opportunities?Which segment is set to dominate the market in the near future?How will the companies generate more sales amid the COVID-19 pandemic?Which region is expected to remain in the leading position in the coming years?https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/autonomous-cars-market-100141
Emergence of Advanced Driver Assistance Systems to Boost GrowthThe emergence of advanced driver assistance systems (ADAS) is a major autonomous cars market growth driver. They help in reducing the pressure on the driver by avoiding distractions. They are mainly equipped with artificial intelligence and other similar unique features. Besides, the increasing adoption of state-of-the-art technologies in mapping, processors, cameras, sensors, and software algorithms are resulting in the enhancements of the applicability of ADAS in every vehicle. Apart from that, automotive manufacturers are using ADAS in vehicles to reduce the rate of road accidents, as well as to improve the safety of pedestrians, occupants, and vehicles. However, highly advanced technological systems can often lead to failures and malfunctions. This factor may hamper market growth.Segment-Semi-autonomous Segment to Generate Highest Share Owing to Usage of Novel FeaturesBased on type, the market is bifurcated into fully autonomous and semi-autonomous. Out of these the fully autonomous car segment generated 78.9% in terms of autonomous cars market share in 2019. The semi-autonomous car segment is likely to generate the largest share throughout the forthcoming years owing to the increasing equipment of features, such as adaptive cruise control and intelligent park assist. This is mainly occurring because of the implementation of various government mandates to refine safety and security.Regional Analysis-Rising Consumer Preference for Advanced Features will Favor Growth in Asia PacificIn 2019, Asia Pacific procured USD 0.81 billion in terms of revenue. The region is set to retain its dominant position in the coming years backed by the rising consumer preference for technologically advanced features and the high usage of these cars in this region. Several autonomous cars manufacturers in India and China are planning to broaden their production facilities and are trying to bring about rapid technological advancements.Europe, on the other hand, is anticipated to remain in the second position because of the increasing investments by renowned manufacturers in the development of unique technologies. The British government has planned, for instance, is planning to support the development of autonomous cars in the U.K. by installing self-driving vehicles till 2021.
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Competitive Landscape-Key Players Focus on Developing New Technologies for Strengthening Their PositionsThe market consists of a large number of enterprises that are persistently striving to strengthen their positions in the global market. To do so, they are investing extensively in developing new technologies. Some of them are also joining hands with the other local start-ups to obtain their in-house products. Below are two latest industry developments:July 2020: The official valuation of Argo AI, an autonomous cars start-up, stands at USD 7.5 billion. The company is presently focusing on the creation of the virtual driver system. Ford is investing in the start-up as the latter would provide sensors, high-definition maps, cameras, and software solutions to Ford’s self-driving vehicles.February 2020: Pony.ai raised USD 400 million to expand and deepen a business partnership. The amount was raised from Toyota Motor Corporation for their collaboration in mobility services.Fortune Business Insights™ lists out the names of all the prominent autonomous cars manufacturers operating in the global market. They are as follows:Autoliv Inc.  (Stockholm, Sweden)Aptiv (Dublin, Ireland)Waymo LLC (California, United States)Robert Bosch GmbH (Gerlingen, Germany)Daimler AG (Stuttgart, Germany)Baidu (Beijing, China)AutoX, Inc. (California, United States)Pony.ai (Fremont, California, United States)Ford Motor Company (Michigan, United States)HYUNDAI MOTOR GROUP (Seoul, South Korea)Volvo (Gothenburg, Sweden)https://www.fortunebusinessinsights.com/checkout-page/100141
IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsMerger, Acquisitions, and PartnershipsDistributor Analysis – For Major PlayersGrowth and Penetration AnalysisPorter’s Five Forces AnalysisPEST AnalysisCOVID-19 ImpactGlobal Autonomous Cars Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Vehicle TypePassenger CarsCommercial VehiclesMarket Analysis, Insights and Forecast – By TypeFully AutonomousSemi-AutonomousMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the WorldNorth America Autonomous Cars Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis – By Vehicle TypePassenger CarsCommercial VehiclesMarket Analysis – By TypeFully AutonomousSemi-AutonomousMarket Analysis – By CountryU.S.CanadaMexicoTOC Continued…!!!
https://www.fortunebusinessinsights.com/enquiry/customization/autonomous-cars-market-100141
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About UsFortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand current competitive challenges.Contact Us:
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