What is Driverless VehiclesMarket?
Driverless cars are automated cars that have all of the key capabilities of traditional cars. The driverless car is also known as autonomous cars, robotic cars, or self-driving cars. Increasing traffic accidents are a major factor for technology providers in developing a safe and efficient transportation system. Also; The driverless car is expected to reduce fuel consumption by 10% and insurance costs by 30%, driving the market exponentially. A majority of manufacturers have shown great interest in the development, manufacture, and marketing of driverless cars in the coming years. The automotive and transportation industries are among the industries hardest hit by the ongoing COVID-19 outbreak and are currently in unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. Industry concern has shifted from focusing on disrupting the supply chain from China to the general slump in demand for automotive products. Demand for commercial vehicles is expected to decline with the discontinuation of all non-essential services. In addition, changes in consumer buying behavior due to the uncertainty surrounding the pandemic could have a serious impact on the growth of the industry in the near future. In the meantime, liquidity bottlenecks and the liquidity crisis have already affected the sales of the fleet operators, which is expected to increase further in the coming months. We are continuously monitoring the COVID-19 pandemic and assessing its impact on the growth of the automotive and transportation industries.
Driverless Vehicles Market Report Coverage
Report Coverage | Details |
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Study Timeframe | 2018 to 2028 |
Base Year | 2022 |
Growth Drivers | - Increased Road Accidents
- Growing Technology Providers to Develop a Safe and Efficient Transportation System
- Growing Demand for Smart and Automated Vehicle Systems
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Challenges & Pitfalls | - The Lack of Infrastructural Development
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Opportunities
Rising Technological Developments of Automobiles and A Rise in Development of a Supportive Regulatory Framework, Government Funding, and Investments in Digital Infrastructure
Restraints
- High Cost for the Driverless Vehicle Technology
- Stringent Government Regulations and Increased Threats Arising From Terrorism
The Vendors Covered in the Study are:
Google, Inc. (United States), Daimler AG (Germany), Ford Motor Company (United States), Toyota Motor Corporation (Japan), BMW AG (Germany) and Audi AG (Germany)
Available Customization:
A list of players that can be included in the study on an immediate basis are AB Volvo (Sweden) and Dutch Automated Vehicle Initiative (DAVI) (United States).
Market Development Activities
In December 2020, Uber selling its Advanced Technologies Group to Aurora was no surprise. Reports of this potential sale started in mid-November as the performance of Uber’s autonomous vehicles.
In November 2022, buoyed by the launch of its first electric formula racing car on Monday, the Indian Institute of Madras (IIT Madras) is aiming to roll out driverless race cars by 2025.