Global near-autonomous passenger car market: Over 15% CAGR growth forecast between 2013-2018
Semi Autonomous Market for Passenger Car: Global Trends & Forecast to 2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-21 04:42:04
The global near-autonomous passenger car market is suggested to have reached a value of around $10.6 billion at the start of 2013, and is forecast to grow to a total of $21.4 billion by 2018. This suggests a CAGR growth rate of 15.08% between 2013 and 2018.
The flourishing demand for premium cars across the globe, along with existing as well as upcoming stringent safety regulations, will drive the market for near-autonomous passenger cars. The near-autonomous passenger car market in 2013 is projected to be dominated by Adaptive Cruise Control and Adaptive Front Lights, in terms of revenue.
The major automobile manufacturers such as Audi (Germany), BMW (Germany), Mercedes-Benz (Germany), Volvo (Sweden), and others are manufacturing passenger cars installed with near-autonomous features to provide better vehicle, driver & passenger safety& comfort, better handling, high performance, and environment friendly cars. The near-autonomous passenger car system market is dominated by the key players such as Continental (Germany), Robert Bosch (Germany), Denso (Japan), Magna (Canada), and Valeo (France). These five significant companies, together, held about 70% of the total market in 2011.
Asia-Pacific is the largest passenger car market in the world, with estimated sales to be more than 30.9 million passenger cars in 2013. This market is projected to grow at a CAGR of 9.52% over the next five years. In terms of growth, Asia-Pacific is a key market for near-autonomous passenger cars. Reasons such as improving infrastructures, changing government policies towards safety, changing lifestyles etc. would induce growth for the market of these systems in this region.
The near-autonomous cars have proven their safety and other benefits over the normal passenger cars. The factors such as improved lifestyle, changing buyer´s preferences, increased average miles driven per year and increase in the development of compatible infrastructure has increased the need for near-autonomous cars. In addition to aforesaid reasons, due to changing governmental safety regulations, various safety features are installed in vehicles from manufacturers as OEM. This trend is estimated to continue in the next five years, where maximum number of vehicles would be available with pre-installed near-autonomous features.
The autonomous vehicle is any vehicle capable of sensing the external environment with the help of technological systems installed (such as GPS-Satellite, mobile infrastructure, data from other cars or roadside features etc.) and navigate the car to the desired destination with minimal human intervention. They are also known as driverless cars or self-driving cars, informally. The vehicle automation involves multidisciplinary streams of engineering such as mechanical, electrical, control and computer in combination with artificial intelligence.
The fundamental reasons such as increasing concerns about vehicle & road safety, increasing traffic congestion, volatile fuel prices, stringent environmental regulations, changing buyer´s preferences as a result of improved lifestyles etc., have diverted the attention of governments as well as automotive manufacturers, towards autonomous cars. According to some of the industry experts and studies, driver error is the most common reason for accidents, and hence autonomous cars are said to be the best solution. These cars can be used on sharing basis, as taxis, thus, reducing traffic load, and increasing road capacity. There would be removal of redundant passenger â driver as the car is autonomous.
The penetration of near-autonomous and autonomous passenger cars would majorly depend on the technological advancements; cost effectiveness of the technology, public awareness, acceptance of the technology, and legal aspects of these technologies such as safety regulations, vehicular mandates etc.
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