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Level 3 Autonomous Vehicle Market: How driverless cars are going to change the future?
Oct 11 2018
Autonomous cars are a kind of driverless cars that must be capable of navigating to a destination, avoiding obstacles, and parking without any human intervention. Level 3 Autonomous vehicles also known as "eyes off" level, in which the driver can safely turn their attention away from the driving tasks, for instance, the driver can text or watch a movie. The autonomous cars will automatically give an instruction that calls for an immediate response, like emergency braking. Rising importance of road safety and greener modes of transportation is driving the growth of the market.
Reduced carbon dioxide emission from autonomous vehicle less battery capacity & less consumption of gas by an autonomous vehicle, elimination of accidents caused due to manual errors, and high penetration in the automotive sector may likely to contribute to market growth. Moreover, increasing penetration of technology and integration of artificial intelligence in the automotive sector are expected to drive the demand.
The major factors driving the growth of the market in the current scenario:
- Support from the auto insurance sector
- Increased demand for driver assistance system
- Maturing autonomous vehicles concept
- Open platform for mapping: HD maps
- Availability of ITS corridors and smart road infrastructure
North America contributed to the largest market share followed by Europe, and the Asia Pacific. In North America, California is a hot spot for self-driving cars, because Silicon Valley hosts so many tech companies. Other cities which are likely to spot driverless cars are San Francisco, California, Phoenix, Atlanta, Pittsburgh, Miami, Austin, Detroit, and New York City.
On the other hand, Europe is anticipated to exhibit the highest growth during the forecast period. Growing government initiatives and regulations to allow the testing of driverless on roads is driving the growth of the autonomous cars in this region.
In Asian countries like China, Japan, and Singapore automotive tech giant companies have begun testing self-driving taxis, but always with a human behind the wheel. Uber’s rival Didi Chuxing is one of the leading companies in China for driverless tech.
