Global Semi-autonomous vehicles Market Forecast:
Semi-autonomous vehicles are operated on automated technology. These vehicles works with the conjunction of human guidance along with the assistance of sensors and advance technology. Semi-autonomous vehicles technology is majorly operated on autopilot software and also includes Artificial Intelligence (AI), camera, LiDAR, radar and ultrasonic sensor. These advances systems in semi-autonomous vehicles interpret information by using sensors to find the appropriate path thus, the vehicle stays away from any obstacles. Global semi-autonomous vehicles market is expected to grow at a lucrative CAGR of 19% during the forecast period 2016-2023. The key factors surging the global semi-autonomous vehicles market includes increasing demand for advanced automobiles, need for safe, productive and efficient driving option. Further, cyber security and safety concerns, non-availability of required infrastructure in developing countries are some of the factors restricting growth of global semi-autonomous vehicles market. Apart from this, the market is gaining opportunities in emerging fields such as autonomous cars as a mobility service and robotic assistance.
The need for safe, productive and efficient driving option is expected to augment the growth of global market
The major factor escalating the global semi-autonomous vehicle market is the need for safe, productive and efficient driving option. Rising road accidents globally is the major factor that is driving the need for safer road vehicles. According to National Conference of State Legislatures (NCSL), more than 220 million individuals in the U.S. have some kind of wireless service subscription and an estimated 80% of these individuals use their phone while driving. This has resulted in increasing the number of vehicle accidents. For instance, distracted driving have resulted as fatality to ~3,477 individuals and was responsible for 391,000 injuries in the U.S. in 2015, as per NCSL. Furthermore, according to International Organization for Road Accident Prevention, above 90% road accidents are caused mainly due to human errors. The increasing number of road accidents due to distracted driving is expected to drive the adoption of semi-autonomous vehicles as these vehicles are capable of minimizing the accidents caused due to distracted driving. According to the statics published by National Highway Traffic Safety Association (NHTSA), the use of driverless vehicles could save the life of more than 69 people every year in US. Hence, the adoption of semi-autonomous vehicles across the globe is expected in lead to decrease number of accidents globally, thereby increasing the road safety.
Source: OBRC Analysis
The global market of semi-autonomous vehicles is segmented by material application and end user.
By Component segment, the market includes:
· Artificial Intelligence (AI)
· Camera
· LiDAR
· Radar
· Ultrasonic Sensor
By ADAS features segment, the global market includes:
· Lane assist (LA)
· Crash warning system (CWS)
· Blind spot detection (BSD)
· Adaptive cruise control (ACC)
· Smart park assist (SPA)
· Cross traffic alert (CTA)
· Automatic emergency braking (AEB)
· Traffic jam assist (TJA)
· Intelligent park assist (IPA)
Fuel type segment, the global market includes:
· Internal Combustion Engine (ICE)
· hybrid electric vehicle (HEV)
· Battery Electric Vehicle (BEV)
The global report has been geographically segmented into:
· North America (U.S. & Canada)
· Asia Pacific (China, India, Japan, RoAPAC)
· Europe (UK, France, Germany, RoE)
· Rest of World (RoW)
Europe is dominating the semi-autonomous vehicles market during the forecast period
Geographically, the market has been segmented into North America, Europe, Asia Pacific and Rest of the World. Europe is expected to dominate the global market during the forecast period 2016-2023. Due to the concentration of major developed economies in the region such as Germany, Netherlands, United Kingdom (UK) etc., the early adoption and development of advance autonomous technology are the major factors contributing in its market growth. Further, favourable government regulations in the region facilitates development of the market in the region. For instance, Netherlands, United Kingdom and Germany were the pioneers of autonomous driving vehicles and have introduced regulations for autonomous and semi-autonomous vehicles on roads and issued testing permits for autonomous and semi-autonomous vehicles which is expected to have positive impact on the growth in Europe during the forecast period. However, North America is expected to grow at a faster pace during the forecast period, as the government of United States changed the automobile policy in 2016 for reducing the time to market. Presence of major key players in the region such as, Google Inc., Ford Motors, General Motors, Tesla Motors, Cisco Systems Inc. and others and their technological advancements in driverless cars justify the fastest growth rate of North America autonomous car market over the forecast period (2016-2023).
The autonomous car market report covers three major segments that are components, ADAS features and fuel type. Further, the component segment includes Artificial Intelligence (AI), camera, LiDAR, radar and ultrasonic sensor. Further radar segment is expected to dominate the global market due to the rise in application of it in various systems, such as adaptive cruise control system, advance driver assistance systems, etc. The market is further fragmented on the basis of ADAS features which involves, Lane assist (LA), Crash warning system (CWS), Blind spot detection (BSD), Adaptive cruise control (ACC), Smart park assist (SPA), Cross traffic alert (CTA), Automatic emergency braking (AEB), Traffic jam assist (TJA) and Intelligent park assist (IPA). Among ADAS features, adaptive cruise control segment is expected to dominate the market due to emerging market of electric vehicle. On the basis of fuel type the market is segmented into internal combustion engine, hybrid electric vehicle and battery electric vehicle.
The major market players:
· Robert Bosch (Germany)
· Continental (Germany)
· Denso (Japan)
· Infineon Technologies (Germany)
· Others
These companies are using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition and product launch are the key strategy adopted by the companies.
For example, Continental (Germany) on Oct 2017 has developed a Smart Control input device for semi-autonomous vehicle. This device facilitate the driver to manage between the autonomous and self-driving which is located in the center console. It works by retracting into the center console and acts as a standard touchpad. This launch has expected to develop the company’s product line in automated technology segment.
· Daimler AG (Germany) and Robert Bosch (Germany) has announced on 24 September 2017 to develop parking garage for developing a valet service for the future. These two market giants has debuted for their automated valet parking system. This is expected to increase the product portfolio of the company.
· In November 2017, Volkswagen (Germany) have announced to invest an amount of about $40 billion on electric and self-driving cars. The investment is expected to be spread over 2017-2022. This is expected to result in launch of new products in the market during the forecast period.
· In May 2018, General Motors (United States), have announced that its self-driving unit have secured investment of $2.25 billion from SoftBank Vision Fund. This is expected to result in launch of new semi-autonomous and autonomous vehicles from General Motors in the market during the forecast period.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis.
Key reason to buy the report:
· The report includes market estimation, forecast and analysis for the forecasted period 2016-2023.
· Report includes detailed analysis of different segments such as components, fuel type and ADAS features.
· Identify and understand the strengths, opportunities, challenges and threats.
· Covers detailed analysis of Porters 5 force model and other strategic models and also covers revenues, market share analysis, and competitive landscape analysis of major players.
· Detailed analysis of various regulatory policies which are affecting the global market.
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Key findings:
· Increasing automated vehicles market and rising need for safe, productive and efficient driving options is likely to fuel the market growth during the forecast period.
· Europe held the highest revenue share in 2016 and is expected to dominate the market during the forecast period.
· Radar, the component type segment, is expected to dominate the market during the forecast period.
· North America is anticipated to grow with the fastest CAGR during the forecast period 2016-2023.