What is Driverless Vehicles Market?
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.
The market study is being classified by Type (Conventional, Hybrid Vehicle and Electric Vehicle), by Application (Individual, Industrial and Commercial) and major geographies with country level break-up.
Google, Inc. (United States), Daimler AG (Germany), Ford Motor Company (United States), Toyota Motor Corporation (Japan), BMW AG (Germany), Audi AG (Germany), AB Volvo (Sweden) and Dutch Automated Vehicle Initiative (DAVI) (United States) are some of the key players profiled in the study.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Germany Vendors will contribute to the maximum growth of Global Driverless Vehicles market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Driverless Vehicles market by Type, Application and Region.
On the basis of geography, the market of Driverless Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increased Road Accidents
- Growing Technology Providers to Develop a Safe and Efficient Transportation System
- Growing Demand for Smart and Automated Vehicle Systems
- Rise of the Mobility as a Service (Maas) Sector
- Rising Acceptance of Autonomous Vehicles by End-Users
- Rising Safety Concerns
- High Cost for the Driverless Vehicle Technology
- Stringent Government Regulations and Increased Threats Arising From Terrorism
- Rising Technological Developments of Automobiles
- A Rise in Development of a Supportive Regulatory Framework, Government Funding, and Investments in Digital Infrastructure
- The Lack of Infrastructural Development
On 18th, October 2019, Volvo Autonomous Solutions, would accelerate the development, commercialization, and sales of autonomous transport solutions. This will enable the Volvo Group to meet growing demand and to offer the best possible solutions to customers in such segments like mining, ports, and transport between logistics centers, as a complement to today’s products and services. Another pioneering initiative is self-driving, connected, and electric vehicle Vera. In its first assignment, Vera will form part of an integrated solution to transport goods from a logistics center to a port terminal in Gothenburg, Sweden. Volvo Autonomous Solutions will constitute a new business area as of January 1, 2020. Its financial results will be reported as part of the Truck segment. The recruitment process for the position as Head of Volvo Autonomous Solutions has commenced.
Key Target AudienceProviders of Driverless Vehicles, End-Users, Potential Investors, Market Research Firms and Others
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