A self-driving car refers to those car in
which the requirement for driver not a compulsion whereas, it is also known as
an autonomous car or robotic car which has combination of, radars sensor,
cameras, artificial intelligence and GPS system to travel between destinations
without the requirement of any human drivers. The market of self-driving car in
Asia Pacific region is further divided based on applications, automation, and
technological components. However, the application sector is also characterized
into personal use and commercial use. Autonomous cars have gained enough hype
in Asia-Pacific. Enormous tech companies such as Alibaba, Baidu, Didi Chuxing
and Softbank are participating on the self-driving cars in the expectation to
capitalize soon. Additionally, the key players of this market in the region is
dominating the handsome amount of market share respectively with their
effective functioning which become further profitable for leading the fastest
market growth in the near future.
According to the report analysis, ‘Asia-Pacific
Self-driving Car Market (2018-2024)’ states that some of the major
companies which are recently functioning in this market for acquiring the huge
market share by doing more developments in the technology of self-driving car
includes Apple, Microsoft, Toyota, General Motors, Volvo and several others.
Moreover, it is anticipated that the self-driving car would decrease car crash
by 90%. The Asia-Pacific self-driving car market is to enlarge at a CAGR of
58.7%, important to global revenue of USD 44.7 Billion by 2024. In addition,
basis on the automation, the self-driving automation levels are characterized
into semi-autonomous, and fully autonomous. Semi-autonomous cars are
controlling the automation sector. Whereas, by 2020, car-manufacturers
objectives to establish full autonomous cars. By 2017, 29 Million new cars were
sold in China and it is predictable to reach 37 Million by 2025. It is
anticipated that approximately 25% of new cars manufactured would be level 2
and level 3 by 2025.
Self-driving cars will be owned personally as
the sector of application is split into personal and commercial use. However,
over-time many auto-manufacturers, automotive technology benefactors and ride
sharing providers are employed to offer self-driving taxi. For instance, Yandex
Taxi has announced two self-driving cabs in the Russian city of Innopolis which
has a populace of 300. The self-driving car Market segment based on numerous
technological mechanisms that are used in autonomous cars such as radar, lidar,
automotive vehicle camera, ultrasonic sensor and GPS navigation system. Since
the region is extremely disposed to traffic crash, radar-based driver
assistance system is previously organized in the car for safety determination.
Singapore is the foremost country in APAC (Asia-Pacific) to implement 79 GHz
band for the short-range radar (2007), as the region have major safety
concerns. Approximately, an average of 645,000 road accidents takes place every
year. 90% of road accidents are happen due to the human error. Self-driving or
autonomous car will perform as a driving feature to reduce the accidents and
develop vehicle protection. Therefore, in the near future, it is expected that
the market of self-driving car in Asia pacific region will rise more
significantly over the recent few years with an effective investment by the new
entrants in the development.
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