A self-driving car is also known as an autonomous car
in which the need of driver is not a compulsion. Moreover, a driver less car is
a vehicle that manufactured or introduced with the frequent combinations of
sensors, cameras, radars and artificial intelligence, to travel from one place
to another without the need of any human body. Whereas, to succeed as fully
autonomous, a vehicle must be able to direct without the interference of a
human body, to a prearranged destination, over the roads that have not been
modified for its usage. The key of this market across the globe are playing an
important role by dominating the huge market share after analyzing and
investigating the market strategies of others competitors and legal authorities
which further proved to be beneficial for leading the fastest market growth in
the near future more significantly.
According to the report analysis, ‘Global
Self-driving Car Market (2018-2023)’ states that there are several key
players which are presently functioning in this market more actively for
attaining the huge market share by adopting the effective market strategies and
policies for satisfying the growing needs of the potential consumers includes Microsoft,
IBM, Apple, Cisco, Google, Toyota, General Motors, Tesla, Volvo, Nissan Motor
Company and several others. Moreover, many of the key players are doing their
job more actively which make the market more competitive which proved to be
beneficial for both the new comers and existing investors. Not only has this,
many of the key players in this market are benefitted with the joint ventures
and mergers and acquisitions which increasingly profitable for ruling across
the globe and enlarge their share. For instance, by 2023, the global
self-driving car market is expected to expand at a CAGR of 36.2%, leading to
global revenue of USD 173.15 Billion.
Additionally, AI technologies power self-driving car
systems. Originators of self-driving cars use enormous amounts of data from
image acknowledgement systems, along with machine learning and neural networks,
to figure systems that can initiate autonomously. The upsurge of the mobility
as a service (MaaS) segment is predicted to offer an impetus to the market for
autonomous cars. Automation in the automotive industry will increase the growth
of the self-driving car market across the globe. Hence, in the near future this
market will grow more actively.
Although, the market of self-driving car is
anticipated to experience an effective growth globally, apprehension concerning
privacy and security risk and nonexistence of proper infrastructure that is
needed to backing autonomous cars may pose several challenges for producers.
There can be security pressures to the wide-ranging networks that will connect
with autonomous vehicles. Meanwhile, Technological advancements, cumulative
number of road accidents, and increasing demand for automation are the key
factors driving the growth of the market. Therefore, in the near future, it is
expected that the market of self-driving car will grow more actively over the
recent few year with the effective developments in the applications and vast
amount of investment by the new investors in the developments of this.
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