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Autonomous Cars Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights

Autonomous Cars Market will exhibit a CAGR of 3.3% during the forecast period, and is projected to reach USD 1.33 billion by 2027, and the Market value as per 2019 was USD 1.82 billion.
Fortune Business Insights™ in a new report, titled, “Autonomous Cars Market Size, Share & COVID-19 Impact Analysis, By Type (Fully Autonomous and Semi-Autonomous), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027.”

Autonomous Cars Market Drivers and Restraint:
Stringent Norms and Increasing Support of Government Pertaining to Safety of Vehicles will Drive Growth
The commercialization of autonomous vehicle technology is expected to alter the transportation network across the world. The governments of several countries are initiating stringent safety norms and are promoting automation in vehicles to cater to the safety and security of the vehicles, passengers, and pedestrians.
Moreover, automotive sector manufacturers are required to comply with the specifications and obtain the safety levels set by various organizations, such as the New Car Assessment Program (NCAP), the Institute of Highway Safety Insurance (IIHS), and the International Automobile Technology Center (ICAT) in order to access the authorization of vehicles. Safety regulations include seat belt warning, electronic stability control, parking sensors, autonomous emergency brakes, and front end air bags for driver and co-driver.
In 2017, Chinese Ministry of Industry and Information Technology (MIIT) along with the Government of China announced their plan and drafted a bill for developing technological and innovative autonomous driving platform for self-driving vehicles to become the world’s leading player.

Widespread Adoption of ADAS to Boost Market Growth
Advanced driver assistance systems (ADAS) assists drivers through their artificial intelligence and other advanced features, thereby avoiding distractions and reducing the pressure on the driver. The rapid adoption of advanced technologies in software algorithms, sensors, cameras, processors, and mapping has improved the applicability of ADAS in vehicles. Owing to the rising concerns of safety and security of vehicles, occupants, and pedestrians and to reduce the rate of road fatalities, automotive manufacturers are incorporating ADAS in vehicles, thus fuelling the autonomous cars industry growth.

RESTRAINING FACTORS:
High Initial Cost & Risk of Malfunctioning May Restrain Growth
The autonomous car technology is a developing market in the communication technology and automotive industry. It provides several technologically advanced safety features, greater comfort, and security to the vehicles and their occupants. However, the in-vehicle services incur additional costs associated with the telecommunications services, connectivity solutions charges, and hardware systems which may limit the market growth. Also, these highly technological systems posses many challenges and complications such as malfunctioning and failures. In addition to that, the high risk of hackers accessing the system data and unauthorized access to the vehicle functions may hamper this market growth.

List of Key Players Covered in the Autonomous Cars Market Report:
• Autoliv Inc. (Stockholm, Sweden)
• Aptiv (Dublin, Ireland)
• Waymo LLC (California, United States)
• Robert Bosch GmbH (Gerlingen, Germany)
• Daimler AG ( Stuttgart, Germany)
• Baidu (Beijing, China)
• AutoX, Inc. (California, United States)
• Pony.ai (Fremont, California, United States)
• Ford Motor Company (Michigan, United States)
• HYUNDAI MOTOR GROUP (Seoul, South Korea)
• Volvo (Gothenburg, Sweden)

To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/autonomous-cars-market-100141


Some of the key industry developments in the Autonomous Cars Market Include:
• February 2020 – Pony.ai Announces to Raise $400 Million from Toyota to Develop Autonomous Driving Pony.ai, an autonomous driving company raises USD 400 million from Toyota Motor Corporation to expand their partnership in mobility services. The collaboration will develop autonomous driving technology, as well as deploy mobility services.
• July 2020 – Mobileye and Willer Announces their Partnership on Autonomous Mobility Mobileye, an Intel Company announces its partnership with Willer, a transportation service provider. The collaboration plans to launch a self-driving robo taxi service in Japan and in the other parts of the Southeast Asia.
• October 2018 – Cruise and General Motors (GM) Together Partners with Honda to Expand Autonomous Vehicle Production Cruise and General Motors jointly announced their partnership with Honda to deploy autonomous vehicle technology on a large scale. Honda announces its 12 years’ investment plan of US$2 billion to develop autonomous vehicles dedicated to Cruise.
• August 2017 – Mobileye, Intel Corporation, BMW Group, and Fiat Chrysler Automobiles Together Signed MoU to Develop Autonomous Vehicles Mobileye, Intel Corporation, BMW Group, and Fiat Chrysler Automobiles jointly signed a Memorandum of Understanding (MoU) to develop world’s leading platform for autonomous vehicle technology. The companies will support and leverage each other’s resources, strengths and capabilities to make this partnership a success in the world.

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