The North American fully autonomous car market is projected to grow at a 17. 1% CAGR during 2023–2030, garnering $52. 3 billion by 2030. The contributing factors in the market growth are the need for safe and efficient driving options, evolution in the connected car technology, increasing research and development in the autonomous car sector, and government support for these cars in terms of policies and rebates.
New York, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North American Autonomous Car Market" - https://www.reportlinker.com/p05796697/?utm_source=GNW
The North American autonomous car market has been subdivided into internal combustion engine (ICE), battery electric vehicle (BEV), and hybrid electric vehicle (HEV), based on vehicle type. Among these, during the forecast period, BEV is expected to be the fastest growing category. As compared to other vehicle types, the integration of the fully autonomous technology is easier in BEVs. These cars offer smoother connectivity among electrical components when compared to conventional and hybrid cars.
Based on vehicle autonomy, the categories of the North American autonomous market are fully autonomous and semi-autonomous cars. The market, during the historical period, was dominated by the semi-autonomous category. In terms of volume, over 95.0% market share was held by level-1 semi-autonomous cars that also led the semi-autonomous car market of the U.S. in 2018. The mandate of many governments across the world to incorporate the necessary safety features is adding to the market growth. For instance, the use of electronic stability control in all passenger vehicles being produced since 2012 is mandated by the National Highway Traffic Safety Administration.
In 2018, higher sales volume and larger revenue share in the North American autonomous car market were achieved by the U.S. The presence of original equipment manufacturers, involved in the launch of new car models with advanced automation level, in large numbers and a strong customer base added to this country’s market growth.
Increasing collaborations and partnerships among key players in the North American autonomous car market are the current trend. As the designing, manufacturing, and testing of an autonomous automobile is an expensive affair, many companies are keenly opting for mergers and collaborations to minimize financial risks. For instance, to acquire autonomous technology, established manufacturers are increasingly collaborating with start-ups. Further, companies are also collaborating with various service providers to test the viability of autonomous cars. In 2018, Ford Motor Company partnered with Walmart Inc. to test self-driving cars for consumer goods and grocery delivery.
Unlike conventional cars, the unique features offered by connected cars, such as real-time traffic monitoring, smartphone connectivity with vehicles, traffic and collision warnings, and roadside assistance, are adding to the growing demand for these cars in North America. The North American autonomous car market is witnessing growth due to the rapid digitization in connected cars, which is adding to their demand. The two necessary components of vehicle autonomy — vehicle-to-vehicle and vehicle-to-infrastructure connectivity — can be more easily integrated in connected cars than conventional ones.
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