The level-2 autonomous car market is anticipated to record a phenomenal double-digit growth of 45% over 2018-2024. According to reliable reports, with automotive technologies showing incredible potential, a big shift has been witnessed from level-1 to level-4 type of autonomous driving. Accounting for a dominating share in 2017, the level-1 (semi-autonomous solutions) autonomous car market is projected to register a CAGR of 6% over 2018-2024. However, level-2 autonomous cars sales are expected to depict an impressive growth, given the integration of advanced sensors and internet technologies with advanced automotive machineries.
With companies pouring billions of dollars in self-driving technology, the global autonomous car market has advanced rapidly in the recent years. In fact, with the development stages as close to testing on public roads, the notion of driverless cars is no longer a science fiction. The overall technological advancements and integration of GPS, Artificial Intelligence, advanced electronic sensors such as LiDAR, RADAR, and ultrasonic sensors, have undeniably shaped the overall progress of the autonomous car market.
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With the profound presence of automotive industry bigshots in the region, the regional autonomous car market of late has been gaining immense momentum. The automakers are increasingly seen adopting and investing in the autonomous vehicle technology to strengthen their product portfolio, while enhancing their overall global reach. The relentlessly hyped arrival of autonomous vehicles in the region is further favored by strong governmental support. The regional governments are taking initiatives to improve the road & telecom infrastructure to improve the interaction of self-driving vehicles with the surrounding.
Recently for instance, Gothenburg, a major European city has made it to the headlines for strongly embracing autonomous cars deployment. The authorities are planning to turn this Swedish city into an amenable location for the self-driving cars. It has been reported that with this deployment move, the city will be poised to witness benefits such as safe and secure transportation with more smooth and efficient flow of traffic. Besides, the Netherlands government has reportedly invested over 100 million in projects like installing new traffic lights to enable better communication with self-driving cars.
Such supportive governmental initiatives have also helped the regional auto manufacturers & technology firms to conduct and test autonomous driving technology on roads and freeways. Estimates claim that the Europe autonomous car industry share accounted for a major chunk of over 40% of the global autonomous car market in 2017.
Quite unsurprisingly, the North America autonomous cars market is also high on the index, given the increasing rate of ambitious auto testing programs. Add to it the hundreds of American auto manufacturers developing self-driving technologies and supportive government policies. Recently, autonomous car industry major Zoox is set to become the fore most self-driving car company to have a permit from California Public Utilities Commission to shuttle public customers & operate its autonomous cars. For the record, Zoox is one amongst the 62 companies with a permit to test its autonomous technology in California. Waymo, a subsidiary of Alphabet Inc., is also one of the biggest player in North America autonomous car industry, and has filed over 338 patents for the self-driving technology between 2010 and 2017.
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With such advance level of self-driving car deployment stages across the region, it goes without saying that North America autonomous car market is poised to be a lucrative investment hotspot for potential stakeholders in the years ahead. Reports further claim that the North America market is projected to record an annual growth rate of 14% over 2018-2024.
According to a report by Global Market Insights, Inc., the global autonomous car market has the potential to surpass 60 million units by 2024. The data significantly goes on to validate that the overall autonomous car market, being just one of the subcategories of the global automobile industry, is moving lot faster and is poised to traverse along a lucrative growth curve in the ensuing years.
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