LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive HD maps market to grow at a CAGR of close to 14% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive HD maps market into the following end-users (passenger cars and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the maturing autonomous vehicles concept as a key factor contributing to the growth of the global automotive HD maps market:
Maturing autonomous vehicles concept
Many companies are working on expanding the autonomous driving concept. Such campaigns and promotions have enabled the market acceptance of semi-autonomous features in passenger cars and commercial vehicles. Self-driving cars may be implemented towards the end of the forecast period. In the next ten years, a sizeable number of self-driving vehicles is expected to be on the road. These automotive features are already in advanced levels of becoming a reality. The growth rate in development and testing of a wide gamut of features in ADAS and telematics/connected vehicle applications and services will only rise.
According to a senior analyst at Technavio for automotive electronics, “Consumer needs and OEM offerings have widened to include safety, performance, stability, and comfort. These parameters are being continuously refined and improved. This evolution has expanded the utility of conventional mechanical components to solve emerging automotive challenges. Such changes have boosted the growth rate of the automotive electronics market which has far surpassed the growth of the automotive industry. Moreover, there is only one way to showcase product differentiation, which is special features. Similarly, more than 90% of enhanced features in an automobile are possible only through the addition of electronic content. Therefore, there is a rise in electronic content per vehicle and electrification of automobile.”
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Global automotive HD maps market segmentation
Of the two major end-users, the passenger cars segment held the largest market share in 2017, accounting for nearly 97% of the market. However, the market share for this end-user is expected to decrease by 2022. The fastest growing end-user is commercial vehicles.
The Americas was the leading region for the global automotive HD maps market in 2017, accounting for a market share of 44%. North America, especially the US, is the major contributor to the market in the Americas. It is expected to further push North America to cover more market during the forecast period.
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