LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global autonomous vehicles market predicts a CAGR of around 42% during the period 2018-2022.
The report segments the global autonomous vehicles market by vehicle type (PVs and CVs) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global autonomous vehicles market, according to Technavio automotive researchers:
- Availability of ITS corridors and smart road infrastructure: a major market driver
- Growing development and introduction of HD maps for autonomous vehicles: emerging market trend
- The Americas dominated the global autonomous vehicles market with around 39% share in 2017
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Availability of ITS corridors and smart road infrastructure: a major market driver
The availability of ITS corridors and smart road infrastructure is one of the major factors driving the global autonomous vehicles market. The ITS corridors are the sections of highways, which have connecting services and allow communication between vehicle and infrastructure (V2I). The national authorities and truck companies have the right to decide the choice of routes based on an agreement. The availability of truck-only lanes or highways in several developed areas of the globe such as the US and Europe is likely to provide a conducive environment for the development and deployment of semi-autonomous vehicles in the HCV segment. These factors are expected to impact the semi-autonomous vehicle's market positively.
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Growing development and introduction of HD maps for autonomous vehicles: emerging market trend
A universal or harmonized mapping platform is a major requirement for autonomous vehicles. Few industry players have formed a partnership, which entails the use of optical sensors. These sensors allow real-time imaging and navigation mapping.
According to a senior analyst at Technavio for research on automotive electronics, “Several vendors have introduced their HD maps that are developed using the data from LIDAR sensors and advanced algorithms that permit level 3 autonomy as a practical use-case. This data can predefine the vehicle's course of action such as advance warnings, congestion alert, and road diversions. Many countries in Europe are testing HD map-enabled driving at their freeways, and they are also made accurately available for other vehicles and drivers in the region.”
Global market opportunities
In terms of geographical segmentation, the Americas led the global autonomous vehicles market with a share of around 39% in 2017. It was followed by EMEA and APAC respectively. During the forecast period, the share of EMEA is expected to decline slightly, and that of APAC and the Americas is anticipated to increase.
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