LONDON--(BUSINESS WIRE)--The global automotive HD maps market is expected to post a CAGR of almost 17% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Automotive OEMs are increasingly adopting cloud-based platforms as it enables them to rapidly develop and manage new services for connected vehicles. It also helps them reduce overall capital expenditure and time-to-market for products and services. The increased adoption of cloud platforms has become a crucial enabler of HD maps in autonomous vehicles. For example, prominent automobile OEMs such as Audi, BMW, and Daimler have integrated ADAS and automated driving features with the HERE HD Live Map in some of their vehicle models. The market is also witnessing the strong adoption of cloud-based HD maps by the various automobile OEMs. In 2019, HERE and Hyundai Mnsoft, a subsidiary of Hyundai Motor Co. collaborated to develop HD maps for connected and autonomous vehicles. Therefore, the rising adoption of cloud-based HD maps is expected to drive the growth of the global automotive HD maps during the forecast period.
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As per Technavio, the adoption of satellite imaging technology to generate HD maps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Automotive HD Maps Market: Adoption of Satellite Imaging Technology to Generate HD Maps
The adoption of satellite imaging technology in the development of HD maps provides highly accurate HD maps at a faster rate. The growing adoption of autonomous vehicles has led to an increase in need to expand road coverage of HD maps. Many prominent vendors are partnering with automobile manufacturers to build HD maps for autonomous vehicles using satellite imagery. The growing use of satellite imaging technology will result in the faster adoption of HD maps, thereby boosting the growth of the market.
“Integration of HD map content in ADAS and the adoption of V2X technology to enhance the performance of HD maps will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive HD Maps Market: Segmentation Analysis
This market research report segments the global automotive HD maps market by geography (APAC, Europe, MEA, North America, and South America) and application (passenger cars and commercial vehicles).
The North American region led the automotive HD maps market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth. This is due to the rising adoption of autonomous vehicles in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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