Asia Pacific Autonomous Cars Market to record substantial growth through 2024

March 11, 2020


As per the report titled ‘Asia Pacific Autonomous Cars Market Size, By Level of Autonomy, Type, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available on Market Study Report LLC, Asia Pacific autonomous cars market is expected to surpass 24 million units by 2024.
 

Increasing R&D activities towards the development of autonomous vehicles is driving the growth of Asia Pacific autonomous cars market. Increasing number of collaborations between auto-tech manufacturers and tech giants for innovations in self-driving vehicle technology is also anticipated to foster the market growth during the forecast time period.
 

Growing adoption of ADAS technology to ensure road safety is boosting the growth of autonomous cars market in the region. Increasing deployment of ADAS technology helps automobile manufacturers gain the trust of their customers, which further impels the adoption of autonomous cars. Additional efforts by tech-players to develop cost-effective ADAS systems in collaboration with established industry players is also projected to push the market outlook in coming years.
 

The region is also witnessing increasing adoption of battery electric vehicles (BEVs) owing to a growing consumer focus on reduction of carbon emissions. This trend is further supported by several government regulations that focus on reducing the harmful effects of carbon emissions on the environment, stimulating market growth.
 

Significant presence of major players, coupled with ongoing infrastructure development to support large-scale deployment of electric vehicles, especially in countries such as India, Singapore, and Malaysia is also fostering the regional business landscape.
 

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Key autonomous cars market players include Volvo Car Corporation, Waymo, Ford Motor Company, General Motors Company, Honda, Volkswagen Group, Toyota Motor Corporation, Uber Technologies Inc., Tesla Inc., Nvidia Corporation, Subaru of America, Inc., Tencent, Baidu, Autoliv Inc., Daimler, and Aptiv PLC.
 

The aforementioned industry players are actively focusing on the formation of strategic alliances with other autonomous technology market players to gain a competitive edge over their counterparts.


Frequently Asked Questions (FAQ) :

Increasing R&D activities in the field of autonomous vehicles, increasing collaborations between auto-tech manufacturers and tech giants for innovations in self-driving technology is driving the growth of the autonomous cars market in Asia Pacific.
As they ensure proper road safety, automobile manufacturers are increasingly deploying ADAS systems in their vehicles to gain the trust of their customers, which is further impelling the adoption of autonomous cars.
The autonomous cars market in APAC is inclusive of key players like Volvo Car Corporation, Waymo, Ford Motor Company, General Motors Company, Honda, Volkswagen Group, Toyota Motor Corporation, Uber Technologies Inc., Tesla Inc., Nvidia Corporation, Subaru of America, Inc., Tencent, Baidu, Autoliv Inc., Daimler, and Aptiv PLC among others.
Apart from heavily investing in R&D, industry players are actively focusing on the formation of strategic alliances with other autonomous technology market players to gain a competitive edge over their counterparts.