March 11, 2020
As per the report titled ‘North America Autonomous Cars Market Size, By Level of Autonomy, Type, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, North America autonomous cars market is expected to exceed 12 million units by end of 2024.
Rising investments by VC investors and corporations to bring technological innovations in the automotive sector coupled with growing popularity of self-driving vehicles is fueling North America autonomous cars market outlook.
Growing concerns towards vehicle safety and environment is encouraging the technological developments such as ADAS and LiDAR. Several benefits associated with ADAS technology such as blind spot monitoring, lane departure warnings, and parking assistance features are encouraging the soaring adoption of this technology across the automotive sector.
The high cost of autonomous vehicle, however, may hinder the autonomous cars industry growth during the estimated timeframe. Autonomous vehicles are integrated with a wide number of sensors and electronic systems which greatly add to the overall production cost.
Based on the level of autonomy, level 1 autonomous cars segment is slated to showcase a noticeable growth during the forecast period, owing to the adoption of advanced driving assistance and safety systems in existing passenger cars. Growing passenger safety concerns and strict regulatory norms to enhance the vehicle safety will further enhance the business outlook.
Level 2 autonomous cars industry is also expected to see considerable growth in the coming timeframe on account of integration of advanced technologies such as artificial intelligence, GPS, radar, LiDAR, and ultrasonic sensors.
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Major players in North America autonomous cars market are Volvo Car Corporation, Toyota Motor Corporation, General Motors Company, Tesla Inc., Uber Technologies Inc., Volkswagen Group, Ford Motor Company, Subaru of America, Inc., Waymo, Nvidia Corporation, Aptiv PLC, and Autoliv Inc.
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