Competition among the automotive industry has been described over acquisition and maintenance costs, fuel economy, and engine power for a long. However, the conventional norms can be seen to change with the advancements in technologies, the advent of the utilization of IoT, software-based services, and others.
The tech giants all across the globe are initiating technological advancements and innovations to lead the industry to the next level. The advent of new concepts such as autonomous vehicles, connected features and services, vehicle design, and internal user interface and their successful execution is influencing consumer outlook towards automobiles. In addition, all these dimensions are majorly attributing to growth in competitiveness among the market players.
Autonomous driving is one of these major dimensions, which is highly grabbing the attention in terms of both competitions as well as advancements. Autonomous automobiles have the potential that can enormously modify the way we travel. In addition, the undergoing major developments are further promising a safe, secured, and progressive way of traveling. For a fact, the technology of autonomous vehicles has already entered the period of development and has started presenting an array of benefits including reduced CO2 emissions, relieving traffic congestion, lowering travel costs, and probably the end of searching for a parking space. Furthermore, the technology is also experiencing various alterations and modifications for more implementation.
The market players, on the other hand, are following different strategies to remain competitive along with expanding the market growth. A number of trends, moreover, are leading the global market of autonomous vehicles. And this article aims to present a few of the most followed trends.
The trend of new launches is rising high-
Robotaxis is another emerging concept under autonomous automobiles. Though still in its infancy, however, several market players have even initiated the test drives of driverless vehicles on the public road. A start-up company that operates in China and the United States, Pony.ai, has recently announced one such plan and expects to roll out its services by 2022. The company stated that the testing of driverless vehicles is still getting operated on public roads in California and China.
Followed by the same trend, another firm, a subsidiary of GM Motors, Cruise, as well has announced securing a $5 billion line of credit for its autonomous ride-hailing business. The credit, furthermore, is getting provided by the automotive financing arm of GM motors. Moreover, the ride-hailing services were expected to be launched in 2019, however, it has been suspended. Also, further testing of service is being operated.
Partnerships and merging is another major trend getting highlighted among the market players-
Apart from new launches, the companies are also initiating partnerships and mergers. Recently, an American autonomous start-up vehicle company, Aurora, has announced the deal to be merged with Reinvent technology partners, a special purpose acquisition company. Though the company is yet to close the deal, however, the deal is expected to be announced earlier, stated in an article.
Apart from this, a US-based leading advanced AI software for radar perception providing firm Oculii has announced its partnership with China-based Great Wall Motors. The partnership aims for the joint commitment of both companies for mass-market autonomous vehicle production.
Autonomous vehicles, surely promise a completely advanced and slightly different world of automobiles. The different levels associated with the concept including driver assistance, partial automation, conditional automation, high-level automation, and complete automation are expected to provide surprising and advantaging opportunities. At the same time, autonomous driving would also be helpful for reducing human errors, accidents, and traffic deaths. The industry, however also faces certain challenges including high manufacturing costs and challenges related to data management. Additionally, the arrival of pandemics also had hampered the complete automobile sector. Conversely, the industry has started flourishing and is expected to ride the elevation in the approaching time.
According to a report published by Allied Market Research, the global autonomous vehicle market is estimated to reach $556.7 billion by 2026. The requirement of decreasing traffic congestion and safety improvement are the major factors that augment the demand for autonomous vehicles. In addition, the growth in the trend of connected infrastructure and transition from ownership to mobility-as-a-service (MaaS) such as Uber, transit, and more are other important aspects that are boosting the growth of autonomous vehicles. On the other hand, the factors such as emerging concepts of smart cities and related developments and support and initiatives by the government bodies are further helping to expand the opportunities for the market players. Moreover, with the growing market trends, the advent of new technologies, and strategies followed by market players, the industry is expected to gather wide prospects in the coming time.
For more information visit @ https://www.alliedmarketresearch.com/autonomous-vehicle-market
Content Writer and Researcher
Allied Market Research
Akshita Pacholi is a content writer and researcher at Allied Market Research. She holds a Masters Degree in English Literature and has a passion for new and developing technologies.