Autonomous vehicle is the key focus and most trending area for automakers, technology providers, original equipment manufacturers, and services providers. Companies are strategically building the path for the introduction of autonomous vehicle into the market, thereby creating enormous business opportunities for mobility services. As per the Society of Automotive Engineers (SAE), vehicles can be categorized as level 0, level 1, level 2, level 3, level 4, and level 5. Autopilot technology is an advanced technology, which enables self-driving on a road without any human intervention. This technology is also known as self-driving/autonomous vehicle. A driver can keep car in autopilot mode and can go into relax mode while driving. The autopilot system-based vehicle can control & monitor driving, infotainment, lightings, and other necessary things. Various features such as adaptive cruise control, automatic parking, lane keep assist, steering assist, automated forward collision braking, and others make autopilot vehicle safer and secure for the user.
Why do we require autonomous vehicles?
The modern era is a world of digital ecosystem. Development of smart cities, rise in demand for connected cars using Internet of Things (IoT), and increase in need to reduce traffic congestion are the key factors that fuel the demand for autopilot systems. In addition, advancement in IOT infrastructure, demand for luxurious cars, and rise in disposable income boost the adoption of autonomous vehicles in the market. However, high cost of these vehicles, entrance of digital hacking into the driving operations, and stringent government traffic norms restrict the growth of the autonomous vehicle market. On the contrary, rise in investment for smart cars manufacturing is expected to offer lucrative opportunities for market expansion. Road accidents have been on rise in last few years, and this has led to increased risk of life expectancy. Other factors such as changes in lifestyle and desires of owning a personal vehicle in various developing nations have increased the cases of traffic issues and related accidents. The introduction of vehicle detection system, license plate recognition system, and other features across various developed and developing nations is to add safety & security in the whole transportation system.
Components that form an autopilot system
An autonomous vehicle consists of hardware such as radars, sensors, advanced mapping systems, display unit, and other software & services. The cost of these hardware components ranges from as little as $15 to $75,000. Companies such as Daimler AG, Robert Bosch, Audi AG, and Google use the features of lane keeping and adaptive cruise control along with active 3D map of the current environment for their level 4 & 5 autonomous vehicles. Lyft Inc., an on-demand transportation company, agreed to develop hardware and software for self-driving vehicles with auto-parts supplier Magna International Inc.
Ford and Lyft Inc. are working together to design a software, which allows Ford vehicles to communicate with Lyft’s smartphone apps. The strengthening internet speed, data centers, and other IOT-based applications encourage vendors to manufacture an advanced autopilot system for autonomous vehicles. Presently, the concept of smart parking system is trending, which ultimately requires smart vehicle. The AI concept, M2M communication, app-based applications, better network connectivity, and other technological advancement are expected to create remunerative opportunity for market expansion.
Gaining popularity across GLOBE
Autonomous vehicle is gaining popularity across various developed and developing nations. Many countries such as Mexico, Canada, and the U.S. are deploying digital infrastructure to facilitate connectivity between vehicles and infrastructure to gather vital information, thereby reducing traffic congestion and ultimately developing safer roads. For instance, Ford partnered with companies such as Postmates, Qualcomm, and Autonomic to provide cities with cloud services to facilitate communications among vehicles and nearby infrastructure through transportation mobility cloud & cellular vehicle-to-everything (C-V2X) systems. The Government of UK funded £100m to UK Connected Intelligence Transport Environment (UK CITE), a project to create an advanced environment for testing connected and autonomous vehicles, which include technologies such as emergency vehicle warning (EVW), emergency electronic brake light (EEBL), road works warning (RWW), and traffic condition warning (TCW). These technologies allow cars to communicate with each other and the road infrastructure, providing intelligent insight on road conditions. This project is worth a total of £7.1m, including investment from the government and highways. In January 2018, new regulations introduced by the Australian Communications and Media Authority (ACMA), Radio Communications (Intelligent Transport Systems) Class Licence 2017 regulations are projected to allow 5.9 GHz band to be used for ITS in Australia and support the use of complying wireless technologies and devices.
We provide syndicated and customized reports on various domains, and recently, we have published our report on the Autonomous Vehicle Market. Allied Market Research is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.