Business

Global autonomous car market to hit 138,089 units by 2024: Report

Agency | December 19, 2016 04:03 PM

New York:The global autonomous cars market is expected to reach 138,089 units by 2024, a study by US-based market research and consulting company Grand View Research said on Monday.

The growing acceptance of semi-autonomous technologies, such as adaptive cruise control (ACC), automatic parking and forward collision avoidance is anticipated to pave the way for the adoption of driverless automobiles over the next seven years.

"The self-driving technology exhibits a huge potential, owing to its capability to improve on-road safety, lower the energy consumption and reduce congestion," the findings showed.

North America is anticipated to dominate the market with over 40 per cent of the volume share in 2017.he region is further anticipated to witness a considerable growth over the next seven years.

Europe is a key region for the deployment of self-driving vehicles, owing to the high consumer preference for technologically advanced products and is estimated to hold more than 35 per cent of the volume share in 2017.

"This is attributed to the presence of players such as Volvo, Volkswagen, PSA Peugeot Citroën, and Fiat Chrysler Automobiles in Germany and Britain," the report added.

Asia Pacific is expected to witness a sluggish growth as compared to North America and Europe. However, it is anticipated to grow substantially in the later phase of the forecast period due to the growing adoption of technologically advanced cars in China.

In addition, the Japanese government has specifically laid down a plan for the successful self-driving vehicle deployment and is expected to catapult the product demand over the forecast period.

The Singaporean government has also proposed to build separate roads for driverless automobiles to accelerate the adoption.

"An upsurge in the demand for increased comfort and convenience, particularly in countries with an aging population, is expected to propel the driverless vehicles demand over the forecast period," the study added.

 

Have something to say? Post your comment
Must Read
Joint operation by Nawanshahr and Ludhiana Police to nab car snatchers
Joint operation by Nawanshahr and Ludhiana Police to nab car snatchers
CP and DCP Mourn death of KPS gill Recalls gallantry services rendered by supercop
CP and DCP Mourn death of KPS gill Recalls gallantry services rendered by supercop
Licensing authorities directed to generate UIN for all Arms licensees
Licensing authorities directed to generate UIN for all Arms licensees
Sampla mourns demise of KPS Gill
Sampla mourns demise of KPS Gill
Vigilance Bureau, Pathankot
Vigilance Bureau, Pathankot
  Executive committee of MCI approves plan for shifting students studying in gian Sagar institutes
Executive committee of MCI approves plan for shifting students studying in gian Sagar institutes
 Punjab Punjab CM seeks PM’s direct intervention for maize procurement at MSP
Punjab Punjab CM seeks PM’s direct intervention for maize procurement at MSP
GOI and Punjab jointly held northern region conference on issues of persons with disabilities
GOI and Punjab jointly held northern region conference on issues of persons with disabilities
BJP demands SIT probe into Mansa Dalit murder case
BJP demands SIT probe into Mansa Dalit murder case
SAD- BJP core group to meet at Jalandhar on June 3
SAD- BJP core group to meet at Jalandhar on June 3
  Punjab CM gives go-ahead to bike taxis to generate employment, improve last-mile connectivity
Punjab CM gives go-ahead to bike taxis to generate employment, improve last-mile connectivity
Government tourist complexes to get a fresh lease of life: Navjot Singh Sidhu
Government tourist complexes to get a fresh lease of life: Navjot Singh Sidhu