Robotic Cars Market Overview
Robotic car, commonly known as driverless car, is a vehicle which drives between the destinations without human operator. These cars are equipped with LIDAR sensor, laser light, GPS, radar system and artificial intelligence system software. Robotic cars reduce the human fatigue over long journey. Many prominent companies of automobiles such as Audi, BMW and Volkswagen group are involved in the research to develop fully robotic car in the next few years. The commercial launching of robotic cars is expected to modify the automotive industries.
Market Size and Forecast
Global robotic cars market is expected to witness robust growth during the forecast period 2017-2024. The major factor which is expected to drive the growth of robotic cars is human safety and reduction in number of accidents.
In the regional platform, North America is expected to capture the largest share of the global robotic cars market as they are early adopters of advance technologies. Further, level 1 (advance driver assistance system) has been widely adopted in North America. Moreover, this trend is expected to positively impact the market of robotic car market during the forecast period. U.S. is anticipated to be the major contributor to the growth of robotic car market. Further, companies such as Google Inc., is involved in developing robotic cars.
Europe region is expected to witness significant growth over the forecast period. The presence of major companies in the region is anticipated to be the major factor behind the growth of robotic cars market in the upcoming years. Apart from this, Asia Pacific robotic car market is projected to grow at a remarkable CAGR during the forecast period. Japan, China and India are projected to witness elevated demand for robotic cars during the forecast period.
Our in-depth analysis has segmented global robotic cars market into the following segments:
By Car Type
Global robotic cars market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Increasing concern of the people over the road safety is expected to be the major driving factors global robotic car market. Further, robotic cars are likely to result in less number of accidents as compared with the manual cars. Apart from this, robotic cars are likely to reduce the traffic. These factors are expected to trigger the growth of robotic cars market during the forecast period.
Rising disposable income of the population in developed region is expected to swell the demand for robotic cars during the forecast period. Additionally, integration of advance infotainment system in the robotic cars is believed to elevate the demand for robotic cars over the forecast period.
However, expected high cost of robotic cars is likely to inhibit the growth of the global robotic cars market. Further, lack of trust over robotic operations is anticipated to negatively affect the growth of the market in the initial years of commercial launch.
Scope and Context
Overview of the Parent Market
The global robotic cars market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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