Global automotive industry is making a rapid progress from the economic meltdown of 2008. Numerous technological advancements and increasing market worth of different segments in the world are strong proofs of this fact. Similar upward trend is also present in the semi autonomous vehicular technology. This segment of market is witnessing remarkable progress since past few years, which is a refreshing sign for the businesses. Increasing demand for premium vehicles is also causing positive impact on the global semi autonomous market. Experts claim that the industry is poised to witness great upsurge in terms of demands and advancements in different parts of the world.
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Stringent Government Regulations
Other than the recovery from financial crisis of the past, the market is also enjoying great benefits from increasing rules and regulations about road safety. Autonomous and semi autonomous vehicle technology is proving to be the right solution to this problem. Both these types of vehicles are loaded with advanced technologies that assist the drivers and reduce any mishaps during road trips. A recent study from World Health Organization claims that road accidents kill more than 1.24 million people every year. This report has squatted the governments, non-governmental organizations and automobile manufacturers to redesign the cars in an advanced yet safer way.
Semi Autonomous Vehicle Features
Semi autonomous and autonomous vehicles are the best solution to these problems. These vehicles are loaded with essential features like adaptive lights, autonomous parking assistance, lane keep assistance and adaptive cruise control. All these features increase safety of the drivers, passengers and pedestrians. These vehicles work with least amount of human manipulation, which is a great aspect as far as road safety is concerned. These cars also have positive impact in terms of fuel efficiency, and GHG emission. All these features are driving the global semi autonomous market forward.
Segmentation and Forecasting
Basic segmentation in the industry is based on the types of systems, technologies, autonomous car features and geographical trends in the global market. The types of technology include image sensors, Radar, Lidar and ultrasonic sensors. Based on geographical demands, the market is divided into four basic segments, namely, North America, Europe, Asia Pacific and Middle East & Africa. All these features minimize the amount of human errors and create great driving experience along with ensuring complete road safety. Owing to all these advantages, the global market is expected to grow at a rapid rate.
Based on the recent finding by the market research professionals, the semi autonomous market is expected to grow at an estimated CAGR of 15.8%. At this rate, the semi autonomous passenger car industry will become worth $21.4 billion by the end of 2018. As of 2013, the market is worth $10.6 billion. Based on the types, the industry is expected to be driven by adaptive cruise control and adaptive front lights. According to geographical growth in the revenue, North America is estimated to be the dominating region.
