HD Map for Autonomous Vehicles Market Projected to Reach $16.9 Billion by 2030

HD Map for Autonomous Vehicles Market

The HD maps for autonomous vehicles market is estimated to be USD 1.4 Billion in 2021 and is projected to grow at a CAGR of 31.7% during the forecast period, to reach USD 16.9 Billion by 2030.

With the growing trend of autonomous driving technology, the global HD maps market is expected to grow at a significant rate in the future. The promising market for self-driving car renting services and increased investments in autonomous driving technology startups are expected to boost the HD maps market. In addition, increasing R&D activities related to HD maps by leading HD map suppliers and several startups will further fuel the growth of HD maps for autonomous vehicle market. However, high investment costs and slow adoption rates in developing countries are considered the major restraints for this market.

Wide adoption of HD maps in passenger mobility segment expected to lead to market growth

Personal mobility is estimated to be the largest segment of the HD map for autonomous vehicle market, by usage type, owing to the higher volume of semi-autonomous vehicle sales, and a majority of semi-autonomous vehicles would be used for personal transportation. OEMs such as Honda, Nissan, General Motors, and Mercedes-Benz promote the use of HD map and use it to develop its level 2 and level 3 semi-autonomous vehicles. The commercial mobility segment is projected to be the fastest-growing because of the high demand for ride-sharing services, predominant usage of autonomous vehicles for ride-sharing and robo-taxi services, and growing partnership between ride-sharing companies and HD map providers.

The transportation of goods by autonomous vehicles helps minimize the cost of delivery. E-commerce companies mostly drive the delivery of goods by autonomous vehicles. According to companies like Continental, 80% of all business-to-consumer deliveries will be done by driverless cars in the future. OEMs, autonomous vehicle technology providers, and logistics/transportation companies such as Pony.ai, FedX, and Ford are involved in testing autonomous last delivery vehicles across the world. For example, in June 2021, Ford and Hermes, a consumer delivery company in the UK, started testing autonomous vehicles for delivery. HD mapping companies can focus on developing HD maps and other related solutions for the commercial mobility segment as it can provide high growth opportunities, especially for new entrants.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141078517

Level 2&3 semi-autonomous vehicles to ensure dominant position of the segment

HD map market for Level 2&3 semi-autonomous vehicles is estimated to be the largest market, and the market for Level 4&5 autonomous vehicles is expected to be the fastest-growing market during the forecast period. The semi-autonomous vehicle segment dominates because of the demand for features such as Co-operative Adaptive Cruise Control, Highway Autopilot, Auto Lane Change, and Hands-free Auto Parking. Other factors include stringent laws concerning autonomous driving and a greater number of semi-autonomous vehicles on road than autonomous vehicles during the forecast period. Rapid advancements and the decreasing cost of ADAS components and solutions are expected to spur the growth of the HD map market for semi-autonomous vehicles. For example, ZF unveiled its coASSIST level 2+ driving system in 2020 with a price range of USD 1,000. Such affordable ADAS solutions would increase the penetration of major ADAS features in a standard ADAS package. ZF offers copilot, a scalable ADAS solution for level 2+ to level 4 driving systems, was co-developed with NVIDIA. These affordable ADAS solutions would significantly boost the adoption of ADAS and the demand for HD maps for semi-autonomous vehicles. The autonomous vehicles segment is projected to have a significant growth rate during the forecast period. The continuous improvement in HD map technology is also a major factor boosting the growth of the market. Increasing investments for the development of level 4 and level 5 technologies and the growth in the testing activities of level 4 and level 5 autonomous vehicles will drive the HD map market for autonomous vehicles.

Asia Oceania is projected to be the fastest-growing in the HD maps for autonomous vehicles market

Asia Oceania region is projected to be the fastest-growing market for HD map for autonomous vehicle during the forecast period. The factors that could contribute to the growth of the region are the presence of leading HD map providers such as AutoNavi, NavInfo, and Momenta and the changing regulations concerned with autonomous driving.

Asia Oceania region comprises countries such as China, Japan, India, and South Korea. In recent years, China has emerged as a hub for automobile production. Infrastructural developments and industrialization activities in emerging economies have opened new avenues, creating several opportunities for automotive OEMs. This has triggered the growth of the HD mapping industry in these regions. MapmyIndia is the leading HD mapping solution provider for the Indian market, which serves top companies such as BMW, Ford, Hyundai, etc. The growing technological advancements in China have increased the demand for semi-autonomous vehicles, which is going to increase the market for HD maps. The economic growth in this region has increased the purchasing power of the public. Increasing government support and investments in autonomous vehicle technology boost the growth of the HD Map for the autonomous vehicle market in the Asia Oceania region. The partnerships of the top HD mapping companies in this region such as NavInfo and Momenta with leading companies like HERE, Ambarella, and Analog Devices can also boost the growth of the HD map market in Asia Oceania.

Key Market Players:

The report analyzes all major players in the HD maps for autonomous vehicles companies are TomTom (the Netherlands), HERE Technologies (the Netherlands), Waymo (US), NVIDIA (US), Baidu (China), Dynamic Map Platform (Japan), NavInfo (China), and Zenrin (US).

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=141078517

Browse Related Reports:

Autonomous / Self-Driving Cars Market – Global Forecast to 2030

Semi-Autonomous & Autonomous Truck Market – Global Forecast to 2030

ADAS Market – Global Forecast to 2030