Sophistication of the global automation industry increased with the invention of integrated circuits. Vehicular automation is a vital technique that involves use of advanced mechatronics, multi-agent systems and artificial intelligence in order to assist operations of the vehicles. Use of autonomous and semi-autonomous vehicles is a part of the revolutionary smart automation technology. Global semi-autonomous market is witnessing revolutionary changes, thanks to the growing demand for the vehicles enabled with advanced automation. Global semi autonomous market is largely driven by increasing demand for luxury vehicles, technological advancements and quick recovery from financial crisis of 2008. According to the expert opinions and market research reports, global market for semi-autonomous technology is expected to grow at an impressive rate.
Vehicular Automation and its Advantages
As attributed by the researchers to be the strongest driver, economic growth of the automotive industry is not the only reason for the growth in semi autonomous industry. Increasing government regulations also play a huge role on the growth chart of this market. Increasing number of road accidents in different parts of the world call for strong drive assistance solutions. Since advanced vehicular automation technologies provide vital solutions like lane assistance, adaptive lights, autonomous parking assistance and adaptive cruise control systems, customers from across the world are keen on using vehicles enabled with the same. Governments from around the world are also keeping close watch on such installations, which is helping the industry.
Segmentation in Semi Autonomous Market
The global market for this technology is categorized on the basis of technologies, systems and autonomous features of the vehicles. Demand patterns across various geographic regions are also taken into consideration while segmenting the global industry. These segments are divided into various sub-segments. For instance, technologies are segmented into lidar, radar, image sensors and ultrasonic sensors. Types of systems available in the industry include adaptive cruise control, autonomous parking assistance, lane keep assistance and adaptive lights. Careful analysis of these trends provides vital details about the future behavior of the industry.
Market research reports for global semi autonomous market provide vital details about the forecasting trends, opportunities, constrains and current market trends. Based on these reports, the industry is expected to grow at a CAGR of over 15% within next four to five years. At this rate, near autonomous passenger car market is expected to reach $21.4 billion by 2018. As of 2013, the market is worth $10.6 billion. Increasing spending power of developing countries, rising demand for luxury vehicles and technological advancements are driving the industry steady.