According to the Graphical Research new growth forecast report titled “Asia Pacific Autonomous Cars Market Size, By Level of Autonomy (Level-1, Level-2, Level-3, Level-4), By Type (Internal Combustion Engine (ICE), Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV), 2019-2024”, estimated to exceed 24 million units by 2024.
The Asia Pacific autonomous cars market is driven by increasing R&D activities in the region. The auto-tech provides are conducting R&D activities by joining hands with the tech-giants to bring advancement in their solutions. The R&D activities brings technological innovation in self-driven cars and is anticipated to enhance the development of cars.
The wide adoption of ADAS technology in the region is propelling the growth of autonomous cars market. To reduce the accidents and enhance the road safety the automakers are deploying ADAS technology in their vehicles. The deployment of ADAS technology helps the automakers to gain the customer trust and thus supports the growth of autonomous cars market. Additionally, the tech-players are forming partnerships with the established players to develop a cost-effective ADAS solution.
The countries in the region are adopting the Battery Electric Vehicle (BEV) to reduce the carbon emission emitted by vehicles. The adoption of BEV is supported by the government regulations for healthy environment. Additionally, some countries such as India, Singapore and Malaysia are developing infrastructure for the implementation of electric vehicles.
The availability of major players is supporting the growth of autonomous cars market in the region. The players operating in the autonomous cars market are Waymo, Volvo Car Corporation, Ford Motor Company, Honda, General Motors Company, Volkswagen Group, Uber Technologies Inc., Toyota Motor Corporation, Tesla Inc., Subaru of America, Inc, Nvidia Corporation, Tencent, Daimler, Baidu, Aptiv PLC, Autoliv Inc and others. The players are focusing on strategic alliances activities with other expert players in the autonomous technology space. For instance, in October 2018, Honda entered into agreement with GM and its subsidiary, Cruise, for developing new autonomous cars. The company has also planned to invest USD two billion over a span of 12 years and is making an immediate investment of USD 750 million, thereby working toward the deployment of commercial vehicles.
Asia Pacific Autonomous Cars Market, By Level of Autonomy
Asia Pacific Autonomous Cars Market, By Type
- Internal Combustion Engine (ICE)
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)