What are the factors that are driving the growth of Asia-Pacific self-driving car market?

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Sep 03, 2019 (AmericaNewsHour) — A self-driving car also known as the driverless car or an autonomous car or robotic car uses a combination of, cameras, radars sensor, GPS system and artificial intelligence (AI) to travel between destinations without the need of any human drivers. To quantify self-driving cars must be able to drive to a predetermined destination without human conduction. It is expected that the self-driving car would reduce car crash by 90%. The Asia-Pacific self-driving car market is expected to expand at a CAGR of 58.7%, leading to global revenue of USD 44.69 Bn by 2024. 

Asia-Pacific self-driving market is further segmented based on applications, automation, and technological components. The segment applications are also categorized into personal use and commercial use. Initially, self-driving cars will be owned personally. However, over-ime many auto-manufacturers, automotive technology providers and ride sharing providers are working to offer self-driving taxi. For example, Yandex Taxi has introduced two self-driving cabs in the Russian city of Innopolis which has a population of 300.

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Based on automation, the self-driving automation levels are categorized into semi-autonomous, and fully autonomous. Semi-autonomous cars are dominating the automation segment. However, car-manufacturers targets to introduce full autonomous cars by 2020. By 2017, 29 Mn new cars were sold in China and it is expected to reach 37 Mn by 2025. It is forecasted that approximately 25% of new cars manufactured would be level 2 and level 3 by 2025.

The self-driving car Market segment based on various technological components that are used in autonomous cars like radar, lidar, automotive vehicle camera, ultrasonic sensor and GPS navigation system. Since the region is highly prone to traffic crash, radar-based driver assistance system is already deployed in the car for safety purpose. Singapore is the first country in APAC (Asia-Pacific) to adopt 79 GHz band for the short-range radar (2007).
Based on the countries, the self-driving cars market is segmented into China, Japan, India, South Korea and the rest of the APAC (Asia-Pacific) market. Japan and China will lead the deployment of self-driving cars. China is forecasted to be the biggest market of self-market because most of the vehicles owners are very enthusiastic to drive a self-driving car.

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Key growth factors

The region has safety concerns. Approximately, an average of 645,000 road accidents takes place every year. 90% of road accidents are because of human error. Self-driving or autonomous car will act as a driving factor to minimize accidents and improve vehicle safety.
Autonomous cars have gained enough hype in Asia-Pacific. Large tech companies like Alibaba, Baidu, Didi Chuxing and Softbank are investing on the self-driving cars in the hope to capitalize shortly.

Threats and key players

Factor that may restrain the adoption of self-driving cars are regulation and lack of safety standard on autonomous cars.
The key players in the Asia-Pacific self-driving market are Apple, Microsoft, Toyota, Volvo and General Motors

What’s covered in the report?

1. Overview of the Asia-Pacific self-driving car market
2. Market drivers and challenges in the Asia-Pacific self-driving car market
3. Market trends in the Asia-Pacific self-driving car market
4. Historical, current and forecasted market size data for the Asia-Pacific self-driving car market
5. Historical, current and forecasted market size data for the applications of cars in Asia-Pacific self-driving car market (personal use and commercial use)
6. Historical, current and forecasted market size data for the automation level in the Asia-Pacific self-driving car market (semi-automation and fully-automation)
7. Historical, current and forecasted market size data for the technological components in the Asia-Pacific self-driving car market (radar sensors, video cameras, lidar sensors, ultrasound sensors and GPS navigation systems)
8. Historical, current and the forecasted countries (China, Japan, India, South Korea and the rest of APAC) market size data for the Asia-Pacific self-driving car market
9. Analysis of the competitive landscape and profiles of major companies operating in the market

Why buy?

1. To gain insightful analysis of the entire market and have a comprehensive understanding of the Asia-Pacific self-driving car market
2. To understand the growth drivers and challenges in the self-driving cars market and its impact on the Asia-Pacific scenario
3. To analyze the market potential, drivers, latest market trends, opportunities and challenges, self-driving cars market threats and risks
4. Identify major competitors, market dynamics, and respond accordingly
5. Devise market-entry strategies by understanding the factors driving the growth of the market
6. Get stakeholder and technology analysis, profiles of the relevant companies and start-up profiles

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