Growing number of vehicles on road and increasing usage of smartphone while driving warrant a system where vehicles can coordinate with each other for safer driving. It is estimated that around 25% of the accidents in 2013 occurred in the U.S. were due to the mass usage of smartphones. Similarly, a survey conducted in 2015 revealed that around one-third of people in the UK were using smartphone while driving. Although governments such as the UK are implementing strict regulations and imposing heavier fines on motorist for using phones while driving, it is not deterring people away from using smartphones while driving. Therefore, there is a high need of alternatives for increasing the safety of drivers and others. This is where vehicular communication systems can help to reduce the number of accidents and save lives.
Vehicle communication system is a type of network where vehicles and roadside units are the communicating nodes, providing each other with information such as safety warnings and traffic information. This system is expected to help avoid accidents and traffic congestions. The three communication systems are as follows:
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Roadside (V2R)
V2V communication is the dynamic wireless exchange of data between nearby vehicles that provides an opportunity for significant safety improvements. These vehicle-based data regarding position and speed enables a vehicle to sense threats and hazards. Further, this V2V communication enables a 360-degree awareness by providing position of other vehicles and objects and respective threat or hazard they might face. The data collected is used to calculate risk and issue driver advisories or warnings, or take pre-emptive actions to avoid and mitigate accidents.
Furthermore, with advent of autonomous and connected vehicles, there will be a high need for vehicle communication systems. The vehicle communication systems will enable vehicles to be driven autonomously by using the data received. Many well-known players in the automotive industry are focusing on trying to realize the dream of putting autonomous vehicles on road. In 2016, General Motors acquired self-driving car start-up, Cruise Automation for $581 million. Moreover, in October 2018, General Motors announced that they are building a new research and development facility for Cruise Automation.
Moreover, in August 2018, Toyota and Uber announced that they have agreed to expand their collaboration with the aim of advancing and introducing autonomous ride-sharing as a mobility service in the market.
The autonomous vehicles are also moving at a high pace in commercial vehicles category. For instance, in 2018, Volvo agreed to have six of its autonomous trucks carrying limestone from a Brønnøy Kalk mine in Norway to a port roughly 3 miles away. This is Volvo Trucks’ first end-to-end autonomous offering, wherein, as per the agreement the mining company would pay Volvo for every metric ton of mining materials delivered.
In addition, governments are also in favor of autonomous vehicles. For example, in November 2018, the UK government announced driverless public transport plan for 2021, which intends to include autonomous buses in Scotland and self-driving taxis in several of London’s boroughs with state funding of around $33 million.
According to recent report published by Allied Market Research, titled, “Autonomous Vehicle Market by Level of Automation (Level 3, Level 4, and Level 5), Component (Hardware, Software, and Service), and Application (Civil, Robo Taxi, Self-driving Bus, Ride Share, Self-driving Truck, and Ride Hail): Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global autonomous vehicle market is expected to reach $557 billion by 2026, growing at a CAGR of 39.5% from 2019 to 2026.
Full summary: – https://www.alliedmarketresearch.com/autonomous-vehicle-market
TOP IMPACTING FACTORS
Development of smart cities and rise in demand for connected cars using internet of things (IoT) help solve the problem of traffic congestion and impact the growth of the market. In addition, development in automotive sector, demand for the luxury cars, government regulation, high cost, and the burgeoning threat from hackers in driving operation also affect the growth of the global autonomous vehicle market. These factors are anticipated to either drive or hamper the market growth.
The major companies profiled in the report are General Motors, Daimler AG, Ford Motor Company., Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi Alliance, Volvo-Autoliv-Ericsson-Zenuity Alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, and Tesla Inc. Other companies in accordance with auto suppliers are Robert Bosch GMBH, Aptiv, Continental AG, and Denso Corporation. Also, by technology providers, it includes Waymo, Nvidia Corporation, Intel Corporation, Baidu, and Samsung. And based on autonomous vehicle as a service provider, it includes Uber, Lyft, and Didi Chuxing.