Asia Pacific Autonomous Cars Market

Asia Pacific Autonomous Cars Market

Asia Pacific Autonomous Cars Market size in 2017 was assessed to be over 8 million units and is projected to grow at a CAGR of 15% over the forecast period.

The autonomous cars market in Asia Pacific is growing due to increasing investment by automakers to enhance safety features in the vehicles. With the rise in the number of road accidents, the market for autonomous cars is expected to grow. The tech companies such as Alibaba, Baidu, Didi Chuxing and Softbank are participating in the self-driving cars and is expected to capitalize their vehicles.

The favorable government initiatives in the region is accelerating the growth of autonomous car market. The government in the country of China, Singapore, and Japan are allowing testing of self-driven vehicles on public roads. The testing of self-driving vehicles is expected to help the autonomous market growth. Additionally, the government has implied new regulations for the local authorities to approve the testing of smart internet-connected cars. By 2020, the Australian government will pass national law, although some states have already passed laws to protect their citizens and direct businesses operating in the region.

However, the government regulations in some of the countries hinder the market potential. In countries such as India has banned the self-driving technology as it will reduce the employment in the country. Additionally, the lack of well-maintained infrastructure in the country is an obstacle faced in the implementation of the self-driven cars.

The tech players in the region are working on developing low-cost automotive LiDAR solutions for level-4 and level 5 autonomous vehicles. The reduction in cost of LiDAR solution reduces the overcall cost of the autonomous vehicle and thus influences the growth of autonomous vehicles in the region.

Read more: https://www.graphicalresearch.com/industry-insights/1200/asia-pacific-autonomous-cars-market