HD Map for Autonomous Vehicles Market Worth $20.4 Billion in 2030 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Oct. 14, 2019 /PRNewswire/ -- According to the new market research report "HD Map for Autonomous Vehicles Market by Solution (Cloud-Based & Embedded), Level of Automation, Usage (Passenger & Commercial), Vehicle Type, Services (Advertisement, Mapping, Localization, Update & Maintenance), & Region - Global Forecast to 2030", published by MarketsandMarkets(TM), the HD Map for Autonomous Vehicles Market is estimated to be USD 1.3 billion in 2020 and is projected to reach a market size of USD 20.4 billion by 2030, at a CAGR of 36.2% during the forecast period. The market is driven by factors such as increasing demand for safe vehicles, progress toward developing semi-autonomous and autonomous vehicles, and growing traffic congestion.
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125 - Tables
43 - Figures
177 - Pages
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"Cloud-Based Service segment is estimated to be the fastest-growing HD Map Autonomous Vehicle Market, by solution"
The low cost of cloud-based service, which is primarily due to the need for lesser storage space is the key factor that drives this segment in the market. Many top companies such as NVIDIA, HERE Technologies, TomTom to name a few offer their HD map product as cloud-based services, this is accompanied to the fact that updating of HD map can be done in less tot.
"Semi-Autonomous vehicle segment is expected to be the fastest-growing HD Map Autonomous Vehicle Market, by automation level"
Level 2&3 semi-autonomous vehicle segment occupies the largest share in the HD map market. This is primarily because the laws concerning semi-autonomous driving are more relaxed when compared to autonomous driving. The specification needed for HD maps for autonomous driving is more complicated when compared to semi-autonomous vehicles which currently helps for the growth of semi-autonomous vehicle HD map market. Safety concerns regarding autonomous driving among the public also restrain the market.
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"North America is estimated to be the largest regional HD map for autonomous vehicle market"
North America comprises the US, Canada, and Mexico. The US currently holds the largest share which can be attributed to a large customer base and high disposable income of end-users in the US have fueled the demand for high-end safety vehicles, which in turn has resulted in increasing innovations and partnership by international automotive OEMs. Other factors that fueled for its growth is the government initiatives which includes autonomous vehicle testing in states such as California, Nevada, and District of Columbia and Arizona, creating new robust regulations for the use and testing of autonomous technology.
The HD map for autonomous vehicle market is dominated by a few global HD map solution providers and comprises several regional players. Some of the key HD map providers include TomTom (Netherlands), HERE Technologies (Netherlands), Waymo (US), NVIDIA (US) and NavInfo (China).
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