The HD Map for Autonomous Vehicle Market is Estimated to be USD 1.3 Billion in 2020 and is Projected to Reach USD 20.4 Billion by 2030, at a CAGR of 36.2%
DUBLIN, Oct. 21, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
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The HD Map for Autonomous Vehicle Market is Estimated to be USD 1.3 Billion in 2020 and is Projected to Reach USD 20.4 Billion by 2030, at a CAGR of 36.2%.
Market Dynamics
Drivers
-- Growing Trend of Autonomous Driving
-- Increasing Investment By Start-UPS in Development of HD Maps
Restraints
-- Limited Standardization in HD Maps
-- Less Reliability in Untested Environment
Opportunities
-- Autonomous Car Renting Services
-- Advancement in 5G Technology
-- Increasing Demand for Real-Time Data
Challenges
-- Legal & Privacy Issues Regarding HD Maps
-- High Cost of Technology
Increasing consumer demand for safe autonomous vehicles and the growing trend for autonomous driving are expected to fuel the demand for HD maps for the autonomous vehicle market.
Increase in investments by the OEMs and tier-1 suppliers into HD mapping companies and improved road regulation concerning the autonomous driving laws has also triggered the growth of this market.
Semi-autonomous (level 2&3) is the largest segment of the HD map for autonomous vehicle market, by automation level type
Semi-autonomous is the most attractive segment in the HD map for autonomous vehicle market by automation level. This is attributed to the fact that the public is concerned with the safety of the autonomous driving vehicle and the regulation related to autonomous driving is stringent. The other key factor that drives this segment is the HD map product offered by many of the top companies, which include NVIDIA, TomTom, and NavInfo are focused mostly on semi-autonomous driving vehicles.
Passenger vehicle is expected to be the largest vehicle type segment in the HD map for autonomous vehicle market
The passenger vehicle segment holds most of the market share in this segment. This is to the fact that the specification required for commercial vehicles is complex when compared with passenger vehicles. Also, the rules concerned with autonomous commercial vehicles are very stringent because if it is not commercialized, which is expected to be done in 2023. With the commercialization of the commercial vehicle segment, it is expected to have a tight competition with the passenger vehicle in the HD map for autonomous vehicle market during the forecast period.
Asia-Oceania is expected to be the fastest-growing HD map for autonomous vehicle market
Currently, the North American region holds the largest share in the HD map for the autonomous vehicle market. This is primarily because of large customer base, and high disposable income of end-users especially 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 which has helped in the growth of HD map in this region.
The presence of top players in the HD map market, which include NVIDIA and Waymo has also had their share in increasing the market share. The Asia-Oceania region is expected to dominate the HD map market over the forecast period which is due to the growing economy, favorable financial environment, high disposable income, and increasing vehicle production are factors fostering the growth of the passenger car segment in these regions.
Companies Mentioned
-- Argo Ai, LLC
-- Autonavi
-- Baidu
-- Blickfeld GmbH
-- Carmera
-- Civil Maps
-- Deepmap, Inc.
-- Here Technologies
-- LVL5, Inc.
-- Mapbox
-- Mapillary
-- Mapmyindia
-- Mapper
-- Mobileye
-- Momenta
-- Navinfo
-- Navmii
-- NVIDIA
-- Precivision Technologies, Inc.
-- RMSI
-- The Sanborn Map Company
-- Tomtom
-- USHR, Inc.
-- Waymo
-- Zenrin
For more information about this report visit https://www.researchandmarkets.com/r/1ankmf
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SOURCE Research and Markets
