A self-driving car refers to an autonomous car or robotic car or a driverless car. In addition, a self-driving car has a combination of radar sensor, GPS system, artificial intelligence and cameras to travel from one place to another without the need of any human drivers. The self-driving market in Latin America is further divided based on applications, automation, and technological components. The sector of applications are further characterized into personal use and commercial use. Primarily, self-driving cars will be possessed personally. The region is presented a great interest towards autonomous driving technologies. Approximately half of the populace measured believe that autonomous vehicles will progress the flexibility in the city. Moreover, the key players of this market are doing an effective developments in the technology of self-driving car for dominating the huge market share in the forecasted period which further proved to be profitable for leading the highest market growth in the reviewed period.
According to the report analysis, ‘Latin America Self-driving Car Market (2018-2024)’ states that some of the major key players which are presently functioning in this market more actively for leading the highest share in the market by doing significant developments in the technology of self-driving cars technology for accomplishing the growing demand of potential buyers includes Apple, Microsoft, Toyota, Nissan, General Motors and several others. Whereas, the report also cover the effective information related to the important aspects of the markets includes market drivers, market trends, market challenges, value chain, company snapshot, product, global presence, recent initiatives, geographic share of revenue and several others. Moreover, it is expected that with the introduction of self-driving car crash would reduce by 90%. The Latin America self-driving car market is anticipated to increase at a CAGR of 28.5%, leading to global revenue of USD 3.75 Billion by 2024.
Latin America self-driving market is further split differently based on applications, automation, and technological components. Meanwhile, the application sector are further considered into personal use and commercial use. Initially, self-driving cars will be owned personally. Additionally, the Latin America is demonstrating a great interest towards autonomous driving technologies. Whereas, around half of the people investigate and believe that autonomous vehicles will develop the mobility in the city. Furthermore, the self-driving car market is divided basis on the several technological components that are used in autonomous cars like radar, lidar, automotive vehicle camera, ultrasonic sensor, and GPS navigation system. While, the radar-based driver assistance systems are previously being used right now.
Additionally, factors that may restrain the implementation of self-driving cars are regulation, deprived infrastructure, i.e. poor road quality and less number of active AV test. Whereas, the Latin America can hurry up the acceptance of autonomous vehicles if proper procedures are taken into contemplation. According to an examination, conducted by an automotive company, more than half of the surveyed populace have favorable opinion about autonomous cars. Furthermore, it is expected that the market of self-driving car in Latin America will rise more positively with the effective investment by the new entrants in the development of the technology over the recent few years.
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Ankur Gupta, Head Marketing & Communications