As the need for well-organized, safer and environment-friendly autonomous cars is driving the boom in the market, the market research report revealed the Global Autonomous Vehicle Market is predicted to grow at a sum of about USD 30 billion by 2023, with a mounting CAGR of 36 percent. In the year 2017, the market for Global Autonomous Vehicle worth at USD 7.4 billion, as noted by market research report.
The demand for the growth of these vehicles was largely driven by augmented fuel efficiency, safety and reduced CO2 emissions in contrast to manually operated vehicles. These key factors have led to a number of technology tycoons contending to deliver the first safe, fuel-efficient autonomous car, comprising Uber, Google, and Google. The more key factors like research and market helped to reduce human errors, such as driver fatigue and stress, also driving the uptake in the development of autonomous vehicles. On the other side, a number of issues have seen with the cars being tested in 2018, particularly in March, when an Uber autonomous driving vehicle hit and killed a pedestrian, leading to the company halting tests this year too. Apple’s autonomous car, in September, was also engaged in a minor crash when it was collapsed by a human driver. One more incident happened with Google’s Waymo car, has also faced issues when interfacing with human drivers. After these accidents, many analysts have expressed their concerns regarding these high-profile accidents that have all set the technology slow down significantly.
Furthermore, the report noted one of the major constraints that impede the development of self-driving vehicles’ market, and that is the high risk of Cybersecurity issues and lawful challenges. So, the tech giants must overcome these blockades before the technology becomes broadly adopted.