Autonomous Vehicle Market: Explore How the Emerging Technology in Autonomous Vehicles can Enhance Our Lifestyle In the Near Future

Published : 3 years ago, on 23/09/2021

Over the years, people around the world have been dreaming of having driverless cars. The first semi-autonomous car has rolled off the line in 1977. In 2019, Robocar became the fastest autonomous car in the world with a speed of 282.42 km/hr.

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The autonomous vehicles, also known as self-driving cars, are the unique designed vehicles which can detect its environment while moving safely between destinations without a human operator. In order to recognize their surroundings, these self-driving cars are formulated with several cameras, computers and a variety of sensors such as radar, lider, sonar, ultrasonic sensors, GPS, AI software, odometer and inertial measuring units etc., which further helps the vehicle to form an active 3D map by observing upto 60 meter range around the car.

Factors impacting the global growth of autonomous vehicles market:-

Currently, the Asia Pacific region is having the fastest growing market in the autonomous cars.  According to a report published by Allied Market Research, the global autonomous vehicles market size is anticipated to register a significant CAGR from 2019-2026.

However, certain factors like government regulations, high cost, delays in launching, lack of sophisticated lanes and poor infrastructure especially in developing countries etc. are hindering the growth of the market. 

Nevertheless, there are numerous factors that are driving the market growth of the autonomous vehicles. The evolving automotive sector, development of smart cities, rising of global population and demand of premium luxury cars are creating enormous opportunities for autonomous and semi-autonomous vehicles, thus augmenting the growth of the market.

Few safety measures in the autonomous vehicle:-

• Adaptive or Dynamic Cruise Control is a well-known feature that helps avoid accidents by slowing down or speeding up automatically to maintain a balanced drive other vehicles in lane.
• Autonomous Emergency Braking is an advanced technique that can scan the road in front and can accordingly apply auto-brakes.
• Blind Spot Detection is a key feature in the autonomous vehicles that can produce 360 degrees of electronic coverage around the car.
• Reverse Park Assist, also called rear part assist, utilizes multiple ultrasonic sensors in order to sense an object at the blind spot of the vehicle, and thus can forbid reverse parking accidents.
• Lane Keeping Assist is the technique of adjusting the front steering angle in order to move along the lanes.
• Traffic Jam Assist is an addition to the Adaptive Cruise Control. It is a low speed version which is used to maintain the set speed.
• V2V Communication or Vehicle to Vehicle communication technique is useful to recognize the speed, position and distance of the nearby vehicles in the lane.
• Vehicle Guidance System involves a path generator, a sensor fusion section, and a motion planning algorithm which altogether helps in steering the vehicle without a human driver.

Benefits of autonomous vehicles in the society:-

The world is deliberately going to embrace the idea of autonomous technology for vehicles . This advanced vehicle technology is very helpful for the elderly people as they often lose the ability to drive a vehicle safely as well as for those with physical & mental disabilities like blind, deaf people in our society.

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Furthermore, the autonomous vehicles have the potential to reduce accidents, and thus can reduce human deaths and injuries from car crashes around the globe. Other than that, it can also reduce traffic jam, reduce fuel consumption, reduce the release of CO2, increase road capacity, reduce travel time and transportation cost etc.

Moreover, parking of normal cars need adequate space between them for the driver to exit and enter after the parking and also while removing the car from the parking place. With autonomous vehicle technology on board, the cars can be put together right next to each other, which in turn, will benefit the urban areas with critical space shortage and thus, will be convenient to park more vehicles at once.

COVID-19 impact on the autonomous vehicles market:-

The outbreak of the COVID-19 pandemic has led to the global lockdown which has caused massive disruption in the business execution across the automotive industry. However, it has slightly increased the global demand for autonomous vehicles. In order to maintain the social distancing norms, most of the logistics companies started to use driverless cars for their operations in limited areas.

In a nutshell, this advanced vehicle technology will become more attractive to public and Government as it can reduce the current transportation problems and can have a significant impact on our lives in the upcoming years. With the rapid economic development of several nations across the globe, the purchasing power of people may increase and thereby, the ratio of premium customers of autonomous vehicles may also rise to a significant extent.