DUBLIN, March 14, 2016 /PRNewswire/ --
General Motors announced late last week that it will acquire Cruise Automation, a San Francisco start-up that develops autonomous vehicle technology. Although a figure was not disclosed at the time, reports suggest GM paid close to $1 billion. GM President Dan Ammann said they intend to use Cruise's technology to accelerate its efforts to develop self-driving cars, potentially as part of ride-sharing fleets.
Automated vehicle driving can be done anywhere just by connecting the car to integrated adaptive cruise control, adaptive steering and braking, and lane assist systems all working off one central processor. According to a recent report published on Research and Markets, commercial autonomous car shipments will rise to $868 million by 2021. Cruise has been working to developing technology that could be installed in a vehicle to enable the car to pilot itself without the driver steering or braking.
This is the latest example in a string of investments from traditional auto companies in autonomous technology developers. The global autonomous car technology market is expected to witness a CAGR of over 10% through 2035. The dominance of this segment can be attributed to anticipated increase in government regulations pertaining to integration of ADAS technologies in passenger cars.
In January, GM announced it would invest in ride-hailing company Lyft Inc and form a new car-sharing operation called Maven. Other automakers have made similar moves into ride sharing and self-driving vehicles. A report on the global car rental industry forecast growth at 5.6% and states that emerging trends were having a direct impact on the dynamics of the industry. In particular, it highlighted enhanced user experience through digitization, introduction of green vehicles in car fleet, enhanced technologies in car rental service, and concept of self-drive instead of hiring driver.
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SOURCE Research and Markets