Consumer-centric products and shared mobility solutions drive new growth opportunities, finds Frost & Sullivan
LONDON, April 11, 2018 /PRNewswire/ -- In 2018, Frost & Sullivan expects the autonomous vehicle sector to witness the rise of virtual voice assistance; centralised domain architectures; improved vision and depth-sensing solutions; artificial intelligence powering development, testing and validation; and the rise of shared mobility platforms. The global autonomous driving market is expected to grow to $173.15 billion by 2023, with shared mobility services contributing 65.3%. In the near future, the combination of autonomous driving and shared mobility solutions will result in the convergence of e-hailing and car-sharing business models that will drive new growth opportunities and transform the mobility experience.
"2018 is expected to be the year of L3 automated vehicles for highway use and L4 testing and implementation of autonomous vehicles for limited, controlled and well-defined scenarios," said Anirudh Venkitaraman, Mobility Senior Analyst at Frost & Sullivan. "In the future, customer-centric products will be at the core of innovation with artificial intelligence playing a key role, especially with customer-intuitive applications and real-time, path-planning algorithms driving new growth opportunities."
Frost & Sullivan's recent analysis, Global Autonomous Driving Market Outlook, 2018, identifies the prevalent factors contributing to market growth, challenges serving as barriers to success, technology and market trends, leading players, and technology progression of sensor suites for fully autonomous driving.
For further information on this analysis, please click here.
For non-automotive technology companies to enter the autonomous driving value chain, Venkitaraman recommends they focus on untapped entry opportunities in the areas of in-vehicle infotainment systems, cloud services, and open operating systems development.
Six trends driving transformational change in the autonomous vehicles sector include:
- Autonomous shared mobility solutions;
- Collective intelligence for fleet management;
- Cybersecurity of autonomous cars;
- Convergence of artificial intelligence with autonomous cars;
- Domain controllers; and
- Driver monitoring systems.
"There are numerous hurdles, both quantitative and qualitative, that the industry will need to tackle if autonomous driving is to have a lasting impact on making safe, clean and lean transportation a reality," noted Venkitaraman. "Currently, the biggest hurdle is the lack of clear regulatory frameworks that define how these products can be made available to consumers."
Global Autonomous Driving Market Outlook, 2018 is part of Frost & Sullivan's Automotive & Transportation Growth Partnership Service programme.
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Global Autonomous Driving Market Outlook, 2018
SOURCE Frost & Sullivan