DUBLIN, February 10, 2016 – The global autonomous car technology market is expected to witness a CAGR of over 10% through 2035, according to the Global Autonomous Car Technology Market report published on Research and Markets. It identified three key factors contributing to growth – a decline in the price of autonomous tech, the rising focus on road safety and the anticipated changes in autonomous regulation.
The market received a fresh boost this week from the US National Highway Traffic Safety Administration (NHTSA). They published a letter to Google on their website, which says that the artificial intelligence system piloting a Google self-driving car could be considered a driver under federal law.
The US government has recently unveiled plans to spend $4bn over a 10-year period on self-driving cars, in a bid to create consistent laws across all states. A recent report on Robot Cars and Trucks expects semi-autonomous car technology to witness robust growth over the next ten years, owing to various moves toward autonomous vehicles that park themselves, provide automated steering, are used as test vehicles, mapping vehicles, and that provide driver alerts but fall short of complete robotically operated car vehicles.
This will also lead to growth in related areas, with a report on the connected car ecosystem predicting it will account for nearly $40 billion by 2020. The growing proliferation of embedded in-vehicle connectivity and smartphone integration platforms has made connected cars one of the fastest growing segments of the IoT (Internet of Things) market.
The proportion of connected car service revenue for driver assistance systems and autonomous driving applications is expected to dramatically increase from merely 5 percent in 2014 to over 11 percent by 2020.
Google is yet to respond to the NHTSA’s letter.
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