North American Autonomous Car Market Trends, Growth Opportunities post after COVID19 Outbreak

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North American Autonomous Car Market Analysis
2020, Global Industry Trends, Size, Impact of
COVID-19 till 2030
Cars that drive themselves, while the people
inside just sit and relax, has been a popular
dream in the recent past. And thanks to the
increasing research and development (RD) being
put in this regard, the dream is well on its way
to becoming a reality. In North America,
specifically, governments of various U.S. states
and Canadian provinces are encouraging automakers
and technology vendors to come up with cars with
autonomous driving features. This is being done
with the realization of the fact that a large
number of people die in road accidents, most of
which are caused due to human error. For
instance, in 2018 alone, 18 bills related to the
development, testing, and deployment of
autonomous vehicles were enacted by 15 U.S.
states, taking the total number of states with
such initiatives to 29! Therefore, government
support is the major factor, which would drive
the North American autonomous car market,
specifically for fully autonomous variants, at a
17.1 during 20232030, to 52.3 billion by
2030. An important enabler for the advancement of
the self-driving technology has been the
already-significant developments in the connected
vehicle niche in the continent. Request to Get
the Sample Report_at_ https//www.psmarketresearch.co
m/market-analysis/north- america-autonomous-car-m
arket/report-sample Connected vehicles are
already equipped with road-side assistance,
smartphone connectivity, real-time traffic
monitoring capabilities, and traffic and
collision warning systems, almost all of which
would be mandatory in autonomous cars. Since
these functionalities are not available in
conventional automobiles, connected variants are
expected to be taken up first for the
transformation into autonomous cars. Other
mandatory technologies to make a car self-driving
are vehicle-to-infrastructure (V2I) and
vehicle-to-vehicle (V2V) connectivity, which are
already available in connected cars, thus making
the development of self-driving variants
easier. To increase the rate of technology
advancement, automobile manufacturing companies,
public service businesses, component providing
organizations, and technology firms are entering
into partnerships and collaborations or
acquiring or merging with startups, as these
moves allow the companies to minimize the
financial risks involved in this domain. For
instance, General Motors Company paid 1 billion
to acquire Cruise Automation, a startup working
on the self-driving technology, recently.
Similarly, Ford Motor Company and Wal-Mart Inc.
entered into a partnership in 2018 to work on
the idea of using autonomous cars for delivery
services.
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Apart from fully autonomous cars, which include
vehicles with level 4 and 5 autonomy features,
people also have the option of purchasing
semi-autonomous variants, which are essentially
those with level 1, 2, and 3 autonomy features.
Currently, only semi-autonomous variants are
available for purchase, as level 4 and 5 cars
have only been allowed for testing purposes,
under strict supervision. However, 2023 onward,
fully autonomous cars are expected to witness
higher procurement rate, especially for shared
mobility services, such as those offered via
robotaxi. Self-driving cars are available in the
internal combustion engine (ICE), battery
electric vehicle (BEV), and hybrid electric
vehicle (HEV) variants. Till now, ICE-based
autonomous cars have been the most popular in
the North American autonomous car market, but
with time, more of BEVs are expected to be
procured. This would be because of the strong
push for electric vehicles (EV), as a result of
air pollution, and the fact that the integration
of higher self-driving functionalities is easier
in EVs, compared to ICE-based automobiles. Hence,
as more technological advancements take place
and people realize the role of human drivers in
road fatalities, the uptake of self-driving
automobiles will skyrocket in the region.