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Unveiling autonomous cars market outlook in terms of the vehicular spectrum, global industry to surpass 60 million units by 2024
The growth of the autonomous cars market can be aptly credited to the exponentially growing automotive sector across the globe. Having sold around 24 million units in 2017, autonomous cars industry has been consolidating its stance significantly in the automotive space, the future of which has been touted to be transformed owing to the rising popularity of connected cars that have lately been revolutionizing the mobility sector.
Europe Autonomous Cars Market, By Type, 2017 & 2024
Autonomous cars, which can be operated with minimal or no driving input in any capacity from a human, indeed, are rapidly becoming a reality because of the rising number of research & development (R&D) programs carried out by renowned automobile manufacturers and technology companies. The R&D efforts are mainly fueled by the lucrative opportunities offered by the sector, which has been largely unevolved – in the way the automobiles are operated – since its inception.
The intensive R&D efforts by industry leaders along with the support received from regional governments due to the added road-safety feature of the technology, would be responsible for the expansion of the global automotive market. Moreover, the environment-friendly feature of these vehicles would also contribute toward increased sales numbers in coming years.
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Unveiling autonomous car market trends in terms of the vehicle landscape:
Level-1 autonomous cars:
Known as the first generation of autonomous vehicles – level-1 autonomous cars are the ones that incorporate an advanced driving assistance system (ADAS). The system acts as an extension of the driver and helps the vehicle operator operate the car safely. According to a 2018 report by the Victoria Transport Policy Institute (VTPI), many of the level-1 autonomous vehicles incorporate technologies like hazard warning, cruise control, collision avoidance as well as automated parallel parking that take over some of the driver’s responsibilities.
The level-1 based autonomous cars market is primarily driven by the rising road-safety concerns around the world as more and more vehicles are added to the roads each year. The increasing road-safety concerns have prompted governments across the world to introduce programs that mandate the incorporation of ADAS inside vehicles to ensure passenger safety. Programs such as the National Highway Traffic Safety Administration (NHTSA) in the U.S and the New Car Assessment Program (NCAP) in the European Union have impelled vehicle manufacturers to deploy vehicles that include a built-in level-1 semi-autonomous system. Amidst this scenario, it comes as no surprise that level-1 autonomous vehicles account for over 90% of the autonomous cars market share.
Level-4 autonomous cars:
The level-4 autonomous vehicles – currently under the research phase – are expected to be commercially made available in the market by 2022. The rapidly increasing number of research & development efforts by industry leaders in the automated driving domain would be responsible for the growth of level-4 based autonomous cars market in the years to come. According to a 2018 report by Bloomberg, Waymo – an autonomous car initiative by Google’s parent company – Alphabet Inc., is a leading contender that is much ahead of its nearest competitor in the race to deploy an autonomous level-4 vehicle to the market. To bring this accomplishment to fruition, the firm has entered into an agreement with Chrysler to acquire thousands of Chrysler Pacifica minivans that the company intends to modify by retrofitting autonomous driving systems that use LiDAR sensors to drive the cars.
However, other industry players are rapidly closing the gap by making significant inroads in this vertical. For instance, automobile manufacturer General Motors Co. has made considerable investments in the sector with the intention of rolling-out a fully-autonomous ride-hailing service that uses a modified version of the company’s Chevrolet Bolt – a car that does not incorporate a steering wheel or control pedals – by the final quarter of 2019. To attain this goal, GM has received a significant investment worth $2.25 billion from the SoftBank Vision Fund. Moreover, companies are also working towards acquiring licenses from concerned authorities to carry out road-tests to test their respective self-driving vehicles.
Attributing to such advancements, the autonomous cars market is projected to continue garnering exponential growth in the forthcoming years. According to a report by Global Market Insights, Inc., driven by the massively growing demand for these vehicles, autonomous cars market size is expected to surpass 60 million units by 2024.
Author Name : Akshay Kedari
SUV-based rear spoiler market to accrue commendable gains over 2017-2024, India to evolve as an opportunistic region for industry growth
Rear spoiler market has indeed crossed a major revenue benchmark in the year before last, having registered a valuation of around USD 3.3 billion in 2016. These massive proceeds can be majorly credited to the ever-changing dynamics of the automotive sector, the evolution of the EV era, and the innumerable changes brought about in vehicle production, thanks to the extensive advancements in automobile technology. With more and more automotive giants exploring novel methodologies to enhance automobile speed, safety, performance, and functioning, rear spoiler industry size is likely to soar high in the ensuing years. Recently, Mercedes-AMG, one of the most notable players in rear spoiler market, unveiled a video featuring its GT sedan, which clearly depicts the improved features added to the vehicle, rear spoilers being the focal point. Apparently, the sedan flaunts a vertical-slat Panamericana grille, LED headlights equipped with J-shaped running lights, and a completely functional active rear spoiler.
U.S. Rear Spoiler Market, By Technology, 2016 & 2024, (Million Units)
How the upcoming SUV era could impact rear spoiler market trends
In recent times, a global upsurge has been observed in SUV sales, plausibly on account of the fact that they provide extensive legroom, headroom, and storage space. With rising preferences for SUVs and the increasing production capacities of automakers, rear spoilers are likely to observe a rise in installations, thereby boosting rear spoiler market size. The demand for SUVs in particular, will have a commendable impact on the sales graph of rear spoiler industry, as is evidenced by the statistics below:
- In 2016, SUV sales in the United States were registered at 6.9 million units – a growth of 480,000 units having made it to the record.
- In 2017, SUV sales in Australia were chronicled at 465,646, capturing 39.2% of the overall market share, depicting a 14% growth from the last year.
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With a tremendously high demand and rise in popularity, SUVs are likely to be installed with high grade rear spoilers in order to enhance their performance. SUVs were the leading vehicle segment in rear spoiler market in 2016, having held over 65% of the overall share, subject to the demand for lightweight vehicles and the necessity of improved aerodynamics. Most companies in rear spoiler market have been experimenting with innovative product designs to suitably fit the requirements of major automakers. In August 2011, Mitsubishi introduced the SUV Outlander equipped with highly upgraded features in rear spoilers. It is undeniable therefore, that rear spoiler market size would massively benefit from SUV sales over 2017-2024.
India to be a crucial growth ground for the expansion of rear spoiler industry size
The rising furor for SUVs has been observed across the Indian sub-continent as well. Just recently, it had been observed that the compact SUV segment has emerged as one of the most profitable automobile categories in the country, as is exemplified by the details below:
- The Maruti S-Cross witnessed the highest rise in sales in the month of October – a mammoth 1331% increase from the September sales, from 385 to 5510.
- The Vitara Brezza recorded sales of 11,684 units, consistently maintaining its leadership position.
- Tata Nexon held a record customer count of 3099 and is expected to soar tremendously high, with a huge consumer waiting list. On this account, the company actually plans to double the production of the Nexon owing to the 3-month waiting period.
It remains no doubt therefore, that India would be a major growth ground for the expansion of rear spoiler market. In 2015, the Indian Government collected funds of USD 11.55 million to enhance the production of hybrid and electric vehicles. In 2017, this budget is reported to have increased by 42%. Thus, the surge in the demand for green vehicles coupled with beneficial government initiatives are likely to impel EV and SUV production, which would undeniably have a major impact on India rear spoiler industry.
With increased global focus on manufacturing hybrid and electric vehicles, equipped with smart features, rear spoilers market outlook has been forecast to be rather dynamic in the ensuing years. As per a report compiled by Global Market Insights, Inc., rear spoiler market size has been estimated to surpass the 5-billion-dollar mark by 2024, given the increasing popularity of these component in SUVs and hatchback cars. In essence, with changing consumer preferences regarding luxury automobiles and a paradigm shift in technology deployment in vehicle manufacturing, rear spoiler industry is certain to chart out a rather lucrative growth path in the years ahead.
Author Name : Saipriya Iyer
Global Market Insights Inc. 