Autonomous Car-as-a-Product (CaaP) Market: Introduction
Autonomous Car-as-a-Product concept features a fully autonomous vehicle that is available for private purchase. Consumers would have the option to use the fully autonomous mode, or switch to manual mode and drive the vehicle themselves. Car-as-a-Product without full automation exists currently as a privately-owned vehicle.
Key Drivers of Autonomous Car-as-a-Product (CaaP) Market
The autonomous Car-as-a-Product (CaaP) market has been driven by the need for ease in driving, concerns about safety and security, stress-free parking. Newer cars already feature machine-corrective and machine-assisted technologies such as lane correction, potential collision detection, and automated parking. Some automaker including Tesla and Audi include semi-autonomous driving features that fall in the Level 3-functionality tier.
Challenges in Autonomous Car-as-a-Product (CaaP) Market
Use of advanced technology and expensive equipment functional materials make autonomous cars expensive. Furthermore, automakers invest significantly on R&D, which also makes autonomous cars expensive. Thus, the cost of autonomous cars is initially high. However, the cost of the vehicle is anticipated to decrease after 10 years, giving way for the average consumer to afford such vehicles. Therefore, the high cost is a major factor that is estimated to hinder the autonomous car-as-a-product market in the next few years.
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Opportunities in Autonomous Car-as-a-Product (CaaP) Market
Autonomous vehicles can dramatically reduce the occurrence of automotive accidents. Auto collisions are hugely expensive, causing hundreds of billions of dollars in damage each year in the U.S. According to the National Highway Traffic Safety Administration (NHTSA), 94% of auto accidents are caused by human error. Reducing human input has the potential to result in fewer deaths and injuries and reduced economic damage if automated driving vehicles are introduced. Therefore, integration of safety features is estimated to offer significant opportunity to the autonomous car-as-a-product market.
North America to Dominate Autonomous Car-as-a-Product (CaaP) Market
Based on region, the global CaaP market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is anticipated to hold a major share of the global market. New cars in the U.S are already feature machine-corrective and machine-assisted technologies such as lane correction, potential collision detection, and automated parking. Some cars from manufacturers including Tesla and Audi include semi-autonomous driving features that fall in the Level 3-functionality tier, while U.S.-based Ford expects to launch Level 4 vehicles in 2021.
Key Players Operating in Autonomous Car-as-a-Product (CaaP) Market
The global autonomous Car-as-a-Product (CaaP) market is moderately consolidated. A few of the key players operating in the global autonomous Car-as-a-Product (CaaP) market are:
- Argo AI
Global Autonomous Car-as-a-Product (CaaP) Market: Research Scope
Global Autonomous Car-as-a-Product (CaaP) Market, by Autonomy Level
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
Global Autonomous Car-as-a-Product (CaaP) Market, by Propulsion
Global Autonomous Car-as-a-Product (CaaP) Market, by Car Type
- Utility Vehicle
Global Autonomous Car-as-a-Product (CaaP) Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.