- The global autonomous car market is set for massive growth.
- This growth is driven by factors such as the improved safety of AVs, the need to decongest traffic, and the adoption of mobility-as-a-service models.
Just a few years ago, the idea of a driverless car would have seemed like something out of a science fiction novel. Today, Interest in autonomous vehicles (AVs) is rising, buoyed by advancing technology and heavy investment in this space. Self-driving cars are already dotted on global roads, and it is only a matter of time before they become mainstream.
That's a conclusion that BanklessTimes.com resonates well with. The site has presented data indicating that the global autonomous car market is on course for exponential growth. It reports that the driverless car market will grow from $24.1B in 2021 to $61.87B in 2026. That is a 157% growth over that period.
Jonathan Merry, BanklessTimes' CEO, recently affirmed that AVs would eventually become the norm on roads worldwide. While acknowledging that they still face some technical hurdles, he predicted they would eventually become ubiquitous due to their many advantages.
Autonomous vehicles are the future of transportation. Self-driving cars are more efficient than traditional ones and can reduce traffic accidents drastically. Additionally, they could reduce traffic congestion and pollution, making it possible for people to use their commuting time for other activities."Jonathan Merry, BanklessTimes' CEO
The Push For Autonomous Vehicle Adoption
Four major factors are behind the growing push toward the adoption of AVs.The first concerns improved vehicular safety. Autonomous cars can eliminate human error responsible for the greatest percentage of car accidents. Moreover, they can make transportation more accessible for those who cannot operate a car due to age, disability, or location.
The second factor is the need to decongest the endemic traffic choking major cities worldwide. The average commuter wastes plenty of man-hours annually stuck in traffic. AVs could alleviate this problem by optimizing their routes based on real-time traffic data.
Furthermore, the growth of connected infrastructure will play a major role in expanding the AV market. With more cars connected to the internet, it will be easier for them to communicate with each other and traffic control systems. This will enable them to make better decisions about routing and avoiding traffic congestion.
Likewise, adopting mobility-as-a-service (MaaS) models will also be a major driver of growth in the autonomous car market. MaaS allows users to book a single trip that includes all forms of transportation, such as ride-sharing, public transportation, and bike-sharing. Its usage eliminates the need for multiple apps and enables users to compare prices and services easily.
Advanced Driver Assisted Systems (ADAS) are also becoming increasingly common in autonomous cars. These systems help drivers stay safe on the road by providing features such as lane assist, collision avoidance, and adaptive cruise control. ADAS are already making self-driving cars safer, which will help accelerate adoption rates in the coming years.
Challenges to the Mainstream Adoption of AVs
There are several challenges to the mainstream adoption of autonomous vehicles. The first challenge is regulatory. The development of autonomous vehicles has been outpacing the development of legislation to regulate them. There are many unanswered questions about how autonomous vehicles should operate and who is responsible for accidents.
The second challenge is infrastructure. Autonomous vehicles require a high level of sophistication to operate safely, and that’s not currently available in most cities. In addition, the cost of the technology is still exorbitant. Self-driving cars' sensors, cameras, and software are still expensive.
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