Adoption Of Driverless Vehicles To Reduce Road Accidents Changing Market Scenario

Autonomous vehicles Market are the driverless vehicles that has the ability of sensing the surrounding circumstances and navigating without the aid of driver. Autonomous vehicles help to reduce labor cost and it offers various advantages such as smoother rides, minimize traffic problems thereby increases the road capacity. Global autonomous vehicle market is expected to grow at a CAGR of approximately XX% during the forecast period (2019-2026). The major factors escalating the global autonomous vehicle market are increase in road accidents & concern over road safety and need of better traffic management in highly populated cities. According to estimation by National Highway Traffic Safety Association, the use of driverless vehicles could save the life of more than 69 people every year in US. Other than these, the secondary driving forces behind global autonomous vehicle market growth are reduced operating cost & environment friendly and offering of high fuel efficiency. According to Victoria Transport Policy Institute, the autonomous vehicles can provide fuel efficiency by 10% greater than the conventional vehicles. According to International Risk Governance Center, the autonomous vehicles open options for various businesses such as driverless taxi businesses, public transportation and others. Hence, assessing the above facts, the autonomous vehicle market is expected to rise at an attractive CAGR over the forecast period (2019-2026). According to the World Health Organization (WHO) (Switzerland) more than 3,400 individuals pass on the world's streets consistently and a huge number of individuals are harmed or handicapped each year. Youngsters, walkers, cyclists and more established individuals are among the most powerless of street clients. Thus, it is the major duty of the research and development department to have a reliable safety system. With the evolution of autonomous vehicles, the road safety will increase up to a considerable extent. According to Association for Safe International Road Travel (ASIRT) (U.S.), road traffic crashes come on the 9th rank as leading cause of death, also the road traffic crashes account for 2.2% of all deaths globally. In addition, more than half of all the road traffic deaths happen amongst young adults ages 15-44. Road crashes are the leading cause of death among young people ages 15-29 and the second leading cause of death worldwide among young people ages 5-14. Moreover, as per International Organization for Road Accident Prevention, over 90% of road accidents throughout the globe are caused mainly because of human errors. Thus, referring to all these stats, there is a need for reduction in the road accidents. Advanced autonomous vehicles will definitely lessen the number of road accidents and this in turn will lead to improved safety.

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Radar Technology: hotspot for market growth

The radar segment is anticipated to remain the largest market, as it is utilized as a part of a wide range of climate and circumstances while LIDAR (Light Detection and Ranging)-based autonomous vehicles do not recognize and track vehicles in unfavorable climatic conditions nor do they dependably track extremely dirty (non-intelligent) vehicles, which would result in rapid development for this segment over the forecast period. Developing spotlight on dynamic wellbeing to diminish street accidents has moved the concentration of OEMs towards creating and consolidating new and progressed car radar systems. As indicated by 'Association for Safe International Road Travel' (ASIRT), about 3,287 deaths per day are accounted for all around because of street accidents. Progressing car innovation and worry to decrease street accidents, has raised the need to propel safety features in vehicles, for instance, car radar to enhance vehicle safety. These systems (RADAR) transmit electromagnetic (EM) waves at microwave frequency and accumulate data with the assistance of electronic control unit (ECU) about the obstructions inside the region of the vehicle. According to the overview led by 'Insurance Institute for Highway Safety', one out of three lives can be saved by applying radar system in the autonomous vehicles. Smaller gadgets with high operational frequency are being applied to serve different applications. Additionally, supporting macro-economic and regulatory framework is relied upon to make note worthy open door throughout the forecast period. Regulatory approval of upcoming RADAR innovation, for example, 79 GHz band RADAR over developing markets, for example, India, Mexico etc. can produce strong development openings in the market.