New Delhi: The coronavirus infection has prompted lockdown measures that caused massive disruption in business execution across the automotive industry. Companies strategy to halt investment and progression towards new technologies in a bid to save cost has massively impacted the growth of future mobility solutions such as autonomous vehicle.
According to ResearchAndMarkets.com report, the global autonomous cars market is expected to decline from $24.10 billion in 2019 and to $23.33 billion in 2020 at a compound annual growth rate (CAGR) of -3.19 percent.
“The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it,” the report said.
However, the report projected that the market will recover and reach $37.22 billion in 2023 at CAGR of 16.84 percent.
The autonomous cars market consists of sales of autonomous cars and related services. An autonomous car means navigating a vehicle without human input from passengers using sensing equipment (LIDAR), environmental sensitive control equipment, and navigation equipment.
Regionwise, North America was the largest region in the autonomous cars market in 2019, the report mentioned adding that Asia Pacific was the fastest growing region in the autonomous cars market in the forecast period.
Although the self-driving car market has enormous growth potential, the report added, many customers are not quite ready to hand over the keys owing to the threat of hackers as they can try to steal data and self-driving cars can go unofficial by exposing their driving routes and destinations that could threaten the privacy of passengers.
“Cybersecurity and safety concerns are the key factors hindering the growth of the autonomous cars market. The prospect of hackers taking control of the vehicles is even more concerning,” ResearchAndMarkets.com said.
Citing an example the report said the first case of an autonomous car killing a pedestrian was reported in Arizona (USA) in 2018. “In 2017, Chinese researchers revealed Tesla Model X vulnerabilities, researchers hacked the vehicle via Wi-Fi and cellular connections using software that was sent to the car’s web browser in a series of circuitous computer exploits,” it added.