Vancouver, British Columbia, Feb. 17, 2021 (GLOBE NEWSWIRE) — The global HD maps for autonomous vehicles market size was USD 1.58 Billion in 2020 and is projected to reach a market size of USD 16.51 Billion at a steady CAGR of 34.3% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing need for safer, cleaner, and less congested roads in countries across the globe. Relaxation of stringent laws and regulations for autonomous vehicles to encourage adoption and ease traffic congestion is a key factor driving demand.
Continuous development and adoption of more advanced technologies such as Artificial Intelligence and 5G in the automotive field is further supporting developments in autonomous vehicles. HD maps provide an extra layer of support to sensor redundancy in instances where lane markings may be unclear, and road signs are affected by outside influences, and these advantages are contributing significantly to growing demand for HD maps and solutions among autonomous vehicle manufacturers.
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The cost incurred in creating HD maps is expected to hamper deployment in autonomous vehicles in the initial phase of the during the forecast period. Privacy and legal issues regarding HD maps are also likely to restrain growth of the HD maps for autonomous vehicles market to some extent.
Key Highlights of Report
- In January 2019, location technology specialist, TomTom, announced its collaboration with DENSO on its software platform for autonomous vehicles. The high definition map solution of TomTom is expected to work in combination with DENSO in-vehicle sensors such as radar and cameras to power the perception, localization, and path planning functions for a complete autonomous driving system.
- Semi-Autonomous (Level 2&3) segment accounted for largest market share of 62.5% in 2020. Rising need to decrease traffic congestion is contributing to growing demand for semi-autonomous vehicles and the usage of HD maps in these vehicles to improve driver safety and comfort.
- Cloud-based solutions segment revenue is expected to expand at a rapid CAGR of 34.8% during the forecast period. The cost-effectiveness of cloud-based services in comparison to embedded systems is contributing to revenue growth of the cloud-based segment.
- Localization segment accounted for a significantly high revenue share in the HD maps for autonomous vehicles market in 2020. New age high-definition maps deliver high precision optical localization, which is driving deployment in autonomous vehicles.
- Passenger vehicles segment accounted for a significantly high revenue share in the HD maps for autonomous vehicles market in 2020. The presence of more stringent regulations regarding autonomous commercial vehicles in comparison to passenger vehicles are driving higher demand for autonomous passenger vehicles and the usage of HD maps in them.
- Asia Pacific is expected to register significant growth during the forecast period. Presence of companies such as Baidu, Xiaoma Zhixing, Auto X, and Didi Chuxing is contributing to the high growth of the market in the region.
- Key players in the market include NVIDIA, TomTom, DeepMap, Here Technologies, Navinfo, Civil Maps, Mapmyindia, Sanborn Map Company, Navmii, and Autonavi.
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Emergen Research has segmented the global HD maps for autonomous vehicles market on the basis of level of automation, solution, services, vehicle type, and region:
- Level of automation Outlook (Revenue, USD Billion; 2021–2028)
- Semi-Autonomous (Level 2&3)
- Autonomous (Level 4&5)
- Solution Outlook (Revenue, USD Billion; 2021–2028)
- Services Outlook (Revenue, USD Billion; 2021–2028)
- Update & Maintenance
- Vehicle Type Outlook (Revenue, USD Billion; 2021–2028)
- Commercial Vehicles
- Passenger Vehicles
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- Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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