The global HD map for autonomous vehicle market is projected to expand at a high CAGR during the forecast period. The growth of the market is attributed to the growing demand for autonomous vehicles and rising government initiative for autonomous driving.
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The high definition or HD maps are persistently built for self-driving support with exceptionally high precision at the centimeter range. Growing demand for real-time data and increasing use of online cab services and car rentals are expected to create lucrative opportunities in the HD map for autonomous vehicles market.
Global HD Maps for Autonomous Vehicles Market Segment Insights:
Based on automation levels, the HD maps for autonomous vehicles market can be divided into L2 & L3 and L4 & L5. The L2 & L3 segment is projected to dominate the market during the forecast period owing to the rapid adoption of the technology and the integration of advanced driver assistance systems.
In terms of solutions, the market can be segregated into cloud and embedded. The cloud segment is expected to dominate the global market during the forecast period owing to the rising number of startups providing cloud-based service and smooth turnkey solutions. Information provided about the lanes, parking space, roads, and footpaths accumulated by the sensors and cameras is utilized as inputs in the algorithm, applied in cloud point technology, which helps decrease latency when the same route is taken. The cost factor plays an important role in the expanded market share of cloud segment, as the embedded system needshuge storage space.
In terms of applications, the market can besegregated into mapping and localization. The mapping segment is projected to dominate the global market during the forecast period, as it provides accurate navigation.
On the basis of vehicle types, the HD maps for autonomous vehicles market can be categorized as passenger vehicles and commercial vehicles. The passenger vehicles segment is projected to dominate the market owing to the implementation of strict regulations related to autonomous commercial vehicles, as they are not commercialized. The commercial vehicle segment is projected to grow due to the commercialization of these vehicles. Specifications required to be integrated while building the HD map in more complicated for commercial vehicles such as trucks than passenger vehicles.
Based on regions, the global HD maps for autonomous vehicles market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global HD maps for autonomous vehicle market and account for a substantial share of the market during the forecast period owing to the presence of major market players in the region investing extensively in the research activities for developing HD maps that are capable of providing centimeter-level accuracy.
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