HD Maps for Autonomous Vehicles Market to Witness Extensive Development Throughout 2021 – 2028 By Emergen Research
According to the most recent report by Emergen Research, the worldwide HD maps for autonomous vehicles market is anticipated to reach a market value of USD 16.51 billion at a consistent CAGR of 34.3% in 2028. The consistent increase in revenue can be ascribed to the growing need for innovative, highly precise, and realistic digital map software and solutions. The demand for and adoption of HD maps among autonomous vehicle manufacturers is being fueled by their capacity to pinpoint a vehicle’s precise location in real-time using analysed data from a variety of sources, including vehicle sensors, LiDAR, onboard cameras, satellite imaging, and GPS.
Internal mapping is the main tactic used by creators of autonomous vehicles. Uber, Waymo, and Cruise are among the businesses creating HD maps. To map the data across cities, these corporations use their fleets of vehicles that are fitted with a variety of sensors. For instance, Cruise is combining precise LiDAR and semantic mapping techniques to create an HD map of San Francisco. The benefits of in-house HD mapping include control over the maintenance approach, the ability to add features and information as needed, accuracy that is maintained, and cost effectiveness. Therefore, the key developers of autonomous vehicles may have an effect on the revenue of other major players like TomTom, HERE technologies, and NVIDIA by adopting an internal mapping approach.
In order to accurately forecast the global HD maps for autonomous vehicles market outlook throughout the forecast period, the study closely examines historical and contemporary market situations (2021-2028). Researchers have examined the global market holistically and identified the elements that affect the market’s overall expansion. The study examines the strengths, weaknesses, opportunities, and threats related to the expansion of the major market segments using effective analytical methods like SWOT analysis and Porter’s Five Forces.
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Key Highlights of Report:
- The University of Amsterdam (UvA) and location technology experts TomTom announced the launch of a new Atlas Lab for autonomous vehicle research in November 2019. Atlas Lab will likely concentrate on using artificial intelligence to create sophisticated, extremely accurate, and secure high-definition maps for self-driving cars.
- In 2020, the Semi-Autonomous (Level 2&3) segment held the largest market share at 62.5%. Demand for semi-autonomous vehicles is increasing due to the existence of stricter regulations regarding autonomous driving than semi-autonomous driving.
- Cloud-based solutions category revenue is estimated to rise at a high CAGR of 34.8% throughout the projection period. Major industry participants like TomTom, NVIDIA, and HERE Technologies are using cloud-based services more frequently because they provide better accuracy and simple map updates.
- In 2020, the market for HD maps for autonomous vehicles saw a considerably high revenue share from the localization segment. The use of HD map software improves driver comfort and safety by enabling localisation that goes beyond GPS precision.
Some of the key participants in this industry include:
NVIDIA, TomTom, DeepMap, Here Technologies, Navinfo, Civil Maps, Mapmyindia, Sanborn Map Company, Navmii, and Autonavi.
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Because there are so many businesses in this sector, the global HD maps for autonomous vehicles market is very consolidated. These businesses are renowned for making significant investments in R&D initiatives. Additionally, they own a sizeable amount of the market share overall, which restricts the entry of new companies into the industry. The global HD maps for autonomous vehicles market research examines the smart moves made by the top market competitors, including joint ventures, mergers and acquisitions, partnerships, and new product launches.
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
Key regions covered in the report:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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The report considers the following timeline for market estimations:
- Historical Years: 2017 – 2019
- Base Year: 2020
- Estimated Year: 2028
- Forecast Years: 2021 – 2028
Questions addressed in the report:
- What is the estimated market growth rate throughout the forecast period?
- Which end-use industry is expected to witness the highest demand for HD maps for autonomous vehicles in the near future?
- What is the regulatory framework governing the application of HD maps for autonomous vehicles in the food industry?
- Which manufacturing processes are utilized for the production of HD maps for autonomous vehicles?
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