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Autonomous vehicles also known as self-driving vehicles, are automobiles that employ driver assistance technologies to eliminate the need for a human operator. These vehicles can be driven without human intervention. Autonomous vehicles are a combination of different advanced technologies such as camera, radar, lidar, sensors, and artificial intelligence that helps in navigating and interpreting the surroundings to make decisions. It aims at improving efficiency, and safety, reducing traffic accidents, and thus providing greater mobility for individuals who are unable to drive.

Technologies such as machine learning and artificial intelligence tend to play a crucial role in the automation of vehicle systems. These vehicles are effectively trained to learn from different complex data that they receive through machine learning algorithms. These algorithms help the machine to operate and expand its ability to navigate the road. Artificial intelligence on the other hand helps advanced driver-assisted systems to make potential decisions concerning the operation without specific instructions for different situations encountered while driving.

Due to high-precision technology autonomous vehicles can view the environment in a 360-degree range. These vehicles are interconnected with each other and thus, there is frequent communication eventually reducing the accident rates. Moreover, as these autonomous vehicles operate on clean energy, there will be zero emissions released by these vehicles.

Top 10 Companies in the Autonomous Vehicles Market

Here is a list of the top 10 companies operating in the global autonomous vehicles market.

Tesla Inc.:

Tesla Inc. has been at the forefront of implementing and developing autonomous vehicle technology. Its approach includes the use of ADAS and over-the-air software that updates to gradually improve the vehicle autonomy. This ADAS is called Autopilot and includes different features such as lane centering, traffic-aware cruise control, and adaptive cruise control.

Porsche:

Porsche is a luxury sports car manufacturer that has been actively exploring various autonomous driving technologies and has announced several initiatives in recent years. Porsche Digital is a digitalization subsidiary of Porsche AG that develops and explores various digital business models including autonomous vehicles.

Nissan

Nissan is involved in the development of autonomous vehicle technology with one of its ongoing projects named Nissan ProPILOT. This is an ADAS that is specially designed to assist single-lane highway driving. This can help in controlling the vehicle’s acceleration, steering, and braking within the same lane.

Volkswagen:

Volkswagen is one of the well-known automotive companies that has been investing in research and development concerned with autonomous driving technologies. The firm has come up with BUZZ, an electric and autonomous concept vehicle. This is a modern and electric version of the Volkswagen Microbus and is designed to be capable of autonomous driving.

Ford:

Ford, a renowned brand in automobiles, has approached autonomous vehicles with strategic partnerships, technological investments, and different testing initiatives. The firm has partnered with Argo AI which is an autonomous vehicle technology company. With this partnership, Ford is working on the development of different self-driving models. Its main focus is to employ autonomous vehicles for commercial purposes.

Hyundai Motor:

Hyundai Motors is investing in the development of autonomous driving technology through various collaborations and partnerships. The firm has also formed a joint venture in collaboration with Aptiv for the development of SAE level 4 autonomous driving technology. Through various tests and prototypes, Hyundai is trying to bring innovations to the market.

Daimler:

Daimler is the parent company of Mercedes-Benz and has been actively investing in autonomous vehicle development. Daimler AG (now known as Mercedes AG) is an autonomous truck launched by the firm with a high level of automation and driver assistance system. This has helped in the transportation of heavy goods with high safety and efficiency.

Changan Automobiles:

Changan Automobiles is a Chinese automotive company focused on exploring and investing in various autonomous vehicles. The firm has engaged with various autonomous companies to develop autonomous driving initiatives. With rigorous testing and validations, Changan emphasizes developing an innovative autonomous vehicle and leading the market.

General Motors (GM)

General Motors has acquired Cruise Automation which is responsible for the development of GM autonomous vehicles. With various tests on public roads, the firm has come up with a refined technology for dynamic and complex traffic. The company has launched Cruise Origin, an electric and autonomous vehicle specially designed for ride-sharing.

Toyota:

Toyota is well known for its commitment to safety and innovations. It has come up with two major approaches to autonomous vehicles, the Guardian System and the Chauffeur System. The Guardian system has been specially designed to assist the safety and driver’s capabilities, whereas the Chauffeur system is focused on fully autonomous driving.

Autonomous Vehicle Market Scenario:

The global autonomous vehicle market is growing rapidly owing to various factors including rising road and driving safety concerns, rapid advancements in autonomous technology, government support, and others. These aspects have helped increase demand for autonomous vehicles across the globe. Many leading automobile manufacturers are striving to launch different autonomous vehicles according to the needs and demands of the customers.

However, several restraints are impacting the market growth. Some of which include lack of infrastructure, inadequate resources, fewer technological developments, and others. Meanwhile, there are huge opportunities such as increasing developments in autonomous shared mobility and higher demands that could provide opportunities for organizations in the market.