AUTONOMOUS CAR MARKET ANALYSIS

Key Developments

• In July 2023, ZF is a global company that specializes in automotive technology and solutions. started making its fancy driver assist tech at its Monterrey plant in Mexico. Luminar is also gearing up to kick off operations in Mexico in 2023. Mexico is gearing up to become a major spot for making self-driving truck tech soon. This boosts demand for self-driving trucks and related stuff.
• In 2022, the European Union spent US$ 118.16 billion on research and development, which was 0.74% of its GDP. This was a 5.4% increase from 2021. EU is testing out 5G tech, which could mean more self-driving cars, especially in places like France.
• In February 2022, General Motors, an automobile manufacturing company, granted permission to deploy its autonomous driving technology units (Cruise) by the U.S regulators.

*Definition:The autonomous car market involves the development and sales of self-driving vehicles that can provide transportation without human involvement. Major players in this emerging market are developing advanced sensors and robotics to enable vehicles to navigate roads and make decisions without any human input. As the technology progresses to higher levels of autonomy over the next decade, the market for fully autonomous vehicles without steering wheels or pedals is expected to grow substantially and potentially transform personal transportation.