Global Autonomous Cars or Driverless Cars Market Size and Forecast Up to 2020

San Francisco, CA, January 04, 2015 --(PR.com)-- Autonomous cars, also known as driverless cars, robotic cars, or self-driving cars are autonomous vehicles capable of fulfilling transportation functions of traditional cars. The driverless cars market is expected to witness significant growth over the forecast period owing to technological proliferation. These vehicles exhibit the capability to alter transportation systems by providing ease of mobility to the elderly or disabled population. Autonomous cars also offer several benefits such as reduced driver stress, mobility for non-drivers, averting fatal crashes, increased road capacity and efficient parking. All the aforementioned benefits are expected to positively impact the driverless cars market growth.

A few European countries and a few states in the U.S. are issuing licenses for conducting tests under well-monitored and controlled conditions. Furthermore, issues such as privacy & security concerns along with risk of system failure may affect the driverless cars market growth. However, legal requirements across many countries, stating that all vehicles, at all times must have a driver controlling the car may act as a major barrier to the driverless cars market growth. Proliferation of driverless cars is also hindered substantially due to high cost needed for large scale production. Additionally, technology needed for autonomous vehicles is also fairly expensive, and may restrain market growth.

A few key driverless cars market participants include Google, Magna International, Aisin, Altera Corp., Intel and Continental AG. Google Inc has invested in developing a driverless car prototype for fully automatic driving. On account of technological advancements and R&D initiatives, the U.S. is expected to witness significant market growth. Europe is also expected to exhibit considerable market growth in near future, with a few leading automobile manufacturers such as Daimler AG and BMW already working on the autonomous vehicle concept.