Global Self-Driving Car Market is expected to reach $20 billion Global Self

Global Self-Driving Car Market is expected to reach $20
billion by 2024, Says Variant Market Research
Global Self-Driving Car Market is expected to reach $20 billion by 2024; growing at a CAGR of 25.7% from
2016 to 2024. A self-driving car or a driverless car or even robotic car is a vehicle that has capability of
sensing its surroundings while driving on road and navigating without any human input. Self-driving cars
have pre-installed control systems in them which can analyze the sensory data in distinguishing between
different cars and other vehicles on the road, which helps in deciding a path to the destination. Cars can
detect their surrounding using variety of techniques such as LiDAR, radar, GPS and Odometry. Introduction
of driverless cars could reduce traffic collisions, enhanced mobility for injured or disabled people, eco-
friendly and lower need for insurance.
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Support by various government departments for prevention of road accidents and technological
advancements are the major factors supporting the growth of market. Moreover, reduction in the
consumption of fuel and insurance cost are also expected to drive the market. However, concern about
safety of driverless cars, risk of privacy and security may hinder the growth of market.
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