[PDF] Autonomous Cars with Enhanced Functionality can Present Lucrative Growth Opportunities

An increasing number of partnerships and agreements among key players to introduce autonomous vehicles is further anticipated to augment the growth of the autonomous car market. For instance, in February 2020, Volkswagen Group and Microsoft have expanded their cooperation involving the U.S. software giant’s cloud technology to include speeding up the development of automated driving.

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Technological advancements in autonomous cars have the capability to save an enormous amount of lives each year that are lost in traffic accidents and fatalities due to human error in judgment. According to the International Organization for Road Accident Prevention (OICA), that human error accounts for 90% of road accidents worldwide. Adoption of autonomous cars can minimize the number of road accidents and make streets safer by automating safety features and reducing dependency on human intervention. Thus, this factor is expected to drive the global autonomous car market growth during the forecast period.