By: Luke Jones, Published on March 7, 2017 02:34 PM, Last Update on March 7, 2017 01:44 PM
Autonomous vehicle growth is expected to start curving upwards and continue to do so, according to Bain & Company Inc. The firm forecasts annual growth of driverless cars to be between 12% and 14% for the global market by 2025.
That prediction also includes assistive safety and comfort features. The estimate would result in a global B2B market of US$22 billion to US$26 billion by 2025.
Autonomous vehicles are revving up, with Bain & Company Inc. forecasting annual growth of 12% to 14% for the global market of autonomous and assistive safety and comfort features by 2025. Bain & Company said in a release on Monday that customers will become increasingly interested in adopting the new technology.
Autonomous software and hardware/software solution from carmakers and tech firms will become very popular in the coming years. The management consulting firm surveyed over 4,000 consumers in France, Germany, Spain, Great Britain, China, Japan, and the United States.
Bain & Company reports that the market looks attractive, even in pessimistic scenarios.
“The estimates assume significant price declines in both conservative and optimistic scenarios as new technologies achieve scale production,” a statement reads.
“In all scenarios, the majority of both the volume and value in the market will remain in driver assistance systems, which require a human driver to continue to monitoring the vehicle,” it adds.
When asked which feature was most desirable, most respondents “named safer driving and lower fuel and insurance costs as the leading benefits from these technologies,” findings show.
“However, their enthusiasm is tempered by concerns about high costs and the reliability of the technology, including its vulnerability to being hacked. Liability issues were also a concern,” the company statement adds.