The global HD map for autonomous vehicle market size was valued at USD 1.84 Billion in 2022 and is likely to reach USD 21.93 Billion by 2031, expanding at a CAGR of 31.7% during 2023 – 2031. The growth of the market is attributed to the growing demand for autonomous vehicles and rising government initiative for autonomous driving.
The high definition or HD maps are persistently built for self-driving support with exceptionally high precision at the centimeter range. Growing demand for real-time data and increasing use of online cab services and car rentals are expected to create lucrative opportunities in the HD map for autonomous vehicles market.
HD Maps for Autonomous Vehicles Market Trends, Drivers, Restraints, and Opportunities
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Rising awareness about the several features of HD maps such as traffic conditions, weather forecast, and indication of road conditions boost their demand is projected to fuel the growth of the market significantly during the forecast period.
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Increasing adoption of autonomous driving and rising investment in startups for developing HD maps is projected to drive the global HD maps for autonomous vehicles market during the forecast period.
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Growing awareness about the advanced technology, which provides accurate navigation and boosts dependency on the Internet are projected to drive the market.
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Increasing commercial rental services is projected to fuel market growth during the forecast period.
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HD maps for autonomous vehicles help drivers to visualize routes and assist them in critical decision-making by providing improved road safety, which in turn, is projected to increase the adoption of HD maps for autonomous vehicles.
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Factors such as high technology costs and legal and privacy issues related to HD maps for autonomous vehicles are expected to restraint the market.
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Advancements in 5G technology are expected to showcase create opportunities for key market players in the HD map for autonomous vehicles market during the forecast period.
Scope of HD Maps for Autonomous Vehicles Report
The report on the global HD map for autonomous vehicle market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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HD Maps for Autonomous Vehicles Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year
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2019
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Historic Data
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2017 & 2018
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Forecast Period
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2020–2027
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Global HD Maps for Autonomous Vehicles Market Segment Insights
Based on automation levels, the HD maps for autonomous vehicles market can be divided into L2 & L3 and L4 & L5. The L2 & L3 segment is projected to dominate the market during the forecast period owing to the rapid adoption of the technology and the integration of advanced driver assistance systems.
In terms of solutions, the market can be segregated into cloud and embedded. The cloud segment is expected to dominate the global market during the forecast period owing to the rising number of startups providing cloud-based service and smooth turnkey solutions.
Information provided about the lanes, parking space, roads, and footpaths accumulated by the sensors and cameras is utilized as inputs in the algorithm, applied in cloud point technology, which helps decrease latency when the same route is taken. The cost factor plays an important role in the expanded market share of cloud segment, as the embedded system needshuge storage space.
In terms of applications, the market can besegregated into mapping and localization. The mapping segment is projected to dominate the global market during the forecast period, as it provides accurate navigation.
On the basis of vehicle types, the HD maps for autonomous vehicles market can be categorized as passenger vehicles and commercial vehicles. The passenger vehicles segment is projected to dominate the market owing to the implementation of strict regulations related to autonomous commercial vehicles, as they are not commercialized. The commercial vehicle segment is projected to grow due to the commercialization of these vehicles. Specifications required to be integrated while building the HD map in more complicated for commercial vehicles such as trucks than passenger vehicles.
Based on regions, the global HD maps for autonomous vehicles market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global HD maps for autonomous vehicle market and account for a substantial share of the market during the forecast period owing to the presence of major market players in the region investing extensively in the research activities for developing HD maps that are capable of providing centimeter-level accuracy.
Additionally, early adoption of technology in the region, presence of extremely skilled expertise, and increasing adoption of advanced technologies such as 5G and AI fuel the market in North America. Europe is projected to account for a substantial share of the market owing to the advancements in 5G technology and growing focus on collaborations and partnerships of automotive producers and HD map developers. The market in Asia Pacific is expected to grow at a substantial pace during the forecast period owing to rising investments to develop HD maps by startups and growing demand for autonomous cars. Increasing smartphone penetration and growing adoption of HD maps for localization and mapping purposes are propelling the market in Asia Pacific.
Segments
Automation Levels
Solutions
Applications
Vehicle Types
- Passenger Car
- Commercial Vehicles
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global HD maps for autonomous vehicles market includeTomTom International BV, The Sanborn Map Company, Inc., NVIDIA Corporation, NavmiiNavInfo Co., Ltd, Momenta, HERE, DEEPMAP, and CE Info Systems Pvt. Ltd. These players are engaged in strategies such as product approvals, product launches,acquisitions, collaborations, and partnership.
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