Market Size – USD 1.58 Billion in 2020, Market Growth – at a CAGR of 34.3%, Market Trends – Increasing adoption of high-precision HD mapping

VANCOUVER, BC, CANADA, August 23, 2022 /EINPresswire.com/ — The global HD maps for autonomous vehicles market is expected to reach a market size of USD 16.51 Billion at a steady CAGR of 34.3% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing requirement for new generation of highly accurate and realistic digital map solutions and software. The ability of HD maps to determine the exact position of a vehicle in real-time with the help of analyzed data from multiple sources such as vehicle sensors, LiDAR, onboard cameras, satellite imagery, and GPS is driving demand for and deployment of HD maps among autonomous vehicle manufacturers.

The HD Maps for Autonomous Vehicles market report focuses on the economic developments and consumer spending trends across different countries for the forecast period 2020 to 2028. The research further reveals which countries and regions will have a better standing in the years to come.  Apart from this, the study talks about the growth rate, market share as well as the recent developments in the HD Maps for Autonomous Vehicles industry worldwide. Besides, the special mention of major market players adds importance to the overall market study.

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Key Highlights of Report

•    In November 2019, TomTom, which is a location technology specialists, and the University of Amsterdam (UvA) announced the opening of a new research Atlas Lab for autonomous vehicles. Atlas Lab is expected to focus on utilizing Artificial Intelligence for developing advanced, highly accurate, and safe high-definition maps for self-driving vehicles.

•    Semi-Autonomous (Level 2&3) segment accounted for largest market share of 62.5% in 2020. Presence of more stringent regulations regarding autonomous driving compared to semi-autonomous driving are boosting demand for semi-autonomous vehicles.

•    Cloud-based solutions segment revenue is expected to expand at a rapid CAGR of 34.8% during the forecast period. Major players in the market such as TomTom, NVIDIA, and HERE Technologies are increasingly utilizing cloud-based services as these offer more accuracy and easy updating of maps.

•    Localization segment accounted for a significantly high revenue share in the HD maps for autonomous vehicles market in 2020. Safety and comfort of the driver is increased with the help of HD map software as it enables localization beyond GPS accuracy.

The subject matter experts conducting the study offer a deep understanding of how prominent leaders have managed to navigate the potential buyers and competitive dynamics influencing their brand positioning in the industry The HD Maps for Autonomous Vehicles market analysis provides everything a business owner needs in order to succeed.

Major Players/Manufacturers profiled in the report are:

NVIDIA, TomTom, DeepMap, Here Technologies, Navinfo, Civil Maps, Mapmyindia, Sanborn Map Company, Navmii, and Autonavi.

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“Increasing need to improve driver safety and comfort and deconjest road traffic are some key factors driving global HD maps for autonomous vehicles market growth.”

— Emergen Research