Automotive HD Maps Market Size to Grow by $ 954.88 Million through 2021-2025
The automotive hd maps market is expected to grow by $ 954.88 Million, accelerating at a CAGR of almost 17% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Automotive HD Maps Market: Segmentation by Application
This report provides a detailed analysis of the market by Application (Passenger cars and Commercial vehicles) and Geography (North America, Europe, APAC, MEA, and South America). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.
Rising adoption of cloud-based HD maps is notably driving the automotive HD maps market growth, although factors such as high cost associated with semi-autonomous and fully autonomous technologies may impede market growth. North America has been recording a significant growth rate and is expected to offer several growth opportunities to market vendors. The accuracy and precision offered by HD maps will facilitate the automotive HD maps market growth in North America over the forecast period.
Automotive HD Maps Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Alphabet Inc., CARMERA, Civil Maps, DeepMap Inc., HERE Global BV, Intel Corp., Maxar Technologies Inc., NavInfo Co. Ltd., The Sanborn Map Co. Inc., and TomTom International BV are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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