Global Automotive HD Maps Market 2020-2024 | 17% CAGR Projection Through 2024 | Technavio

LONDON--(BUSINESS WIRE)--Jan 29, 2020--

The global automotive HD maps market is expected to post a CAGR of almost 17% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global automotive HD maps market 2020-2024. (Graphic: Business Wire)

Automotive OEMs are increasingly adopting cloud-based platforms as it enables them to rapidly develop and manage new services for connected vehicles. It also helps them reduce overall capital expenditure and time-to-market for products and services. The increased adoption of cloud platforms has become a crucial enabler of HD maps in autonomous vehicles. For example, prominent automobile OEMs such as Audi, BMW, and Daimler have integrated ADAS and automated driving features with the HERE HD Live Map in some of their vehicle models. The market is also witnessing the strong adoption of cloud-based HD maps by the various automobile OEMs. In 2019, HERE and Hyundai Mnsoft, a subsidiary of Hyundai Motor Co. collaborated to develop HD maps for connected and autonomous vehicles. Therefore, the rising adoption of cloud-based HD maps is expected to drive the growth of the global automotive HD maps during the forecast period.

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As per Technavio, the adoption of satellite imaging technology to generate HD maps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Global Automotive HD Maps Market: Adoption of Satellite Imaging Technology to Generate HD Maps

The adoption of satellite imaging technology in the development of HD maps provides highly accurate HD maps at a faster rate. The growing adoption of autonomous vehicles has led to an increase in need to expand road coverage of HD maps. Many prominent vendors are partnering with automobile manufacturers to build HD maps for autonomous vehicles using satellite imagery. The growing use of satellite imaging technology will result in the faster adoption of HD maps, thereby boosting the growth of the market.

“Integration of HD map content in ADAS and the adoption of V2X technology to enhance the performance of HD maps will further boost market growth during the forecast period,” says a senior analyst at Technavio.

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Global Automotive HD Maps Market: Segmentation Analysis

This market research report segments the global automotive HD maps market by geography (APAC, Europe, MEA, North America, and South America) and application (passenger cars and commercial vehicles).

The North American region led the automotive HD maps market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth. This is due to the rising adoption of autonomous vehicles in the region.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

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CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:[email protected]




SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 01/29/2020 03:00 PM/DISC: 01/29/2020 03:00 PM

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