The increasing interest across the globe for developing autonomous vehicles will lead to the growth of AV (Autonomous Vehicles) to 24 million units in the Asia Pacific region by 2024.
The rapid rise in the electric vehicle population is also playing a major role in the increase in the AV numbers as the wide possibility exists for integration of AV with self-driving technology and EV platforms.
The automobile industry in India, Singapore, and Malaysia are investing rapidly to develop infrastructure for the implementation of electric vehicles, which would complement the growth of autonomous vehicles as well.
Advanced Driver Assistance Systems (ADAS) is being widely adopted by major automakers like Volvo, Ford, Honda, GM, VW, and Toyota along with the shared mobility players like Uber. The ADAS is being deployed to win customer confidence along with providing developmental support to self-driving technology. The demand for ADAS has led to strategic tie-ups between auto majors and tech companies for developing advanced self-driving solutions.
This is also encouraging the automakers to form partnerships among themselves for cutting cost and time of development of innovative technologies. Honda has entered into a partnership with GM and its subsidiary Cruise for developing new autonomous cars. The duo plan to invest $2 billion over a span of 12 years with $750 million investment immediately.
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