HD Map Market Opportunities, Growth Rate and Future Demand
Global HD
map market is expected to grow at a significant CAGR in
the upcoming period as the scope and its applications are rising enormously
across the globe. HD map is also termed as high definition maps mainly built
for the self-driving purpose. This map comprises a tremendously high accuracy
at centimeter-level, as robots need detailed instructions on how to operate
themselves around the 3D space.
The factors that are playing a major role in
the growth of High Definition (HD) map market are the growing trend of
self-driving cars, the availability of self-driving car renting services, and
acceptance of the latest technology. However, poor internet connection, the
high cost, and lack of knowledge regarding self-driving in the developing
nations may restrain overall market growth in the years to come. HD map market
is segmented based on component, sensor, industry, and region.
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Software and hardware are the
components that could be explored in the HD map market in the forecast period.
Hardware is easily visible as there are several sensors around its rooftop.
Based on sensors, radars, cameras, an inertial measurement unit (IMU), LiDAR,
and GPS could classify HD map in the forecast period. LiDAR plays important
role in mapping distance or depth in a 3D space. The market may be categorized
based on industry such as sensor vendors, automakers, digital map providers,
internet firms, and others could be explored in the forecast period.
Globally, North America accounted for
the substantial market share of HD map and is estimated to lead the overall
market in the years to come. The reason behind the overall market growth could
be the early acceptance of the latest technology and the presence of key
manufacturers in the region. The United States is a major consumer of HD map in
this region.
Europe and the Asia Pacific are also
estimated to have a positive influence on future growth. Europe is the second
largest region with significant market share. However, Asia Pacific is
estimated to grow at the highest CAGR in the forecast period. The aspects that
may be ascribed to the growth comprise the increasing disposable income and
rising awareness regarding use modern technology. The developing countries like
India and China are the major consumers of HD map in this region. The key
players of the HD map market are Sandborn, TomTom NV, Mapmyindia, Google Inc,
NavInfo, and Alibaba. These players are concentrating on inorganic growth to
sustain themselves amidst fierce competition.
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