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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