Middle East Self-Driving Vehicles Market Set To Grow At A CAGR Of 55% Over 2016-2024

By Goldstein Market Intelligence || 2019-01-05 7:00:06 AM

Middle East Self-Driving Vehicles Market Set To Grow At A CAGR Of 55% Over 2016-2024

According to Goldstein Research, “Level or high automation is expected to be offered first for low-speed situations, such as parking lots low speed environments by 2020-24, and eventually for more complex situations such as cities by 2025-30.” The development of autonomous vehicles market in Europe and Middle East is likely to be majorly driven by technology advancement in Western Europe.

Middle East Self-Driving Vehicles Market Analysis

The Middle East self-driving vehicles market is segmented based on technology, by vehicles and by components. Vehicle segment is further bifurcated into passenger cars and commercial vehicles. Passenger cars are expected to dominate the self driving vehicles sales owing to growing demand for passenger cars and to reduce road accident rates on roads. In 2016, Dubai based ride-hailing Careem revealed a strategic alliance with Next Future Transportation to bring battery powered, self driving electric pods to Middle East and North Africa.

Middle East self driving vehicles market is expected to grow at a CAGR of 55% over the forecast period i.e. 2016-2024 owing to favourable initiative taken by governments in some regions of Middle East. Further, the region is expected to witness more than 1 million autonomous vehicles on road by 2035.

Middle East self-driving vehicles market is expected to grow at steady rate the region lacks in infrastructure and adoption of autonomous cars by general consumers is one of the major challenges for the market. However, some governments are taking initiative to adopt autonomous vehicles to reduce the traffic congestion and road accidents. Saudi Arabia and UAE are expected to dominate the Middle East region in terms of self driving market share during the forecast period. Innovation and new start-ups are also likely to bolster the market growth in Middle East. For instance, acquisition of Mobileye, an autonomous driving, computer vision company by Intel of worth USD 15.0 billion raised awareness of the country's strides in the area of autonomous technology.

Adoption of new policies: Opportunity

Gulf countries are the most opportunistic region for the growth of self driving vehicles market in Middle East, but adoption of favourable policies is one of the major factors delaying the growth of self driving vehicles market. Most GCC governments have yet to adopt policies regarding the self driving vehicle which is reasonable given the nascent state of technology. However, government in other regions such as the states of Nevada in U.S has enacted regulations regarding the adoption and operation of self driving vehicles. GCC countries will benefit from the autonomous vehicles technology, more than any other region in the world. The technology can reduce fuel costs, radically reduce the number of accidents and can create digital technological jobs. GCC, policy makers need to take deliberate action today in order to create right conditions for autonomous vehicles to flourish.

Middle East Self-Driving Vehicles Market report contains detailed overview of the Middle East self-driving vehicles market in terms of market segmentation by technology type, by vehicle type and by components.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Middle East Self-Driving Vehicles Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Tesla, Audi AG, Daimler AG, Ford Motors Company, Toyota Motors Company, VOLVO, Denso Corporation, BMW AG, Waymo LLC, Uber, Google etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the Middle East Self-driving vehicles market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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