HD or high definition maps, are fast gaining traction on account of the increasing awareness about the sophisticated technology which helps to provide accurate navigation and higher dependence on the internet. In fact, HD mapping is an essential part of the autonomous cars that have flooded our roads these days. Its demand is also being driven by the popularity of app-based online cab aggregators such as Ola and Uber. This is because HD maps provide detailed information about road traffic, road shape, lane slope, curvature, roll data and elevation.
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The global HD maps market is highly dynamic in nature on account of the numerous mergers and acquisitions, joint ventures, partnerships among players. Companies are also trying to expand their shares through product development through research and development and by expanding their outreach geographically. Some of the key players in the market are HERE, TomTom NV, Google Inc, Alibaba, NavInfo, Mapmyindia, and Sandborn.
At present, North America accounts for maximum share in the market and going forward too, will likely retain its dominant share. The rising uptake of advanced technology in day-to-day life is one of the primary drivers of North America market. In terms of market attractiveness, Asia Pacific is slated to surpass all other regions. China and India are the main drivers of growth in Asia Pacific on account of their improving economies, fast-paced urbanization, growing internet penetration, large populations, increasing spending capacity of the people, and the popularity of car rental services as well as autonomous vehicles.
HD or high definition maps are essential in the core chain of driving services. In addition, rising awareness regarding advanced technology and dependence on the internet is driving this market. High definition refers to accuracy in high technology, which gives accurate results. HD map is used for accurate navigation and it helps the driver to reach the exact location. HD mapping is the core of new autonomous cars. LIDAR, Radar and visual cameras are the sensors to a car’s vicinity. Demand for HD map application is growing significantly owing to the rising demand for car renting services such as Uber and Ola. HD maps give detailed information about road traffic, road shape, lane slope, curvature, roll data and elevation. Thus, demand for HD maps is growing globally.
Rising trend of self driving cars, autonomous driving trends, and self driving car renting services globally is anticipated to fuel the growth of the HD map market during the forecast period. Moreover, due to the numerous benefits of HD maps such as indication of road conditions, traffic conditions, weather forecast and others, their demand is growing positively and is anticipated to significantly grow during the forecast period. However, many rural areas in developing countries such as India, China, and Brazil do not have self drive or rented driving car services. Moreover, HD maps cannot detect the location or the road condition and traffic situation in rural areas due to poor internet connection. Governments and manufacturers are taking initiatives to provide free internet connections in such areas. Therefore, the HD map market is expected a see steady growth in rural areas during the forecast period. The impact of this restraint is high in recent times; however, it is expected to be low during the forecast period.
This post was originally published on The Market Plan