The Global HD Map Market is Expected to Rise at a CAGR of 31.7% during 2021-2028
According to Vantage Market Research, the global HD map market was valued at USD 1.4 Billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 31.7% between 2021 to 2028. The HD maps are crucial for the development of autonomous vehicles. The HD maps are built and updated in real-time by using the data captured by various sensors, cameras, and LiDAR. This data helps autonomous vehicles to make better decisions while performing driving tasks. The HD maps can also provide localization information, which will help find the vehicle's accurate position on the map. With recent advancements in computer vision and artificial intelligence, visual simultaneous localization, and mapping (SLAM) has gained significant accuracy in determining the position and orientation of a device with respect to its localization while simultaneously mapping the environment around that device. It is expected that HD maps will also provide advertising services, which will be the key revenue-generating segment for HD maps companies.
Growing Penetration Of HD Map Market Is Boosting The Market Growth
To provide a detailed analysis of the market structure along with the forecast of the various segment and the sub-segments of HD maps market. There has been an increasing interest in autonomous vehicles throughout the world. Major players in the autonomous driving space are focusing on the research and development of autonomous driving technology. Leading OEMs such as Ford, Volkswagen, Mercedes, Toyota, Audi, General Motors, Honda, and Tesla have already rolled out plans for the development of autonomous vehicles. For instance, Audi plans to invest approximately USD 16 billion by 2023 on self-driving and sustainable technology. Major advantages of autonomous vehicles, such as increased efficiency, elimination of human errors in driving, environmentally friendly operation, etc., are driving the growth of autonomous vehicles. With the increasing population in urban areas, traffic congestion has evolved as a major concern.
Whereas the foremost factor that’s obstructing the HD map market growth is the standardization of HD maps is a crucial element in the development of HD maps technology. At present, there is no single authoritative source or database of HD mapping data. With technological advancement, the amount of map information is increasing rapidly. The standardization and storage of this data have emerged as major concerns. Despite the existing standards such as ADAS, NDS, SENSORS, and TISA, the database still lacks interoperability between the mapping suppliers. At the early stages, new players are introducing their solutions, which is expected to lead to rapid innovation and accelerate the adoption of crowdsourced map technology.
The market of HD map is segmented into two categories based on component and industry. Based on components, the market of HD map is segmented by cameras, positioning systems, involving LIDAR and inertial measurement unit (IMU) among others. In terms of industry, the market of HD maps is segmented by automakers, internet firms, digital map providers, and sensor vendors among others.
Asia-Pacific region is projected to be the fastest-growing market for HD maps for autonomous vehicles during the forecast period. The factors that could contribute to the growth of the region are the presence of leading HD map providers such as AutoNavi, NavInfo, and Momenta and the changing regulations concerned with autonomous driving.
The HD maps market includes players such as TomTom (the Netherlands), HERE Technologies (the Netherlands), Waymo (US), NVIDIA (US), Baidu (China), Dynamic Map Platform (Japan), NavInfo (China), and Zenrin (US). These players have long-term supply contracts with leading automotive manufacturers and autonomous vehicle technology developers. These companies have adopted the strategies of new product developments, acquisitions, agreements, collaborations, expansions, joint ventures, partnerships, and supply contracts to gain traction in the HD map for the autonomous vehicle market. Partnership and collaboration are the most widely adopted strategies by major players.