to analysts at Vantage Market Research, the HD Map Market is expected to
reach USD 11.96 Billion by 2028, growing at a CAGR of 28.63% from 2021 to 2028.
HD maps are developed and updated in real-time by using captured data by
various applications such as cameras, sensors, and LiDAR. This in turns drive
the market growth of HD Map Market. Growing awareness about self-driving car
renting services, autonomous driving trends, and sophisticated technologies are
the reasons to drive the market growth in various industries. This in turns
provide accurate navigation and it is majorly dependent on the internet.
- Commercial mobility segment of HD maps market is projected to grow at fastest CAGR of 30% during the forecast period. Due to the increased commercial activities such as goods transportation, robo-taxi, Ride-sharing, and some others boost the segmental growth of HD maps market. High production technologies, growing awareness and governmental focus towards market growth are the reason for high demand of HD Map in the market.
- Automotive Industry segment of HD maps market led the market growth at highest CAGR of 28% in 2020. This is due to the high demand of updated real-time application and increased automotive activities in multiple industries. Due to the availability of suitable infrastructure and government support for autonomous and semi-autonomous vehicles propels the market growth of HD Maps.
- North America is accounted the largest market share of HD Map Market at a CAGR of 25% during the forecast period. The major factors which drive the HD Map Market growth in North American region is due to the increased demand for convenient, efficient, and safe driving and presence of large number of HD map suppliers.
Increased government initiation towards autonomous driving is also fueling the market growth of HD Map market. The major factors that drive the market growth are awareness about the new trends, growing popularity towards self-driving vehicles, autonomous driving trends, dependencies on the internet, and provide accurate navigation. Increased goods transportation, robo-taxi, Ride-sharing, and some other commercial activities are boosting the market growth of HD maps market.
Asia-Pacific is projected the fastest market growth of HD map market during the forecast period. The factors that contributed to the growth of the region are the availability of leading HD map providers and the upgrading regulations concerned with autonomous driving. These providers include NavInfo, Momenta, and AutoNavi Infrastructural developments and industrialization activities in emerging economies are also the reason to boost the market growth in the region. This economic growth increases the purchasing power of the public.
Some of the major key players of HD Map market are Here Technologies Inc., TomTom NV, Google, Alibaba, NavInfo, The Sanborn Map Company, Mapmyindia, Deepmap, Inc., Momenta, Navmii, Mapbox, Civil Maps, RMSI, Genesys International Corporation Ltd, Cyient Inc., and among others.