Autonomous vehicles form an integral part of the future plans of major automobile companies and several carmakers have announced partnerships in order to get ahead of rivals in this race.
The BMW Group and Daimler AG are the latest ones to enter into a strategic partnership for the development of autonomous vehicles. The companies intend to bring the technology to market as early as 2024.
Another new alliance is between Ford (NYSE: F) and Volkswagen who have reached an outline agreement to share electric and autonomous vehicle technologies, according to a report by Reuters. Further details on this alliance have not been announced. The companies had earlier teamed up for the production of commercial vehicles.
Last month, it was reported that Renault and Nissan signed an agreement to work with Waymo on self-driving vehicles. The alliance, which will bring together Waymo’s technological capabilities and Renault-Nissan’s manufacturing expertise, will initially focus on researching the commercial, legal and regulatory issues surrounding autonomous vehicles.
Also read: Apple plays catch-up in self-drive tech, even as Google makes solid headway
According to a report by Allied Market Research, the global autonomous vehicle market size is estimated to reach a value of $54.23 billion in 2019, and is projected to garner $556.67 billion by 2026, registering a CAGR of 39.5% from 2019 to 2026.
The report has cited automotive sector development, government regulation, high component costs and threats from hackers as some of the factors that could affect the growth of the autonomous vehicle market.
Several other automobile and technology companies are involved in the development of autonomous vehicles, and hence more partnerships and alliances can be expected in this area going forward.