The self-driving tech is the next big thing in the automotive world. The autonomous market is becoming a crowded field as all automakers and many big tech firms are betting big on the self-driving tech.
Tesla Inc (NASDAQ:TSLA) is currently the leader in the self-driving technology arena but the automaker could face a strong rivalry from General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), Bayerische Motoren Werke AG (FRA:BMW) (FRA:BMW), Alphabet Inc (NASDAQ:GOOGL), and Mercedes-Benz in the near future.
Audi, Bosch, Denso, Honda, Mobileye, and Toyota are also pouring millions of dollars into developing self-driving cars and technology.
According to a report in Forbes, we could see 10 million self-driving cars on the road by 2020, while one in four cars being self-driving by 2030.
Strategy Analytics and Intel predicted that the global passenger economy could be worth $7 trillion by 2050, because of self-driving vehicles. The market for semi and fully self-driving vehicles could be worth $42 billion in seven years and $77 billion by 2035, according to Boston Consulting Group.
Meanwhile, Goldman Sachs predicted that the market for advanced driver assistance systems and autonomous vehicles is expected to reach $96 billion in 2025 and $290 billion in 2035.
So, there are massive opportunities for automakers and tech giants in driverless cars. In addition, reports suggest a strong demand for self-driving, artificial intelligence, and machine learning experts in the automotive jobs market.
Tesla Inc (NASDAQ:TSLA) is ahead in the pack of autonomous carmakers. In this article, we’ll discuss three automakers that we think could challenge Tesla in the self-driving car market.
General Motors Company (NYSE:GM) plans to spend about $600 million this year on self-driving cars. The firm’s first self-driving car is a version of its electric car Chevrolet Bolt EV.
Last month, GM announced that it produced 130 self-driving Chevrolet Bolt test vehicles. These vehicles, according to the company, are equipped with all necessary features, and designed to handle all road situations on their own without driver interference.
Cruise Automation, the San Francisco self-driving start-up that GM acquired last year, is now working as a subsidiary of the automaker to build self-driving technology.
Additionally, GM is making significant investment on hiring top talent for its self-driving projects. It is reportedly hiring 1,100 people for its new research and development facility in California.
Ford Motor Company (NYSE:F) is also betting big on driverless cars. The automaker recently appointed Jim Hackett, the boss of its self-driving cars division, as its CEO, replacing Mark Fields. Hackett leads the smart mobility unit that focuses on the automaker’s autonomous car projects.
Earlier this year, Ford announced plans to invest $1 billion over five years in the AI software firm Argo AI as part of its efforts to build driverless cars. Argo AI will develop the software required for Ford’s self-driving cars.
Ford is hoping to bring a driverless car on the road by 2021. It plans to begin mass-producing a Level 4 self-driving vehicle aimed at car-sharing and ride-hailing use in 2021. Level 4 means nearly autonomous.
Daimler AG (FRA:DAI), the parent of Mercedes, also has big plans for driverless cars.
After all the German giant has already announced it is teaming up with Robert Bosch to build self-driving taxis. The automaker revealed the world’s first self-driving truck concept in 2015.
Mercedes has revealed Drive Pilot in the 2017 Mercedes-Benz E-Class to offer semi-autonomous driving experience. Drive Pilot is a strong and direct competitor of Tesla’s Autopilot.
Daimler agreed to provide its self-driving cars to Uber for the ride sharing service. Also, the car giant is investing in Chinese self-driving startup Momenta, which provides road sensors and high definition mapping software.