The global hi-tech paints and coatings market for autonomous vehicles recorded a volume of 2,020.3 tons in 2019 and is projected to reach 3,060.3 tons by 2025, registering a CAGR of 19.70% during the period 2020-2025. The growth in the global hi-tech paints and coatings market for autonomous vehicles is attributable to the ongoing demand for efficient and durable paints and coatings for autonomous vehicles. Additionally, an ever-increasing number of cameras and sensors surveilling the road and traffic around the autonomous vehicles requires advanced coatings and paints to improve safety.
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Hi-tech paints and coatings, including anti-reflective coatings, anti-fingerprint coatings, and functional pigments, among others, enhance the sensitivity of LiDAR systems and also improve their range and accuracy to see low-reflectivity objects, thereby playing an important role in navigation for an autonomous vehicle. Sensors, which allow vehicles to communicate with each other and detect obstacles to avoid accidents, also require hi-tech paints and coatings. Sensors such as LiDAR, camera, and other devices operate by pulsing light at objects and then using the speed of the reflection to determine position and distance, thus requiring high-quality paints and coatings.
The hi-tech paints and coatings market for autonomous vehicles is driven by several factors such as rapidly increasing number of automated vehicles, growing emphasis toward road safety, reducing road congestion, and growing demand for LiDAR sensors. However, high prices of autonomous driving components such as LiDAR and camera, coupled with issues with durability of hi-tech coatings, are the key factors that are restraining the growth of hi-tech paints and coatings market.
With the rapidly advancing automotive technology, the advanced driver assistance system (ADAS), advancements in headlamps, and other aesthetic features are picking up pace. These systems help drivers to see better and further in darkness by swiveling and rotating the headlights to see the path ahead for the vehicle. Thus, demand for optical components is expected to increase during the forecast period. On the other hand, LiDAR is projected to grow at the highest CAGR between 2020 and 2025, in terms of volume. This is because it offers a greater range, a wide field of view, and improved accuracy to spot the obstacles when compared to other sensing components such as camera, radars, and ultrasonic sensors.
North America hold a significant share in the global hi-tech paints and coatings market for autonomous vehicles. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major autonomous vehicle manufacturing companies are some of the major drivers that are propelling the growth of the market in the region. Additionally, concerted efforts by both the governments and the manufacturing sector in promoting the sales of autonomous vehicles have led to the usage of better hi-tech paints and coatings in an autonomous vehicle to provide a better driving experience to the vehicle owner.
Key Questions Answered in the Report:
What are the key drivers and challenges in the hi-tech paints and coatings market for autonomous vehicles?
• What is the impact of COVID-19 pandemic on the global autonomous vehicle supply chain?
• How does the supply chain function in the hi-tech paints and coatings market for autonomous vehicles?
• Which hi-tech paints and coatings type segment is estimated to witness the maximum demand growth in the global hi-tech paints and coatings market for autonomous vehicles during 2019-2025?
• Which are the key application areas from which different hi-tech paints and coatings types experienced high demand during the forecast period, 2020-2025?
• Which are the key players that are catering to the demand for different hi-tech paints and coatings across the world?
• What are the strategies adopted by market players involved in the global hi-tech paints and coatings market for autonomous vehicles?
• What are the key offerings of the prominent companies in the market for hi-tech paints and coatings market for autonomous vehicles?
• Which regions and countries are leading in terms of consumption of global hi-tech paints and coatings for autonomous vehicles, and which of them are expected to witness high demand growth from 2019 to 2025?
• What are the key consumer attributes in various regions hi-tech paints and coatings used for autonomous vehicles?
• How is the market landscape for hi-tech paints and coatings manufacturers expected to be formed for autonomous vehicles?
• What is the impact of COVID-19 on the hi-tech paints and coatings market for autonomous vehicles in various regions and countries?
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