The self-driving car market in Latin America is anticipated to grow at a CAGR of 28.5%, generating USD 3.75 billion in worldwide revenue by 2024.
It is further segmented based on applications, automation, and technological components. The application segments are further classified into personal use and commercial use.
As per the experts, the LATAM region is keen on autonomous vehicles. The people are quite positive about the AV to improve the mobility of the city.
LATAM is also eager on owning an electric vehicle. In Brazil, the presence of autonomous cars is highest due to the robust 4G connective infrastructure.
As per Market research, “In Latin America, car manufacturer Nissan has announced to introduce 100% electric, a zero-emission car called Nissan LEAF. Nissan plans to sell the cars in Argentina, Brazil, Chile, Colombia, and Costa Rica by 2019”
Key players in the Latin American self-driving car market are Apple, Microsoft, Toyota, Nissan, and General Motors.
The threats are poor regulation, infrastructure, road quality, and less number of tests for AVs.
In my opinion, AV is seen as an optimistic and the most futuristic trend that any country would like to have to boost their economy. However, the rules and regulations are of the utmost importance to get a standard way for AVs to be on the road and safe.