Global Hi-Tech Paints and Coatings Market for Autonomous Vehicles: Analysis and Forecast, 2019-2025
Global Hi-Tech Paints and Coatings Market for Autonomous Vehicles to Grow at a CAGR of 21.79%, in Value, from 2020 to 2025
Key Questions Answered in this 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?
Global Hi-Tech Paints and Coatings for Autonomous Vehicle Market Forecast
The Hi-Tech Paints and Coatings for Autonomous Vehicle Industry Analysis by BIS Research projects the market to grow at a significant CAGR of 21.79% on the basis of value during the forecast period from 2020 to 2025. North America dominated the global hi-tech paints and coatings market for autonomous vehicles with a share of 62.15% in 2020. North America, including major countries such as the U.S., Mexico, and Canada, is the most prominent region for the hi-tech paints and coatings market for the autonomous vehicle industry. In North America, the U.S. acquired a major market share in 2020 due to stringent government regulations, technological advancements, and extensive investments for dedicated R&D facilities. In addition, the presence of various established and local players in the hi-tech paints and coatings market for autonomous vehicle makes it a highly fragmented market.
The global 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, rising need to reduce 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 some of the key factors that are restraining the growth of hi-tech paints and coatings market.
The COVID-19 pandemic has intensely affected the global economy, especially the automotive sector. This is largely due to the disruption of the automotive supply chain and manufacturing in China. Besides, companies have had to shut down factories and deal with plunging sales. As a result, revenues have fallen around the world. For instance, due to the worsening situation of COVID-19, Ford Motors Company has postponed the launch of its self-driving car to 2022 from 2021. Moreover, many companies, including Cruise, Uber, and Waymo, have suspended autonomous car testing that requires backup drivers. However, the situation in China is slowly getting better. In early April, automakers including General Motors, BMW, and Toyota re-started their plants in China. Pony.ai, a unit of Toyota, has also resumed the testing of autonomous car in the cities of Guangzhou and Beijing.
Scope of the Global Hi-Tech Paints and Coatings Market for Autonomous Vehicles
The Hi-Tech Paints and Coatings market for Autonomous Vehicles research provides detailed market information for segmentation on the basis of types, applications, and regions. The purpose of this market analysis is to examine the market outlook for hi-tech paints and coatings market for autonomous vehicles in terms of factors driving the market, trends, supply and demand analysis, pricing analysis, technological developments, and competitive benchmarking, among others. The research study also provides a detailed perspective on the impact of COVID-19 on the market.
The report further takes into consideration the market dynamics and the competitive landscape, along with detailed financials and product contribution of the key players operating in the market.
Global Hi-Tech Paints and Coatings Market for Autonomous Vehicles Segmentation
The global hi-tech paints and coatings market for autonomous vehicle is further segmented into type, application, and region. The anti-reflective coating segment dominated the global hi-tech paints and coatings market for autonomous vehicle in 2019 and is anticipated to maintain its dominance throughout the forecast period (2020-2025).
While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the industry that is analyzed. The report also analyzes different applications that include pigments for exterior paint, window glasses, windshields, infotainment systems, optical components, LiDARs, and cameras. In the type segment, the market is segmented into pigments for basecoat, anti-reflective coatings, anti-fingerprint coatings, self-cleaning coatings, and others.
The hi-tech paints and coatings market for autonomous vehicle is segregated on the basis of region under six major regions, namely North America, Europe, APAC, China, the U.K., and Rest-of-the-World. Data for each of these regions (by country) has been provided.
Key Companies in the Global Hi-Tech Paints and Coatings Market for Autonomous Vehicle Industry
The key players in the global hi-tech paints and coatings market for autonomous vehicle are Axalta Coating Systems, AccuCoat Inc., AkzoNobel N.V., Abrisa Technologies, Alchemy, BASF SE, Covestro AG, Daikin Industries, Ltd, ECKART, GXC Coatings GmbH, Kansai Nerolac Paints Limited, Newport Thin Film Laboratory, PPG Industries, Inc., Red Spot Paint & Varnish Company, and SCHOTT AG, among others.
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