UK Government to Fund for Autonomous Vehicles

United Kingdom: The Finance Minister, Philip Hammond, under his first budget statement revealed about funding of USD484 Million, to boost the progress of low emission and autonomous vehicles in the country. Moreover, the British government also disclose to give 100% capital allowance for the installation of charging infrastructure for electric vehicles.

“Reliable transport networks are essential to growth and productivity," adding that the funding would "build on our competitive advantage in low emission vehicles and the development of connected autonomous vehicles", said by British Finance Minister, Philip Hammond.

Besides that, the British government also put emphasis on the encouraging of tech players as well as carmakers to expand testing of autonomous driving technology within Britain, which would eventually, serve the overall industry, worldwide.

As per TechSci Research, the step taken by the British government to develop the autonomous vehicle market across the region is anticipated to add another feather in the constantly enhancing automotive industry, globally. Also, the continuously expanding investment in the autonomous car technology market, is expected to infuse the overall industry, over the coming period.

According to a recent report published by TechSci Research, “Global Autonomous Car Technology Market Forecast and Opportunities, 2035 – ADAS, Semi-Autonomous, Fully-Autonomous”, globally, the automobile sector has been constantly evolving in terms of engine performance and design. Apart from these parameters, evolution of autonomous features in passenger cars is garnering attention of consumers across the world. Global autonomous car technology market is primarily divided into three segments - Advanced Driver Assistance System (ADAS) car technologies, semi-autonomous car technology and fully-autonomous car technology. ADAS technologies are currently moving at a brisk pace on account of rising inclination towards greater automation. Moreover, fully-autonomous cars are expected to be commercially available by 2025, which is expected to translate into dramatic growth in the market. Key factors which are expected to drive growth in the market over the next twenty years include anticipated increase in regulations mandating integration of autonomous technology in new vehicles, decline in prices of autonomous technology and the rising focus on safety on roads.