Yandex N.V. YNDX announced a partnership with Hyundai Mobis to aid in driving the autonomous vehicle revolution forward.
The collaboration is basically aimed at developing a driverless prototype vehicle based on a standard Hyundai or Kia production model cars.
Per the agreement, both the companies will develop control systems for Level 4 and 5 autonomous vehicles. In addition, they will jointly work on other aspects by integrating Yandex technologies.
Going forward, the companies plan to build a new autonomous driving control system for car manufacturers, car sharing services and taxi fleets.
The collaboration is likely to aid the company in rapidly penetrating the self-driving market.
Autonomous Vehicles Hold Promise
According to Research & Markets data, the global software market for autonomous cars is anticipated to witness a CAGR of 76.1% between 2017 and 2021. Also, per Technavio, the global autonomous vehicles market is expected to witness a CAGR of 41.61% during the 2018-2022 time frame.
Further, a report from Zion Market Research indicates that this market is expected to hit $26.58 billion by 2024 at a CAGR of 25.7% between 2018 and 2024.
Yandex seems to be well positioned to capitalize on the growing automotive market, which, even being a small fraction of the total market, is expected to see meaningful growth in a couple of years.
The immense growth opportunities in this autonomous vehicle market are luring enough to attract other tech giants like Apple AAPL, Amazon AMZN and Baidu BIDU, which are also leaving no stone unturned to grab a piece of this market pie.
The Chinese search company Baidu has added Apolong, an autonomous mini bus, to its Apollo autonomous driving platform. At CES, the company introduced Apollo Enterprise, which is a suite of customizable autonomous driving solutions for vehicle fleets. It also unveiled Apollo 3.5, the latest version of Apollo open source driverless car platform.
Yandex has been making continuous efforts to accelerate the development of autonomous driving since 2017. The company launched its first fully autonomous taxi service in Europe in 2018. At CES 2019, the company expanded its self-driving internationally, which is testament to its efforts to boost footprint in this space.
Yandex N.V. Price and Consensus
Yandex N.V. Price and Consensus | Yandex N.V. Quote
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