|By Kramer Phillips | 3 years ago|
A new report has revealed that electronics giant Samsung is set to join the autonomous car market.
Samsung’s entrance into the fray could lead to the self-driving car market hitting the $42 billion mark by 2025.
The South Korean electronics maker recently received approval to test its deep-learning-based autonomous cars on public roads.
Although Samsung has been reticent about the project, it has developed a ‘commercialized Hyundai vehicle with the latest cameras and sensors’ that will be used in testing.
The Korean Herald was the first to share the news, revealing Samsung received its approval from the South Korean Ministry of Land, Infrastructure, and Transport.
In a bid to not lag behind the rest of the world, the ministry has been working towards easing laws and regulations on self-driving vehicles in the country.
So far, the regulator has managed to decrease the number of passengers required to drive in the autonomous car from two to just one.
The ministry has also smoothened the way for car manufacturers to begin the production of cars without steering wheels or pedals.
“Self-driving cars call for the collaboration of various cutting-edge technologies from the automobile, artificial intelligence and information communication sectors,” the ministry said.
In 2015, Samsung said that it was setting up a team to develop a car components business focusing on autonomous driving technology and entertainment systems.
Before the announcement, the company was already manufacturing chips that are employed in autonomous vehicles.
Samsung is the latest tech giant to join the self-driving vehicle race.
The company’s approval comes just days after an image surfaced of Apple’s self-driving car test vehicle.