The Autonomous Vehicle Market size is estimated to grow from USD 35 Billion in 2020 to USD 856 Billion by 2027, growing at a CAGR of 57.9% during the forecast year from 2021 to 2027.
MarketDigits recently released a brand-new research study on the international Autonomous Vehicle market for the prediction period, 2021-2027. This research report provides a detailed outlook of this market with detailed info regarding drivers, restraints, opportunities, trends, and challenges, and which are the vital aspects which could influence the market results from the targeted years.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Autonomous Vehicle Market, By Type (Semi-autonomous Vehicles, Fully-autonomous Vehicles), Application (Transportation, Defense) & Geography – Global Forecast To 2027”. Early buyers will get 10% customization on study.
To Avail deep insights of Autonomous Vehicle Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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Autonomous Vehicle Market Outlook – 2026
The autonomous vehicle market size is estimated to grow from USD 35 Billion in 2020 to USD 856 Billion by 2027, growing at a CAGR of 57.9% during the forecast year from 2021 to 2027. Autonomous vehicle also known as self-driving vehicles uses artificial intelligence (AI) software, light detection & ranging (LiDAR), and RADAR sensing technology, which is further used to monitor a 60-meter range around the car and to form an active 3D map of the current environment. The vehicle is designed to travel between destinations without a human operator.
They combine sensors and software to control, navigate, and drive the vehicle. Autonomous vehicle uses LiDAR, RADAR sensors for its operation. Most self-driving systems create and maintain an internal map of their surroundings, based on a wide array of sensors, like radar.
The major companies profiled in the report are General Motors, Daimler AG, Ford Motor Company., Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi alliance, Volvo-Autoliv-Ericsson-Zenuity alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, and Tesla Inc. Other companies in accordance with auto suppliers are Robert Bosch GMBH, Aptiv, Continental AG, and Denso Corporation. Also by technology providers, it includes Waymo, NVDIA Corporation, Intel Corporation, Baidu, and Samsung. And based on autonomous vehicle as a service provider, it includes Uber, Lyft and Didi Chuxing.
The autonomous vehicle market is segmented based on level of automation, component, application, and region. Based on level of automation, the market is divided into level 3, level 4, and level 5. By component, it is classified into hardware, software, and service. The applications discussed in this study are civil, robo taxi, ride hail, ride share, self-driving truck, and self-driving bus. Based on region, the market is analyzed across North America, Europe, AsiaPacific, and LAMEA.
TOP IMPACTING FACTORS
Development of smart cities and rise in demand for connected cars using internet of things (IoT), help solve the problem of traffic congestion, and impact the growth of the market. In addition, development in automotive sector, demand for the luxury cars, government regulation, high cost, and the burgeoning threat from hackers in driving operation also affect the growth of the global autonomous vehicle market. These factors are anticipated to either drive or hamper the market growth.
Rise in demand for connected cars using internet of things (IOT)
Through Internet of Things, car drivers improve their performance by receiving the real-time feedback from high speed in-memory computing systems inbuilt in connected cars. These inbuilt computers offer features such as collecting, analyzing, and storing data which helps for making decisions. The wide adoption of connected cars is expected to create lucrative opportunities for autonomous and semi-autonomous vehicles.
Development of smart cities
Rapid growth of economies ensures robust development from transport infrastructure to development of smart cities. Many countries such as Mexico, Canada, and the U.S. are deploying digital infrastructure to facilitate connectivity between vehicles and infrastructures to gather vital information, and thereby, reduce traffic congestion and increase road safety. Rise in the development of smart cities is expected to significantly drive the Autonomous Vehicle Market.
High component cost
Due to constant technological advancements, the software in autonomous vehicle needs to be frequently upgraded to keep them compatible with the external environment. Also, the cost of all components and the sensor assembly in autonomous cars is more than emerging vehicles. Moreover, the ratio of premium consumers to that of economic consumers is very less globally, as it is difficult for ordinary people to afford high end cars. Therefore, high initial cost coupled with maintenance cost hamper the adoption of the autonomous vehicles.
- This study comprises analytical depiction of the global autonomous vehicle market with current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.
- Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Autonomous Vehicle Market Key Segments:
By Level of Automation
- Level 3
- Level 4
- Level 5
- Robo taxi
- Ride hail
- Ride share
- Self-driving truck
- Self-driving bus.
- North America
- Rest of the World
An excellent Autonomous Vehicle Market research report can be generated only with the leading attributes such as highest level of spirit, practical solutions, committed research and analysis, innovation, talent solutions, integrated approaches, most up-to-date technology & dedication. Hence, all the above aspects are firmly followed by MarketDigits team while building this Autonomous Vehicle market report for a client. Furthermore, influencing factors such as market drivers, market restraints and competitive analysis is studied with the SWOT analysis which is the most established tool when it comes to generate Autonomous Vehicle Market research report. With Autonomous Vehicle Market report, build a strong organization and make better decisions that take business on the right track.
Major Points Covered In This Report:
Chapter 1. Report Overview
Chapter 2. Global Growth Trends
Chapter 3. Market Share by Key Players
Chapter 4. Breakdown Data by Type and Application
Chapter 5. Market by End Users/Application
Chapter 6. COVID-19 Outbreak: Autonomous Vehicle Industry Impact
Chapter 7. Opportunity Analysis in Covid-19 Crisis
Chapter 9. Market Driving Force
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