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A new market study, titled “Discover Global Autonomous Vehicle Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Automated or self-driving vehicles are capable of operating without direct driver action to control steering, acceleration and braking. Currently, vehicles may be computer-driven or computer-assisted driven, with various levels of autonomy, as well as connected features that allow exchange of data. Autonomous vehicle technology provides a large improvement in safety, help reduce congestion, improve vehicle fuel efficiency and provide increased mobility options.
Global autonomous vehicle market is expected to grow at a CAGR of XX% to reach market value of USD XXXX million by 2025.
Recently, vehicles have included extra safety features such as reversing cameras and sensors for obstacles in the driver’s blind spots. Typically referred to as driver-assist features, these features provide an early taste of the potential benefits of developments in autonomous vehicle technology. Advanced driver-assistance systems (ADAS) technology will also be important as the market prepares for full autonomy and seeks to increase profits from autonomous vehicle critical technology capabilities.
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The significantly rising number of accidents across the globe is expected to drive the growth of autonomous vehicle market in the forecasting period.
The growing awareness among consumers regarding the benefits of autonomous cars. Offer to customers, such as the enhanced mobility is projected to fuel the demand for autonomous cars in the forecasting period.
The global car sales is expected to grow in the forecasting period, but the annual growth rate is expected to drop slightly in the forecasting period. This drop will be largely driven by macroeconomic factors and the rise of new mobility services such as car sharing and e-hailing. This may hamper the growth of global autonomous vehicle market.
By driving type
The driving type include semi-autonomous and fully autonomous vehicles. Currently, semi-autonomous vehicles has major market and in the forecasting period the demand for fully autonomous is expected to grow with increasing features for driving assistance.
North America is expected to grow at a faster pace of autonomous cars due to the increase in technological advances in automotive.
Asia Pacific is also expected to witness a rise in the demand for autonomous cars in the forecast period due to the increase in awareness among customer, the significant increase in the disposable income of consumers and the forthcoming development in the information and communication infrastructure in China, Singapore, and Japan.
The increase in investment on R&D activities for autonomous vehicles by key players is driving the global market. Vehicle manufacturers and technology providers are investing in the development of private autonomous vehicles, including Tesla, Volvo, Ford, BMW, Audi, Google, and Apple. Other companies are focused on developing electric and autonomous shuttle buses, namely Navya, Auro Robotics, Varden Labs, Local Motors, and Easy Mile. Tesla, Mercedes, and Baidu are also investing in developing large driverless buses.
The increase in investment on new technological development and Companies are undergoing collaborations and partnership to develop autonomous vehicles is driving the growth of global autonomous vehicle market.
Key market segments covered
BY DRIVING TYPE
BY VEHICLE TYPE
BY COMPONENTS TYPE
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