Market Research Future published a research report on “Global Autonomous Vehicles Market Research Report- Global Forecast 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
With digital frameworks across industries and nations getting robust, autonomous vehicles market is gaining mileage. The market is further basking in the support provided by governments that have eased up regulatory process to increase the investment opportunity and simplify expansion. The global Autonomous Vehicles Market is fast grabbing eyes and touted to surpass a valuation of USD 65.3 billion during the forecast period (2016-2027), reveals Market Research Future (MRFR) in an extensive study that incorporates segmental analysis and in-depth review of factors that can impact the market in the coming years. These types of cars are made up of sensors such as light detection and ranging (LiDAR) and radio detection and ranging (RADAR) systems that assist the car in performing actions without any manual inputs. It analyses situations, plans motions, and controls trajectory with the help of sensor-based navigation to provide hassle-free service.
However, safety concern is still proving to be an issue for the autonomous vehicles market. But with regular innovations and a lot of research works in the pipeline waiting for approval, the autonomous vehicles market is not going to bog down for long.
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Some of the key players in this market are: Google (U.S.), General Motors (U.S.), Volkswagen (Germany), BMW (Germany), Ford Motor Company (U.S.), Baidu (China), Toyota (Japan), Tesla (U.S.), Audi (Germany), Jaguar (U.K.) among others.
The global autonomous vehicles market can be segmented by sensor type, hardware & software, and type.
Region-specific research of the autonomous vehicles market includes the Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The Americas is growing big due to the presence of countries such as the U.S. The Americas can be sub-segmented into North America and South America. North America accounts for USD 1.42 billion valuation as of 2015 which can surpass a worth of USD 24.40 billion by 2027. The region has the lion’s share of the market. It controls around 39.08% of the market. The prolific run of the regional market can be attributed to superior technology and infrastructural supremacy which allow for integration of the latest technologies, squarely helping the autonomous vehicles market growth. In addition, Rise of the Mobility as a Service (MaaS) sector is anticipated to provide impetus to the market.
Europe is also enjoying the bliss of similar advantages like that of North America. The region has several market titans who invest heavily in research and development to bring forth the latest technologies. Government initiatives such as the removal of extra insurance norms and permits can be deemed as positive steps to integrate autonomous cars. The regional market is worth of USD 1.10 billion as of 2015. However, its growth is expected to be overshadowed by the success of the APAC region. The APAC is touted to achieve the fastest CAGR of 29.2% during the forecast period due to the unprecedented implementation of technologies in the automotive sector and gradual revamping of the transport sector in the region.
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