The Global Autonomous Vehicle Market was valued at USD 20.8 Bn in 2020 and is expected to grow at a CAGR of 23.2% during the forecast period.
An autonomous vehicle is designed to sense its environment and operating without human involvement. The increasing adoption of advanced safety systems and driver assistance features is expected to propel the growth of the autonomous vehicle market during the forecast period. The increasing number of road accidents across the globe is one of the influencing factors that foster the demand for advanced safety systems and driver assistance features such as ABS, blind-spot detection, and others. For instance, according to the report of The World Health Organization, 2021, it is estimated around 1.3 million people die each year across the globe due to road traffic crashes.
In addition to this, the increase in demand for connected vehicles using Internet of Things (IoT) propel the growth of the autonomous vehicle market. The Internet of Things (IoT) provide the vehicles drivers to improve their performance by obtaining the real-time feedback from high speed in-memory computing systems inbuilt in connected cars. These inbuilt computer systems provide capabilities consisting of collecting, analyzing, and storing data which enables for making decisions. The huge adoption of connected vehicles is anticipated to create profitable possibilities for autonomous and semi-autonomous vehicles.
The Global Autonomous Vehicle Industry Segmentation:
Based on type, the semi-autonomous segment is expected to grow at the highest CAGR throughout the forecast period due to the increasing awareness among consumers for safety and security
The semi-autonomous segment is expected to grow at the highest CAGR during the forecast period due to the shifting preference of consumers for safety and security. The semi-autonomous include basic features like airbags, windows sensors, cruise control, ADAS, ABS and others which will further secure the passengers in terms of major accidents.
The fully autonomous vehicle market is projected to emerge as the fastest-growing segment during the forecast period owing to the adoption in various fields such as defense, commercial, industrial and others. The key players in the autonomous vehicle market are focusing on developing innovative products for autonomous vehicle. For instance, in March 2021, Honda launched a new car equipped with the world first certified level 3 autonomous driving technology. The company is aimed to launch the same products for passenger’s vehicle as well.
Based on the application, the transportation segment is projected to witness significant growth during the forecast period due to the rising adoption of autonomous vehicles for commercial and industrial purpose
The transportation segment is projected to witness significant growth during the forecast period owing to the increasing adoption of autonomous vehicles for commercial and industrial purposes. For instance, In January 2021, AutoX released a commercial robotaxi system in Shenzhen, China that's based on their Gen5 framework, this is one of the first autonomous driving organizations in the world to provide complete self-driving mobility offerings without a protection driver in the driver's seat. The Gen5 system is the next stage in its global rollout of more secure, more proficient autonomous transportation.
Besides, the defense sector segment is projected to emerge as the largest segment during the forecast period. The segment growth is attributed to the increasing adoption of robot carriers in combat. The various country initiated the adoption of such types of autonomous vehicles for combat such as U.S., China, Japan, and others. For instance, in April 2019, the U.S. Armed force declared that it will witness the deployment of autonomous combat trucks to assist soldiers with keeping away from accidents that are caused because of driving.
Based on regions, North America dominated the market and is expected to show its dominance througout the forecast period owing to the presence of the market key players
North America is expected to dominate the market during the forecast period due to the presence of automotive companies such as Waymo LLC, Tesla and others. Moreover, the stringent regulations by the government and rising concern for safety and security are among the major factor that influences the demand for the autonomous vehicle market across the region. For instance, in 2020, according to the U.S. Department of Transportation’s National Highway Traffic Safety Administration, it is estimated that 1.37 fatalities per 100 million Vehicle Miles Traveled (VMT) as compared to 1.11 fatalities per 100 million Vehicle Miles Traveled (VMT) to the previous year due to risky driving behaviours included failure to wear a seatbelt, speeding, and drinking while driving.
Besides, Europe is expected to show significant growth in the autonomous vehicle throughout the forecast period owing to the rising consumer demand for advanced vehicles. Moreover, the high investment in research and development activities by the government to develop autonomous vehicles. For instance, the UK government invested USD 233.4 million into Connected Autonomous Vehicles (CAV) to support British start-ups develop their technologies for use of domestic and globally. The various trials running for the development of the autonomous vehicle market in the region. For instance, in 2020, Oxbotica launched Project Endeavor, which will be running profoundly automated trials in Oxford, London and Birmingham. The undertaking will exhibit automated driving in an assortment of metropolitan and city conditions and will foster models with local authorities and communities to assist them with getting prepared for the future launch of automated vehicle services.
The report also provides an in-depth analysis of autonomous vehicle market dynamics such as drivers, restraints, opportunities, and challenges:
COVID-19 Impact on the Autonomous Vehicle Market Analysis:
The COVID-19 pandemic has significantly impacted the autonomous vehicle market. The manufacturers in the autonomous vehicle industry halted their operation or reduce the output at their production plants. The COVID-19 pandemic resulted in a disruption in the supply chain of the product and services. The automakers working intensively on countermeasures and alternatives to minimize the impact of the COVID-19 pandemic on the market. However, autonomous vehicles manufacturers and vendors have moved their focus from the offline lead generation model to online deals. This drive to draw in with planned purchasers through advanced channels ends up being a distinct advantage to the market development. Despite the COVID-19 pandemic, the demand for autonomous vehicles is getting back to business as usual, and thusly, the autonomous vehicle market is to getting steadily. A more detailed analysis specific to this autonomous vehicle market will be provided in the report.
The report also provides an in-depth analysis of key trends in the autonomous vehicle market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis