Market Research Future (MRFR) believes that autonomous vehicles market 2020 can expect to gain a valuation of US 65.3 billion by 2017-end. It is also anticipated that between 2016 and 2027, the market can achieve favorable grounds at a high rate, despite the COVID-19 impact. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Top Influencers and Key Challenges
Countries have stood resilient against the COVID-19 outbreak, by imposing lockdown, and the increasing deployment of technologies that use artificial intelligence. With the world recovering from the pandemic, the use of autonomous vehicles, cutting-edge innovations, and smart cities has increased majorly across the world. This is followed by emergence of lucrative opportunities in the autonomous driving industry with intelligent solutions at the forefront. With the lockdown and restrictions in dining, retail and more, post the SARS-CoV-2 outbreak, the demand for driverless deliveries as well as non-contact operations has increased tremendously, thereby boosting the demand for Autonomous Vehicles Market.
Companies continue to apply big data capabilities, robot services and AI to prevent the risk of the novel coronavirus. Autonomous vehicles have come in quite handy while battling against COVID-19, given the rising need to transport food and essential medical supplies to medical professionals and also those living in infected locations. These vehicles are being increasingly used to disinfect public and hospital surfaces to curb the virus spread. These vehicles have also been resourceful for the frontline functions such as disinfecting, cleaning logistics as well as transportation. Major companies are coming together with their unique expertise to be of any help in this grave situation. For instance, Baidu’s Apollo, an autonomous vehicle joined hands with Neolix, a regional self-driving vendor, to deliver supplies as well as food to the Beijing Haidian Hospital in June 2020.
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The autonomous vehicles market is also gaining impetus on the back of the strong regulatory framework, rising spending on digital infrastructure and the high government funding. The mounting concerns with regard to safety and the continuous innovations in the automotive technologies have also sharpened the penetration of autonomous vehicles in Germany, the U.S., Japan and China. Expansion of the connected infrastructure and the move from ownership to MaaS/ mobility-as-a-service are expected to the key trends in the global market.
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.
Global Autonomous Vehicles Market – Segmentation
The autonomous vehicle technology market has been extensively detailed in the report, while considering the key segments, namely sensors, hardware & software, and type.
The types of sensors studied in the report include radar, ultrasonic, image, LIDAR and more. The market for radar sensors can expect to achieve the fastest expansion rate of 29.2% from 2016 to 2027.
The key types of hardware and software considered in the study include communication systems, GPS systems and cameras.
The primary autonomous vehicle types include semi-autonomous vehicles as well as fully autonomous vehicles.
Global Autonomous Vehicles Market – Geographical Analysis
Europe, North America and APAC/Asia Pacific are the key markets for autonomous vehicles across the globe.
North America has been recognized as the worldwide leader in the autonomous vehicles market, largely on account of the strict amendments in the traffic standards regulations that promote the use of autonomous vehicles in the United States. Also, more and more vendors are looking for ways to reduce the risk of revenue loss, and are therefore opting for partnerships and collaborations that can also help them boost their profits. To illustrate, in June 2020, Waymo, autonomous driving unit belonging to Alphabet, collaborated with Lyft to set up close to 10 vehicles in Phoenix (U.S). At present, Alphabet is an investor in Lyft as well as Uber, and this move is projected to make autonomous vehicles more common than ever before.
Since 2015, Europe has been the second in lead with a value of USD 1.10 billion, however it is expected that by 2027-end, the APAC market can take the second lead. The European automakers are primarily focused on spending considerably on the autonomous technology to boost the innovation level of the self-driving vehicles. Besides, the region’s OEMs are continuously innovating in the automotive LiDAR technology, while major firms are entering partnerships with upcoming start-ups to build customized services and solutions for their models. These factors are deemed to be working in the market’s favor.
With the exhilarating pace at which the technological innovations are taking place, the APAC market can soon garner the fastest growth rate of 29.2% over the forecast period. The alarming rise in the number of road accidents and the growing need to bring down the risk of collision have been favorable for the sale of autonomous vehicles in the region. Also, various contenders in the region are busy introducing more advanced and appealing fully and semi-autonomous vehicles in the market, with the some of the players including Nissan Motor Co. Ltd., BMW AG, Ford Motor Company, Tesla Motors Inc., General Motors Co., Volkswagen AG, Toyota Motor Corporation, to name a few.
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- Car Manufacturers
- Technology Providers
- Car Component Manufactures
- Sensor Manufactures
- Software Developers
- OEMs in automotive Industry
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