Autonomous Vehicles Market Global Market – Overview
An autonomous car is also known as a robotic car/driverless car, or self-driving car/ auto driving car is a vehicle capable of sensing its environment and navigating without human input. Many such vehicles are being developed, but as of now, automated cars permitted on the public roads are not yet entirely autonomous. They still need a human driver at the wheel who is ready at a moment’s notice to take control of the vehicle.
Currently, many major players are contributing in the development of semi-autonomous and fully autonomous vehicles, working on various prototypes to make the autonomous vehicle a reality. With the growing number of innovations and technological advancements taking places, the market appears to be lively and evolving aggressively.
Acknowledging the growth, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, mentions that demonstrating the growth prospects worldwide, the global Autonomous Vehicles Market will accrue USD 65.3 Bn. by 2027 registering a striking CAGR throughout the forecast period (2016 to 2027).
As per the International Organization for Road Accident Prevention (IORAP), more than 90% of road accidents worldwide, are caused primarily due to human errors which further leads the growth of this market. Besides, the increasing awareness among consumers towards the availability and the benefits of autonomous cars, such as the enhanced mobility and etc. is fueling the demand for autonomous cars in the years to come.
National Highway Traffic Safety Association (NHTSA) estimated that the adoption of autonomous vehicles will save more than 69 lives every year in the US itself. The need for pervasive connectivity calls for the rapid deployment of the product over the next seven years. However, the regulatory concerns may hinder the growth of this market.
Currently, all the prototypes are being tested in the R&D centers of various automobile companies, universities and expected to launch the autonomous vehicles by 2020.
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August 13, 2018 – FiveAI (UK), autonomous cars company announced the first on-street trial of its fleet of shared vehicles, projected to begin in late 2019, with a 10-month “data gathering” exercise, to help train its AI platform.
The autonomous car is said to have developed with the investment of USD 35 Mn. Especially put into the development of driverless car technology and a strategy to build a service aimed at commuters in the London.
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 MRFR analysis is segmented into four key dynamics for the convenience of understanding;
- By Sensors: Comprises Ultrasonic, Radar, Lidar, and Image among others.
- By Components: Hardware (Cameras among others) and Software (Communication Systems, and GPS Systems among others).
- By Types: Semi-autonomous vehicles and Fully autonomous vehicles among others.
- By Regions: North America, Europe, APAC and the Rest-of-the-World (RoW)
Global Autonomous Vehicles Market – Geographical Analysis
Globally, North America accounts for the leading market for autonomous vehicles and is estimated to retain its dominance throughout the forecast period. The market witnesses a healthy demand for driverless cars, accounting for over a good market share. Holding the largest as in 39.08% of the total market share, the region is expected to reach USD 24.40 Bn. by 2027 from USD1.42 Bn. in 2015.
Europe is the second-largest market for autonomous vehicles that reached the market size of USD 1.10 Bn. in the year 2015. Consumers in Europe are often more adaptive towards new technologies. The changed regulatory frame particularly in Sweden, the Netherlands, and Germany is expected to fuel the demand over the forecast period.
The Asia Pacific is emerging as one of the lucrative markets for autonomous vehicles globally. Owing to the constant technological advancements, the market is to take the second-leading position soon at 29.2% CAGR during the review period.
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- Car Manufacturers
- Technology Providers
- Car Component Manufactures
- Sensor Manufactures
- Software Developers
- OEMs in automotive Industry
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