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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In October 2018, Lyft unveiled their new self-driving car which is a Ford Fusion hybrid sedan. At the same time, they announced their acquisition of Blue Vision Labs, a London-based augmented reality startup, that assists in process street-level imagery.
Global Autonomous Vehicles Market has been segmented on the basis of sensors which comprises of ultrasonic, radar, lidar, image and other. On the basis of hardware and software the market is segmented into cameras, communication systems, and GPS systems. Furthermore, market by type comprises of semi-autonomous vehicles and fully autonomous vehicles.
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.
Regional Analysis of Autonomous Vehicles Market:
Globally, North America is the largest market for Autonomous Vehicles.
Europe is the second largest market for autonomous vehicle with market size of US $1.10 billion in the year 2015 but Asia-Pacific will become the second biggest market by the end of year 2027.
Due to the high technological advancement, Asia-pacific region is expected to be the fastest growing region globally, registering 29.2% CAGR during the forecast period.
- The global Autonomous Vehicles market and is expected to reach $65.3 billion by 2027.
- Radar Sensors are expected to be the fastest growing market with high CAGR of 29.2% between 2016 and 2027.
- Regionally, North America holds the largest market share 39.08% of global Autonomous Vehicles market and is expected to reach $24.40 billion by 2027 from $1.42 billion in 2015.
- Asia Pacific market is expected to be the fastest growing market, and expected to grow at a CAGR of 29.02% from 2016 to 2027
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- Car Manufacturers
- Technology Providers
- Car Component Manufactures
- Sensor Manufactures
- Software Developers
- OEMs in automotive Industry
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