Published On: November 2022
Safety features are a crucial requirement for automobile buyers worldwide. Governments worldwide have made it mandatory to include features like automatic emergency braking (AEB) and lane departure warning (LDW), opening the way for cutting-edge technology and autonomous / self-driving vehicles. As a result, several safety measures have been created to aid drivers and reduce the likelihood of collisions. It is anticipated that one of the significant revenue-generating segments for autonomous vehicles market share will be the emergence of robo-taxis.
Government funding, a supportive regulatory environment, and investments in digital infrastructure will positively influence demand for autonomous vehicles. Additionally, it enables independent mobility for both non-drivers and people with disabilities. Self-driving cars provide a high level of comfort and flexibility for people to work, read, or rest while traveling, which boosts productivity. Additionally, the automotive sector has seen a rise in technical diversity and autonomous vehicles. After introducing electric and hybrid automobiles, autonomous vehicles represent a technological advance in the automotive industry. Accidents caused by human mistakes are occurring more frequently, making it necessary for autonomous technology to enter the automotive industry.
Aside from the advantages, the self-driving car market's expansion is constrained by the expensive cost of automated vehicles, growing security and safety concerns, and a lack of enough infrastructure in developing nations to support them. On the other hand, government programs to assist electric and hybrid vehicles are anticipated to drive the demand for autonomous vehicles in the upcoming years.
The SAE (Society of Automotive Engineers) International automated driving guidelines classify vehicles with level 1-3 automation capabilities as semi-autonomous.
Key companies are frequently observed implementing successful plans and tactics to dominate the global autonomous vehicles market and leave a lasting impression in their respective sectors. North America has been a pioneer in autonomous vehicles because of variables, including established clusters of automotive businesses and the presence of some of the giant technology behemoths in the world, like Google, Microsoft, Apple, and others. Several American cities, including California, Texas, Arizona, Washington, Michigan, and others, have already tested and used self-driving vehicles. The improvement of self-driving cars and earlier acceptance of novel technology are the main factors promoting regional growth. Additionally, the region's growing demand for semi-autonomous vehicles, particularly in the United States and Canada, is anticipated to support market expansion. Additionally, it is expected that more significant investment from technology trailblazers like Microsoft, Google, and Delphi Automotive will push the region to the forefront of adopting autonomous vehicles, followed by Europe and Asia-Pacific.
One prominent multinational player in autonomous vehicle technologies is Robert Bosch GmbH. The company's key goals are the distribution of a broader range of cutting-edge driver-assistance technologies and the expansion of self-driving cars for the intelligent and secure age of transportation. Additionally, the corporation's never-ending R&D efforts are leading to the development of cutting-edge technology, which is a critical factor responsible for the company's dominance. Some prominent companies in the market are General Motors, Daimler AG, Ford Motor Company, Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi alliance, Volvo-Autoliv-Ericsson-Zenuity alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, Tesla Inc.
The global autonomous vehicles market is anticipated to develop at a CAGR of 22.3% and reach USD 125.67 billion by 2030 due to increasing driver assistance and advanced safety system adoption.