ID: MRFR/SEM/0514-CR | February 2020 | Region: Global | 110 pages
Autonomous Vehicles Market Overview:
The Autonomous Vehicles Market is estimated to reach a value of USD 125.67 Billion and a compound annual growth rate or CAGR of 22.3 % in the forecast period between 2020 to 2030.
The growing global demand for autonomous vehicles due to their convenient features accelerates its sales rate. The benefits and significance of unmanned vehicles are emerging among the public. This eliminates the need for traditional vehicles as the autonomous vehicle has advanced and innovative features. These vehicles prevent the risk of a road crash as it is assembled with higher security and safety. It also eliminates the driver’s wage and is considered the best choice for disabled individuals. These features are accelerating the Autonomous Vehicles Market demand.
The current models of luxurious cars, such as the BMW, Audi, and Mercedes-Benz, includes level 1 automation. Due to this feature, the demand and sales are driving globally. The other models with level 2 automation include Tesla Autopilot, Mercedes-Benz Drive Pilot, Volvo Pilot Assist, and Cadillac Super Cruise. Conditional automation is called Level 3 automation. These features are highly accelerating the market.
The Autonomous Vehicles Market is gaining opportunities due to awareness of environmental concerns. The awareness among people to reduce carbon dioxide emissions and these autonomous vehicles are known for less reduction creates good growth opportunities. The accident cases have decreased with the usage of these vehicles. Also, the need for low battery capacity and less gas consumption vehicles is driving the market’s growth rate.
Covid 19 Analysis:
The COVID-19 epidemic has had an influence on the automobile sector as a whole, forcing manufacturers to reduce output at their factories. Many OEMs' operations, from production to R&D, have been impacted by COVID-19, causing short-term interruption and delaying the implementation and rollout of autonomous vehicles.
The increased number of benefits offered by unmanned vehicles as compared to traditional vehicles, such as reduced road-crash risk, enhanced safety and security, elimination of driver wages, secured mobility for disabled individuals and non-drivers, and increased comfort and flexibility offered by seamless operative systems, is attributed to the growth of the automotive vehicles market.
Cars having level 1-3 automation capabilities have been classified as semi-autonomous vehicles, according to SAE (Society of Automotive Engineers) International automated driving guidelines.
Most current car models from major automakers such as Audi, BMW, and Mercedes-Benz include level 1 automation as a standard feature. Models with level 2 automation capabilities include the Volvo Pilot Assist, Mercedes-Benz Drive Pilot, Tesla Autopilot, and Cadillac Super Cruise. Conditional automation is a type of Level 3 automation.
The reduction of carbon dioxide emissions from autonomous vehicles, as well as the elimination of accidents caused by human mistake, are driving the market forward. Furthermore, low battery capacity and gas consumption by autonomous vehicles, as well as growing market penetration in the automotive sector, all contribute to market growth.
Even during the pandemic, autonomous cars had a boost in sales, with roughly 11.2 million automobiles with level 2 characteristics sold in 2020, up 78 percent from 2019. Automakers all around the world are releasing new level 2 autonomous car models to meet the demand.
This claimed expansion is hampered by a low customer adoption ratio and the looming threat of hackers in the driving operation. The expensive cost of components for autonomous vehicles, on the other hand, may limit market expansion in emerging or underdeveloped countries.
Some of the restraints that may stymie the growth of autonomous and semi-autonomous vehicles include a lack of infrastructure to support autonomous vehicles in developing countries, concerns about cyber security and the safety of users' personal data, and consumers' reluctance to accept fully autonomous vehicles.
Cumulative Growth Analysis:
During the projection period of 2020 to 2027, the market for self-driving vehicles is predicted to develop at a CAGR of roughly 63.5 percent. Autonomous automobiles are vehicles that are capable of sensing their surroundings and operating independently of human intervention. An autonomous vehicle is equipped with a fully automated driving system that enables it to respond to external conditions in the same way that a human driver would.
Value Chain Analysis:
Manufacturers have been able to develop self-driving capabilities in cars thanks to recent technology advancements in the domains of artificial intelligence, machine learning, and other sensors such as RADAR, LIDAR, GPS, and computer vision. Though levels of autonomy vary, prominent firms are striving to integrate more powerful control systems into cars that can interpret sensory inputs to identify signboards or prevent crashes.
Autonomous Vehicles Market Segment Overview:
The global Autonomous Vehicles market is divided into different segments as by the component. Here the largest market share and sub-segments are given below.
Autonomous Vehicles Market Regional Analysis:
During the projected period, North America is expected to lead the market. The region has been a pioneer in the field of autonomous vehicles due to factors such as strong and established automotive firm clusters, as well as being home to the world's largest technological giants such as Google, Microsoft, Apple, and others. In California, Texas, Arizona, Washington, Michigan, and other places in the United States, self-driving cars have already been tested and used.
North America dominated the global autonomous vehicle market in 2019, and this trend is expected to continue during the forecast period. Due to rising per capita disposable income, rising living standards, evolving traffic norms, and increased investments in the automotive sector, the Asia Pacific market is likely to gain pace throughout the forecast period.
Prior acceptance of the innovative technologies and the vehicle advancement are the primary reasons for driving regional growth. Furthermore, the increased demand for semi-autonomous vehicles in the region, particularly in the United States and Canada, is expected to enhance market growth. Furthermore, increased investment from technological innovators such as Microsoft, Google, and Delphi Automotive is expected to propel the area to the forefront of autonomous vehicle adoption, followed by Europe and Asia Pacific.
Autonomous Vehicles Market Competitive Landscape:
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, and Tesla Inc. are among the important firms highlighted in the research. Robert Bosch GMBH, Aptiv, Continental AG, and Denso Corporation are some of the other car suppliers. Waymo, NVDIA Corporation, Intel Corporation, Baidu, and Samsung are among the technology vendors. Uber, Lyft, and Didi Chuxing are among the companies that use AV as a service provider.
List of Competitive Companies:
Tesla is now recognized as the most trusted brand with fully developed autonomous vehicles. Recent studies state that Tesla has topped the list with 32 % votes. It has beaten Toyota with 19 % and BMW with 18 %. Tesla has claimed the crown for its enhanced safety and reliable features. The Tesla owner will sign up as volunteers to help for the demo of level-2 semi-autonomous.
This report provides all the information about the growth of the global Autonomous Vehicles market in the forecast period. There are different sections available that help to get in-depth information such as opportunities, challenges, drivers, COVID 19 analysis, regional analysis, competitive landscape, and others. All of the information is gathered from primary and secondary sources to provide the expected market growth of Autonomous Vehicles by 2027.
|Market Size||USD 125.67 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Sensors, Hardware and Software|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hitachi, Ltd. (Japan), Continental AG (Germany), Intel Corporation (U.S.), Renesas Electronics Corporation (Japan), Nvidia Corporation (U.S.), ZF Friedrichshafen AG (Germany), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Autoliv Inc. (Sweden) and Bosch (Germany)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Autonomous vehicles are robot cars that cab sense its environment and navigate with no input from humans.
The growing demand for autonomous vehicles can cause its global market generate a revenue of USD 125.67 Bn. by 2030.
The rise in need to curb human errors that can lead to accidents is a major factor that is expected to cause the autonomous vehicles market surge.
Lack of proper infrastructure and trained personnel can hinder the autonomous vehicles market expansion.
General Motors (US), Volkswagen (Germany), Google (US), BMW (Germany), and Ford Motor Company (US) are some vendors in the autonomous vehicles market.
The high adoption of radar sensors is likely to cause the radar sensor segment expand at 29.2% CAGR between 2020 and 2030. Other sensors that are used are LIDAR, ultrasonic, and image.
MRFR study suggests that the autonomous vehicles market in APAC is expected to thrive at 29.02% CAGR during the study period due to technological advancement.
autonomous vehicles are vehicles capable of sensing its environment and navigating without human input.