ID: MRFR/SEM/0514-CR | February 2020 | Region: Global | 110 pages
Autonomous Vehicles Market is expected to reach USD 65.3 Billion by the end of the assessment period (2016-2027). Currently, many major players are contributing to the development of semi-autonomous and fully autonomous vehicles. Innovative prototypes are being tested in the R&D centers of various automobile companies and universities. The autonomous vehicles market is expected to witness increasing auto-driving vehicle launches by 2020-2021. Government norms & regulations related to passenger safety are a major factor responsible for expanding the autonomous vehicle market in 2020. Besides, the government's rules, increased demand for developed driver assisted systems in vehicles increasing sales of vehicles, and others. Therefore, vehicle manufacturers are innovating new technologies to evolve the vehicle safety system and intelligent transport system.
Moreover, increased accidents across the globe foster the demand for autonomous vehicles. The crucial factors that help expand the autonomous vehicles market are increased government mandates for developed driver-assistance systems (ADAS) features, including the basic safety systems like anti-lock braking systems (ABS) and airbags.
COVID 19 hit the overall automotive industry, forcing automakers to reduce the output at their production plants. The disruption caused by the epidemic at key suppliers prompted various passenger car brands to cut back production in some areas. They were working very intensively on countermeasures and alternatives in order to minimize the impact.
However, autonomous vehicle manufacturers and dealers have shifted their focus from the offline lead generation model to online sales. This initiative to engage with prospective buyers through digital channels proves to be a game-changer to the market growth. Despite the coronavirus crises, the demand for luxury vehicles is returning to normal, and subsequently, the autonomous vehicles market is too picking up gradually.
Highly competitive, the autonomous vehicles market appears fragmented with the presence of several notable industry players. These players initiate strategic moves such as mergers & acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share.
18, 2020 ---- Mobileye (Israel), a global leader in advanced driver-assistance systems, has been testing its technologies for over two years and has many running partnerships with Dubai to test AVs in several cities and roll out Mobility-as-a-Service (Maas) offerings, including self-driving taxis & smart city solutions, together with Israeli-founded mobility company Moovit, acquired by Intel in 2020 for USD 900 million.
Mobileye is one of the world's largest suppliers of camera-based sensors used in ADAS. The company is also developing high-definition maps for automated vehicles, hoping to make autonomous driving a reality in the near future.
The rising adoption of advanced safety systems and driver assistance features drive autonomous vehicles market growth.
Due to the rising rate of road accidents, the adoption of advanced safety systems and driver assistance features like blind-spot identification and automatic emergency braking systems is growing continually. Moreover, increasing demand for cost-competitive autonomous vehicle safety systems is estimated to propel the growth of the autonomous vehicle market.
To lessen the accidents happening daily, the monitoring bodies in the developed regions are making it compulsory to install the advanced safety system and anti-lock braking system in vehicles, which helps expand the market. Increased numbers of accidents happened due to human negligence acts as a major factor driving the growth of the market.
Therefore, the automotive ecosystem promotes the usage of autonomous/semi-autonomous vehicles, shifting the attention towards completely automatic automobiles free of human errors. The increase in vehicle sales across the world leads to high demand for autonomous vehicles. Furthermore, advances in various in-vehicle technologies and sensors, including active steering (steer by wire), adaptive cruise control, anti-lock braking systems (brake-by-wire), GPS navigation technology, and lasers & radar, influence the market growth.
Cybersecurity concerns act as major market restraints.
Concerns of cybersecurity issues such as data breaches of personal information are major obstructions in the autonomous vehicle adoption rate. Also, legal obstructions in autonomous vehicles would hamper the expansion of the market. These issues of legal liability in the case of an accident have become more relevant. Even systems designed to automate driving, like adaptive cruise control that maintains vehicles at a certain speed and distance from the car ahead can cause accidents.
There is also the question of legal liabilities, as the legal responsibilities of the human driver and the carmaker that built the self-driving car? Simultaneously, self-driving cars remain one of the hardest technical challenges around. Besides physical advances, mental improvements are also needed.
Autonomous driving would change the automotive game.
Autonomous driving is becoming a major buying factor for customers. People in China, Europe, and the United States would switch automotive brands to get a vehicle with better autonomous driving features. The awareness of the importance of autonomous driving features is projected to change the automotive game.
The autonomous vehicles market is segmented on the basis of type, sensors, hardware and software, and region.
By type, the market is segmented into semi-autonomous and fully autonomous vehicles.
By sensors, the market is segmented into ultrasonic, radar, lidar, image, and other.
Based on hardware and software, the market is segmented into Communication Systems, Cameras, GPS Systems, and others.
Furthermore, the region segment comprises the Americas, Europe, Asia Pacific, and rest-of-the-world.
North America Dominates the Global Autonomous Vehicles Market.
Globally, North America holds the largest share in the market. The region is a promising market for luxury autonomous vehicles. Factors such as the rise in the sales of automobiles and issues concerning vehicle safety drive market growth. In the next few years, government regulations within the North American nations are estimated to become more stringent. Additionally, the constant rise in the automotive industry and increasing demand for more automated vehicles help the regional market gain the highest market share.
Europe is the second-largest market for autonomous vehicles, which stood at the valuation of USD 1.10 billion in 2015. The increase in sales and R&D investments in luxury vehicle developments boost the growth of the regional market. The region is the global hub for expensive and high-end car manufacturers. Besides, rising consumer preference and spending on lavish, high-performance vehicles impact the regional market growth positively. Moreover, the presence of the well-established automotive industry in the region influences the growth of the market.
The Asia Pacific region is estimated to become the second biggest market for autonomous vehicles by the end of the year 2027. Factors such as the increasing production & sales of luxury vehicles influence the growth of the regional market. Furthermore, the well-established automobile industry in this region creates substantial opportunities for the automobile industry in the region. Due to the high technological advancement, The APAC market is expected to be the fastest-growing region globally, registering 29.2% CAGR during the forecast period.
|Market Size||USD 65.3 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 65.3 Bn. by 2027.
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 2016 and 2027. 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.