ID: MRFR/AM/6468-HCR | 125 Pages | Published By Swapnil Palwe on March 2023
Semi-Autonomous Vehicle Market is expected to be valued at USD 61 Million with a CAGR of 48.3% Forecast by 2030
The Semi-Autonomous Vehicle Market is estimated to generate a higher market share at 48.3% CAGR during the forecast period of 2022 to 2030. Semi-autonomous vehicles are well known for operating with little manual intervention for a longer period. Moreover, these semi-autonomous vehicles can change lanes, stops, and accelerate or decelerate. Along with that, these Semi-autonomous vehicles can sense the driving conditions, capable of self-parking, allow the driver to retake controls, control all the safety-critical functions, and also offering sufficient transition time. It has been found that the semi-autonomous vehicles' working process always depends on the automation levels as well as its technology depends on its levels of automation. Even the advanced driver assistance system (ADAS) features functioning is gathering more attraction of the audiences as it can assist the human driver in controlling the operation of the vehicle.
The semi-autonomous vehicle market has been classified based on component, automation level, ADAS features, and propulsion. Moreover, the hybrid electric vehicle is projected to register the higher CAGR for the research period as it has increased mileage capabilities and is cost-effective.
According to the semi-autonomous vehicle market outlook report, the market has presented a higher growth due to the increasing demands of the Semi-Autonomous Vehicle products among the intended audiences. These important intended audiences are raw material suppliers, vehicle manufacturers or OEMs, automotive associations, automotive software providers, government bodies, service providers, and tier 1 manufacturers. These intended audiences are well aware of the effective product in their respective fields, which is expected to enhance the semi-autonomous vehicle market growth for the forecast period.
The ongoing COVID-19 pandemic has disrupted the sales of many growing markets, and the semi-autonomous vehicle market was one of them. The global market has shown significant growth in the previous year's report, but the sudden arrival of the global pandemic has affected the growth of the global market. In the first half of the year 2020, many regions have imposed restrictions on transportations, workforce, productivity, and sales. These global restrictions have affected the growing sales of the global market, and many investors have shown their disinterest in the semi-autonomous vehicle product.
Hence, the global semi-autonomous vehicle market has adopted several safety measures steps to eradicate all the emerging issues in the global pandemic. And, when all the regions resumed the lockdown, it has implied its strategies to enhance its growth on a large scale. In the present situation, the global market has a prediction to generate significant growth in the upcoming years.
The global semi-autonomous vehicle market is driving its growth with the major factor that is the increasing safety features in vehicles. These advanced features in vehicles are developed to reduce the related death cases, the number of road accidents and maintain safety regulations. Moreover, the global semi-autonomous vehicle market is boosting up its growth due to the increasing need for better fuel efficiency, growing demand for efficient driving experience, and increased advanced technology integration in the sectors of automotive.
According to the National Highway Traffic Safety Administration (NHTSA), there are 5 different levels of vehicle automation from Level 0 to Level 4, which are driving the growth of the global market.
The global semi-autonomous vehicle market has lots of growth aspects that are growing the overall market. However, the global market has more growth opportunities for the forecast period due to the increasing demand for connected cars.
Moreover, the global market has higher opportunities for the manufacturers and key players because of the growing advanced technologies and features in this field.
The growing semi-autonomous vehicle market might face restraints due to the lack of information technology and the high price of semi-autonomous vehicles. Along with that, the communication infrastructure in developing nations might hinder the semi-autonomous vehicle market size for the forecast period.
Therefore, the global semi-autonomous vehicle market is giving a higher focus on the issues that might hamper the growth of the global market. And, the global market is adopting various innovative ideas to fix the issues.
The global semi-autonomous vehicle market might face challenges due to the lack of technical knowledge about the advanced features. Moreover, the high cost of the product might bring challenges to the global market.
Therefore, the global semi-autonomous vehicle market is engaging major key players to boost up the growth of the global market.
The global semi-autonomous vehicle market has shown significant market growth in the previous report. Currently, it is generating a higher semi-autonomous vehicle market share for the forecast period. In the future, it has expected to grow more than that.
The present report explains that the North American region is registered to grow the global semi-autonomous vehicle market in the research period due to the presence of major key players in the region. This region is showing the cumulative growth of the global market.
The global semi-autonomous vehicle market has been classified into the camera, ultrasonic sensor, LiDAR, radar, and others based on the component segment.
All these components are contributing to generate the higher semi-autonomous vehicle market share for the forecast period.
Based on the ADAS features segment, the global semi-autonomous vehicle market has been classified into crash warning system (CWS), lane assist (LA), smart park assist (SPA), adaptive cruise control (ACC), automatic emergency braking (AEB), cross-traffic alert (CTA), and others.
All these advanced features are very helpful for the drivers, which is increasing the growth of the semi-autonomous vehicle industry.
Based on the automation level segment, the global semi-autonomous vehicle market has been divided into Level 3, Level 2, and Level 1.
Among these, the level 3 segment is predicted to generate the higher CAGR and semi-autonomous vehicle market share for the forecast period due to the advanced driver assistance systems like collision detection, lane departure warning, and adaptive cruise control.
The global semi-autonomous vehicle market has been segregated into two, such as electric and ICE, based on the propulsion segment.
These two propulsions are playing an important role in enhancing the growth of the semi-autonomous vehicle industry.
The global semi-autonomous vehicle market has been classified into four major geographical locations: Asia-Pacific, Europe, North America, and the Rest of the world.
Out of all, the North American market is projected to lead the global semi-autonomous vehicle market for the forecast period due to increasing the demand for high-end vehicles, the high per capita disposable income, and a strong customer base. Moreover, the Asia-Pacific region is projected to generate semi-autonomous vehicle market value for the forecast period due to the increasing the global technology innovators on commercializing, investing, and testing the semi-autonomous technology. Also, this region is growing the semi-autonomous vehicle market value because of the increasing awareness about vehicle safety in various countries.
According to the semi-autonomous vehicle market outlook report, the global market is growing continuously due to the effective works of the important key players of the market. These important key players are:
These key players are adopting different strategies and ideas to develop the semi-autonomous vehicle market growth on a large scale. Moreover, the key players are giving more focus on the innovation and development of global products.
According to the semi-autonomous vehicle market trends report, the global market has involved primary research methods to develop the performance report of the global market. A brief analysis of the global market has been conducted, including both qualitative and quantitative analysis. This report has highlighted the market performance by explaining the market size, market share, and market growth of the global semi-autonomous vehicle market.
The semi-autonomous vehicle market trends report has covered the recent growth and development of the global market. Also, it has covered the market dynamics, market segments, market overview, and regional analysis to understand the current competition in all the regions. Along with that, this report has mentioned the present challenges and market restraints where key players are playing an important role in combatting the situation.
By ADAS Features:
By Automation Level:
|Market Size||2030: USD 61 Million|
|CAGR||48.3% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, ADAS Features, Automation Level and Propulsion|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Continental AG (Germany), Daimler AG (Germany), NXP Semiconductor (the Netherland), Valeo (France), ZF Friedrichshafen AG (Germany), Magna International (Canada), Tesla (US), BMW (Germany), Waymo LLC (US), Texas Instruments (US), General Motors (US), Mercedes-Benz (Germany), and Audi AG (Germany).|
|Key Market Opportunities||Increase in demand for efficient driving experience|
|Key Market Drivers||Technological advancements Rapid urbanization Increasing criminal activity|
The global semi autonomous vehicle market is expected to record a substantial market valuation.
The global semi autonomous vehicle market is projected to register 48.3% CAGR in the forecast period.
Technological advancements, rapid urbanization, and increasing criminal activity are driving the growth of the market.
the lack of awareness and technical limitations are likely to hamper the growth of the semi autonomous vehicle market over the review period.
The smartphone segment is slated to expand as the fastest-growing segment.
The government segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global semi-autonomous vehicle market are BMW (Germany), General Motors (US), Waymo LLC (US), Texas Instruments (US), Mercedes-Benz (Germany), among others.