March 28, 2020
Autonomous Vehicle

Autonomous Vehicle Market is expected to register the highest CAGR according to market forecasts

The global autonomous vehicle market is expected to expand to CAGR by 35.6 per cent during the forecast period from 2019 to 2027.

Autonomous vehicle, sometimes referred to as a self-driving vehicle (SDV), uses technologies such as Artificial Intelligence (AI), LiDAR and Radar Sensing to create a 3D map to sense the environment and travel from one destination to another without human interference. As it eliminates the need for a driver, it reduces operating costs for car rental service providers such as Uber and Lyft, among others. In addition, an autonomous vehicle helps customers to reduce their mobility costs by offering greater flexibility in terms of transport to the desired location, thus providing a service-based transport market (TaaS) and gradually lowering the individual vehicle ownership rate. On the flip side, it raises the concerns on unemployment as humans will be replaced by robots.

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Autonomous vehicles, such as robot taxis, operate on the Autonomous Mobility on Demand (AMoD) service, which is said to be one of the most rapidly adopted applications for autonomous vehicles, particularly in developed economies such as the United States, the United Kingdom and others. The automotive industry is going to see a huge transformation as a result of increasing R&D in autonomous vehicles, strict government regulations and the inclination of car manufacturers towards technology. Rising emissions have created a huge demand for fuel-efficient and emission-free vehicles. Robotic assistance is expected to be the solution for an emission-free and fuel-efficient environment.

However, as mentioned earlier, unemployment will become a major issue as soon as this technology becomes fully commercial, as humans will be replaced by robots. Cyber security threats will be higher as terrorists and hackers can hack multiple models at the same time. In addition, large capital investments and the consequent need to increase R&D expenditure may pose a challenge to new entrants on the market.

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Autonomous vehicles are divided into two categories, namely semi-autonomous and fully autonomous, by the level of autonomy. Autonomous vehicles with semi-autonomous technology are vehicles in which computers can handle two or more tasks simultaneously, while fully autonomous technologies are those that allow drivers to safely turn their attention away while driving. Fully autonomous is further categorized into two types: L4 autonomy and L5 autonomy. In the L5 autonomous vehicle, the vehicle does not require human interference as it is fully automated. Currently, L4 vehicles are being monitored by human backup drivers and are geo-enclosed, while L5 vehicles are still being designed.

Europe is the largest autonomous vehicle market followed by North America. As countries such as Germany, France and the United Kingdom, Europe is expected to see strong growth. etc. are aggressively focusing on developing the related infrastructure to test and deploy large-scale autonomous vehicles. Developing economies such as China, India, Japan and South Korea, among others, are also not lagging behind and are set to become attractive markets in the years to come. The combination of factors, including the development of transport infrastructure, rapid urbanization and increased focus on environmental and vehicle safety in countries such as China, Japan and India, contributes to increasing demand in the Asia-Pacific region.

Some of the major autonomous vehicle manufacturers operating on the market include Tesla, Inc., Daimler AG, Lyft, Inc., Uber Technologies Inc., Volkswagen AG, Volvo Car Corporation, Waymo LLC, Ford Motor Company, General Motors Company, BMW AG and Aptiv PLC, among others. In addition, a large number of collaborations between technology providers and manufacturers on the market are expected to further strengthen the competitive landscape of the autonomous vehicle market worldwide.

Key questions answered in this report

  • Worldwide market value of the autonomous vehicle market in 2017 and 2018
  • Estimated forecast and market projections up to 2027
  • Which is largest regional market for autonomous vehicle?
  • Which are the key trends driving the global autonomous vehicle market growth?
  • Who are the leading manufacturers in the autonomous vehicle market worldwide?
  • What are the key strategies adopted by the leading autonomous vehicle manufacturers?

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