Autonomous Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031

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Autonomous Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031

Status : November, 2022 | Automotive

Report Digest

Autonomous Vehicle Market – Overview

The growth opportunities in the autonomous vehicle market are increasing at a significant speed owing to numerous factors. One of the major growth factors includes a reduction in traffic congestion. In addition to this, improvement in safety and transition from ownership to the mobility-as-a-service (MaaS) are also predicted to supplement the growth opportunities in the global market throughout the forecast period.

Growth in the connected infrastructure, supportive government regulations, and the development of smart cities are serving as noteworthy factors that are likely to boost novel growth avenues in the global market in the following years.

On the flip side, data management challenges and the high cost of manufacturing have been anticipated to restrict the adoption of the services from the autonomous vehicle market and thus limit growth avenues in the industry.

autonomous vehicle market

Autonomous Vehicle Market – Key Drivers

The driverless vehicle or autonomous vehicle can operate itself. These can execute all the necessary functions without the requirement for any sort of human intervention as these vehicles come with the ability to sense nearby surroundings. These vehicles primarily use cameras, RADAR (radio detection and ranging), LiDAR (light detection & ranging), and AI (artificial intelligence) in order to sense the environment and navigate while generating an active 3D map of that specific environment. The majority of the self-driving systems can create and maintain the internal map of their respective surroundings on the basis of a wide array of sensors, for instance, RADAR. Further, numerous autonomy levels include semi-autonomous which needs driver assistance the fully autonomous.

In recent years, there are various automobile manufacturers, for example, Tesla, Volvo, and Ford have made dives as well as boundaries with the self-driving technology. Many newly launched cars have come up with a lot of autonomous systems. Along with this, these vehicles also have some advantages compared to conventional vehicles, for instance, limited use of fuel, improved safety, and reduced traffic congestion & emission by using less battery & less gas capacity further resulting in reduced pollution. So, based on these factors, the autonomous vehicle market has been projected to expand at a noticeable speed in the foreseeable years.

Autonomous Vehicle Market – Recent Developments and Key Players

The autonomous vehicle market is generally marked owing to the presence of numerous major players in global as well as regional areas. The presence of these players is converting the nature of the industry into a fragmented one. In addition to this, these industry players have also been pondering over various growth strategies for the achievement of their pre-defined goals. Moreover, the growing penetration of the global players and rising awareness among customers about market brands have also been fueling novel growth avenues in the global industry. Mergers or tie-ups, increasing R & D activities to enhance the company portfolio, and new product launches are some key growth strategies that have been incorporated by the market players. Expansion of product portfolio is also one noticeable initiative that is adopted by these players at an increased rate in recent years to bring growth avenues.

Some of the key players in the autonomous vehicle market are:

  • Volkswagen AG
  • Toyota Motor Corporation
  • Tesla Inc.
  • Nissan Motors Co.
  • Honda Motor Co., Ltd.
  • General Motors
  • Ford Motor Company
  • Daimler AG
  • BMW AG
  • AB Volvo

Autonomous Vehicle Market – Regional Assessment

The autonomous vehicle market has been operating in a lot of regions around the world. The major regions in the industry include Europe, North America, Asia Pacific, and LAMEA. Asia Pacific has been estimated to hold a noticeable share in the autonomous vehicle market owing to increased R & D activities for product development due to rising expenditure by the industry players.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.