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