Global Autonomous Vehicle Market Forecast to 2027
The global Autonomous Vehicle Market is projected to reach USD 724.36 billion by 2027, according to a recent report by Emergen Research. The emergence of advanced driver assistance systems (ADAS) may well be a significant autonomous cars market growth driver. They assist in reducing the pressure on the propulsion by avoiding distractions. These things are mainly equipped with computing and other similar unique features. Additionally, the growing adoption of cutting-edge technologies in mapping, cameras, processors, software sensors and algorithms are resulting in the betterment of the applicability of ADAS in every vehicle. Aside from that, automotive manufacturers are using ADAS in vehicles to reduce the speed of road accidents, further on improve the protection of pedestrians, occupants, and vehicles. However, highly advanced technological systems can often cause failures and malfunctions. This factor may hamper market growth.
Cybersecurity and safety measures surrounding it are the main factors preventing the market for autonomous vehicles from growing. Despite the market for self-driving cars' great development potential, many buyers don't seem to be able to deliver the keys due to the fear of hackers, who have a tendency to establish destinations and take control of data in a variety of situations, endangering the privacy of passengers. More worrisome is the notion that hackers may commandeer cars in various circumstances. For instance, in Arizona (USA), the first instance of an autonomous vehicle claiming the life of a pedestrian was documented in 2018.
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Competitive Terrain:
The global Autonomous Vehicle industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed in the report are:
Audi AG; BMW AG; Daimler AG; Ford Motor Company; General Motors Company; Google LLC; Honda Motor Co., Ltd.; Nissan Motor Company; Tesla; Toyota Motor Corporation; Uber Technologies, Inc.; Volvo Car Corporation; and Volkswagen AG
Research Report on the Autonomous Vehicle Market Addresses the Following Key Questions:
- Who are the dominant players of the Autonomous Vehicle market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Autonomous Vehicle market?
- What are the key growth drivers and restraining factors of the Autonomous Vehicle market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Autonomous Vehicle market and its key segments?
Market Overview:
The report bifurcates the Autonomous Vehicle market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
-
Component Outlook (Revenue, USD Billion; 2017-2027)
- Camera
- LiDAR
- Radar
- Ultrasonic Sensor
-
Application Outlook (Revenue, USD Billion; 2017-2027)
- Civil
- Robo Taxi
- Ride hail and share
- Self-driving bus
- Self-driving truck
-
Fuel Type Outlook (Revenue, USD Billion; 2017-2027)
- Internal Combustion Engine (ICE)
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
Regional Landscape section of the Autonomous Vehicle report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Autonomous Vehicle market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Points of the Geographical Analysis:
- Data and information related to the consumption rate in each region
- Estimated increase in the consumption rate
- Proposed growth of the market share of each region
- Geographical contribution to market revenue
- Expected growth rate of the regional markets
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