In 2022, the market for autonomous vehicles is projected to be worth US$ 35,282.8 million. During the forecast period, creating supporting regulatory frameworks, government financing, and investments in digital infrastructure are anticipated to have a significant beneficial impact on the market growth. The global market for autonomous vehicles is anticipated to reach 99,451 million by 2032, growing at a CAGR of 10.9% between 2022 and 2032.
Autonomous vehicles also known as “robot cars” are driverless vehicles, controlled by the computer, which is yet to be commercialized in the market. Autonomous vehicles have sensors installed in it, which detects the objects in its surroundings via radar, GPS tracker, lasers and computer vision and chooses the appropriate path and direction. With the increasing road accidents due to human error while driving provides lucrative opportunities for autonomous vehicles over the forecast period, as the autonomous vehicles are comparatively safe when compared with manually controlled vehicles.
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The autonomous vehicles will also help in reducing the CO2 emissions to the environment. The commercialization of autonomous vehicles will also contribute to the revenue growth of different industries such as, IT, technology and electronics. The use of autonomous vehicles are not limited to passenger cars, it can be used in industrial fleet, construction, public transportation and for agricultural applications. The merits of an autonomous vehicle over manually operated vehicles are, increased fuel efficiency, safety and low emissions among others. Considering the aforementioned factors, the global autonomous vehicles market will project a healthy growth rate over the forecast period.
The global autonomous vehicles market is primarily driven by the numerous advantages of an autonomous vehicle such as increased safety reduced driving stress, efficient parking reducing the costs, fuel efficiency, reduced CO2 emissions to the environment and increasing geriatric population will have a positive impact on the global autonomous vehicles market. Apart from the aforementioned factors, the autonomous vehicles will have a positive impact on the economy as a whole. However, the data security concerns might pose as a restrain to the global autonomous vehicles market as the controlling software can be hacked by unauthorized parties, and input spurious information to the system.
Autonomous Vehicles Market: Key Players
Some of the key players identified in the global autonomous vehicles market are Google, BMW AG, Mercedes-Benz, Tesla Motors, Audi AG among others.
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Key Segments Covered in the Autonomous Vehicles Industry Analysis
Autonomous Vehicles Market by Level of Automation:
- Driver Assistance
- Partial Automation
- Conditional Automation
- High Automation
- Full Automation
Autonomous Vehicles Market by Application:
- Autonomous Passenger Cars
- Autonomous Public Transportation
- Autonomous Industrial Fleet
- Autonomous Construction
- Autonomous Agricultural Applications
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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