Globally, the autonomous vehicles market size is set to grow at a CAGR of 22.3%, estimated to reach USD 125.67 Billion by 2030 driven by the rising adoption of advanced safety systems and driver assistance features.
The autonomous vehicles market is a rapidly growing industry that encompasses a wide range of self-driving vehicles, from passenger cars to trucks, buses, and delivery robots. Autonomous vehicles use advanced technology, such as sensors, cameras, radar, and artificial intelligence, to navigate roads and make decisions without human intervention.
Several Factors Contributing to Autonomous Vehicles Market Growth
The autonomous vehicle market is predicted to see an increase in the number of auto-driving vehicle launches. Government norms mandated for passenger safety are crucial drivers driving the growth of the autonomous vehicle market in 2020. Furthermore, government regulations, the growing need for sophisticated driver-assist systems in vehicles, increasing sales of vehicles, and others. As a result, vehicle makers are developing new technologies to improve vehicle safety and intelligent transportation systems. Many significant players are now working to produce semi-autonomous and completely autonomous vehicles. Innovative prototypes are being tested in various vehicle companies' and universities' R&D centers.
Furthermore, growing accidents throughout the world fuel demand for autonomous vehicles. Increased regulatory demands for developed driver-assistance systems (ADAS) features, including fundamental safety technologies like anti-lock braking systems (ABS) and airbags, are critical variables that help boost the autonomous vehicle market.
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COVID-19 to have Temporary Impact on the Global Market
COVID 19 impacted the whole automotive sector, prompting manufacturers to cut output at their manufacturing sites. The disruption induced by the outbreak at major suppliers pushed a number of passenger automotive manufacturers to reduce production in some locations. They were working extremely hard on countermeasures and solutions to reduce the damage.
However, producers and dealers of autonomous vehicles have moved their attention from offline lead generation to online sales. This initiative to communicate with potential buyers via digital media proves to be a game-changer for market growth. Despite the coronavirus crisis, demand for luxury vehicles is returning to normal, and as a result, the market for autonomous vehicles is steadily building up.
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Autonomous Vehicles Market Regional Analysis
The global autonomous vehicles market has been segmented into North America, Europe, Asia Pacific, and rest-of-the-world.
North America has the largest share in the autonomous vehicles market. The region is a lucrative market for luxury autonomous vehicles. Market growth is driven by factors such as increased automobile sales and concerns about vehicle safety. Government regulations in North American countries are expected to become more strict in the coming years. Furthermore, the continuous growth of the automotive industry and the growing demand for more automated vehicles assist the regional market in gaining the largest market share.
Autonomous Vehicles Market Segmentation
The global autonomous vehicles market has been segmented on the basis of type, sensors, and hardware and software.
- By type, the global autonomous vehicles market has been segmented into semi-autonomous and fully autonomous vehicles.
- By sensors, the global autonomous vehicles market has been segmented into ultrasonic, radar, lidar, image, and others.
- Based on hardware and software, the global autonomous vehicles market has been segmented into Communication Systems, Cameras, GPS Systems, and others.
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North America to Dominate the Global Autonomous Vehicles Market
North America has the biggest market share. The region is a promising market for premium autonomous vehicles. Autonomous Vehicles Market growth is being driven by factors such as increased automobile sales and concerns about vehicle safety. Government restrictions in North American countries are expected to become increasingly stringent in the coming years. Furthermore, the continuous growth of the automotive sector and the growing need for more automated vehicles assist the regional market in gaining the largest market share.
Autonomous Vehicles Key Players
Hitachi, Ltd. (Japan), Nvidia Corporation (U.S.), Continental AG (Germany), Intel Corporation (U.S.), Renesas Electronics Corporation (Japan), ZF Friedrichshafen AG (Germany), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Autoliv Inc. (Sweden) and Bosch (Germany).
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