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Autonomous Vehicles Market- Analysis, Trends, Competitive Analysis, Opportunity & Forecast, 2027

Global Autonomous Vehicles Market- Focused on By Type (Semi-autonomous Vehicles and Fully-autonomous Vehicles), By Component (Hardware, Software, and Service), By End Users(Consumers, Ride Hail, Rideshare, Robo Taxi, Self- driving bus), Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Analysis, Market Sizing, Competitive Analysis, Opportunities & Forecast, 2027

Market Overview

Global Autonomous Vehicles Market is expected to reach over USD 200 billion by 2027 at a CAGR of 35% during the forecasted period of 2020-27.

Autonomous vehicle or self-driving cars refers to a vehicle capable of operating without human involvement. The autonomous vehicle uses technology like light detection & ranging (LiDAR) to sense the environment and take decisions appropriately without human assistance. It also uses artificial intelligence (AI) software and RADAR sensing technology, which is used to monitor a 60-meter range around the vehicle and form a 3D map of its environment. The sensor and navigators help the vehicle to control, monitor and operate the vehicle.

The autonomous vehicle has the potential to disrupt the traditional automobile market. The driverless vehicles can significantly save time and cost of transportation. Personal safety while driving can be enhanced with sensor technology which can be more accurate than humans. This can highly reduce vehicle collisions, accidents, and traffic congestion. 

The development of smart cities integrated with the Internet of things, rising demand for luxury cars as consumers willing to pay more for enhanced features and development in the automobile sector are the key drivers of growth.

However, the high cost of technology, cyber threats, loss of employment for drivers is hindering the global autonomous vehicle market. Also, the end-users are mostly high net worth consumers which are significantly less in number globally.

Market Segmentation

Global Autonomous Vehicles Market or Self-Driving Cars Market is segmented based on Type, Component, End Users and Region.

By Type, Global Autonomous Vehicles Market is categorized into Semi-autonomous Vehicles and Fully-autonomous Vehicles. The semi-autonomous vehicle market is currently leading with a large market share due to the rising demand for vehicles connected with digital infrastructures. Semi-autonomous vehicles include different levels of autonomous. Some require drivers to take action like parking assistance, adaptive cruise control, and lane-keeping assistance. Some have autonomy over steering but with speed limitations. There is also condition automation in semi-autonomous vehicles, it performs all dynamic driving tasks but the human driver can intervene on request.

By Component, Global Autonomous Vehicles Market is divided into Hardware, Software, and Service. The software segment is currently dominating the market due to the rise in demand for cars connected with digital technology such as the Internet of things and artificial intelligence. Major factors hindering the growth of the software segment are the software components that are costly and it needs to be upgraded frequently to match with the external environment. Moreover, maintenance cost is also high which is hampering the growth of the market.

By End Users, Global Autonomous Vehicles Market is categorized into Consumers, Ride Hail, Rideshare, Robo Taxi, Self- driving bus. The ride-hailing service and Consumer segment are leading the market. Companies like Uber, Lyft are introducing advanced technologies such as LIDAR, RADAR in automobiles to reduce human intervention in driving.

By Region, Global Autonomous Vehicles Market is categorized into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Regional Analysis

North America and Europe Global Autonomous Vehicles Market are currently dominating with its largest market share due to the early adoption of technology and major automotive giants located in this region. North American countries like the US, Canada, and Mexico are deploying digital infrastructure to accommodate connectivity between vehicles and infrastructure. They collect useful information and thereby reduce traffic congestion and increase road safety. The rise in smart cities is the major factor of growth in the Autonomous vehicle market. But cyber security concerns are the restraining factor of growth in this region.

Asia-Pacific Autonomous vehicle market is expected to grow significantly in the forecasted period of 2020-27. Countries like Singapore lead the region by embracing the autonomous vehicle technology. The favorable government policy toward autonomous vehicles has resulted in numerous startups emerging in this industry. The government expects to roll out self-driving buses by 2022. It plans to operate in non-peak hours to check its feasibility.  

Competitor Analysis

The key market players in the Global Autonomous Vehicles Market are Groupe SA, Toyota Motor Corporation, BMW AG, Tesla Inc, Renault-Nissan-Mitsubishi, Daimler AG, Volkswagen Group, General Motors, Google.

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