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The Global Autonomous Vehicles Market is subject to witness a substantial growth due to the shifting focus towards a supportive regulatory framework, increase in government funding to promote adoption of automation and digitalization in the automotive sector and recent advancement in the digital infrastructure. The autonomous vehicles are also referred as self-driven cars; they are considered as a key innovation in the automobile sector.
Growing popularity among consumers is considered as major catalyst for the robust market growth of autonomous vehicles industry, in the recent years. Globally, the autonomous vehicles market is predicted to grow at CAGR of 41.61% over the forecast period, providing numerous opportunities for market players to invest in research and development of the autonomous vehicles market.
Additionally, availability of a wide range of products and vast industrial infrastructure in the North America and European region are anticipated to fuel the market demand for the autonomous vehicles over the forecast period. The recent technological advancements coupled with development of the novel products such as Lidar, stereo vision, GPS and IMU are expected to boost market growth in the upcoming years.
Adoption of the sensors such as LiDAR and RADAR that help to carry out automated operation is estimated to foster market demand further. The automated systems perform complex tasks such as situational analysis, motion planning and trajectory control with the help of navigation sensors. The current advancements in automotive industry coupled with high-end market penetration are some of the key catalyst for robust market growth in the last few years.
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The autonomous vehicles market is broadly categorized into two major types based on the end-user requirements such as transportation and defense. Transportation is considered as one of the fastest growing segment in the autonomous vehicles market with substantial revenue generation in the last couple of years. The transportation market segment is further divided into two types such as industrial and commercial sub-segment. The commercial sub-segment has witnessed exponential growth over the forecast period owing to the high adoption of driverless technology in transportation and favorable government initiatives regrading transport regulations in order to generate a gateway for self-driving vehicles.
Increasing investment by industry players for research & development of autonomous vehicles has led to rapid advancements in the automotive sector in terms of technologies. In addition, growing competition in the market coupled with partnerships and mergers among industry players to gain competitive edge are driving market expansion in the upcoming period. Favorable government laws and regulation form developed as well as developing economies is propelling market growth for autonomous vehicles.
An autonomous vehicle, also referred as a driverless vehicle and a self-driving vehicle, has capability to understand or sense its surrounding environment by navigating without human input. Autonomous vehicle uses different types of techniques to understand or sense its surrounding environment with help of electronic real devices such as radar, laser light, GPS, odometer, and computer vision. An autonomous vehicle consists of an advanced control system that decipher sensory data to locate desired navigation paths, as well as obstacles and relevant signage.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the automotive sector, increase in the adoption of automation and digitalization, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the autonomous vehicles market with massive growth in forecast period. Countries such as India, China, Japan and South Korea are leading the Asia-Pacific market with strong economic growth, rapid industrialization, growing vehicle production, increase in disposable income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the autonomous vehicles market are Audi AG, BMW AG, Daimler (Mercedes Benz) Inc., Ford Motor Company Co., General Motors, Inc., Google LLC, Honda Motor Co., Nissan Motor Company Co., Tesla, Inc., Toyota Motor Co., Uber Technologies, Inc.; Volvo Car Co., and Volkswagen Group.
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