PLEASANTON CA, Oct. 13, 2021 (GLOBE NEWSWIRE) -- The Global Autonomous Vehicle Market was valued at USD 20.8 Bn in 2020 and is expected to reach USD 89.6 Bn by 2027, with a growing CAGR of 23.2% during the forecast period.
The increasing incident of road accident is one of the prominent factor that accelerate the growth of the autonomous vehicle market throughout the forecast period. Autonomous vehicles technology offers various benefits as compared to human-driven vehicles such as increased safety on roads, reduce traffic congestion, and others. The increasing safety on the roads is one of the potential advantages that will be provided by autonomous vehicles as vehicle crashes cause many deaths every year, and autonomous vehicles could potentially decrease the number of casualties due to road accidents. For instance, according to the report published by World Health Organization (WHO), in 2021, around 1.3 million people die every year due to road traffic crashes.
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Autonomous technology also reduced traffic congestion which is anticipated to be the major driver for the growth of the autonomous vehicle market. Traffic congestion results in the loss of productivity that directly limits the personal and professional growth of individuals. For instance, according to the American Society of Civil Engineers, Americans are spending more than 6.9 billion hours a year sitting in traffic. Moreover, the reduction in congestion will most likely result in the reduction of CO2 emission, proliferating the demand for autonomous vehicles. For instance, according to the Future of Driving report from the Ohio University States reveals that the transition to autonomous vehicles is expected to contribute to a 60% fall in emissions.
The increasing penetration of smart cities project across the globe provide the attractive opportunity for the growth of the autonomous vehicle market. The emergence of smart cities is creating a highly connected infrastructure which is ideal for Connected Autonomous Vehicles (CAVs). Driverless cars, trucks and buses can be intrinsically connected to vital information that reduces traffic and makes driving on roads safer. For instance, according to secondary sources, technology spending on smart initiatives across the globe is forecast is expected to project comparatively double between 2018 and 2023, increasing from USD 81 billion in 2018 to USD 189.5 billion in 2023.
The key players operating in the autonomous vehicle market adopted various strategies such as product launch, collaboration, acquisition, consolidation, and others. For instance, in January 2021, Tata Consultancy Services (TCS), a leading global IT service, consulting, and business solutions organization, has launched the Autoscape™ solution suite to enable connected and autonomous vehicle ecosystem players such as automotive OEMs, suppliers, fleet owners, and start-ups to pursue new business models, launch new services quickly and deliver differentiated experiences and value to end-customers.
The increasing threats of cybersecurity are impacting the growth of the autonomous vehicle market. Moreover, the hardware and software failure hinder the demand of the autonomous vehicle market. Furthermore, the emergence of Vehicle to Network (V2N) is a significant opportunity that accelerates the growth of the global autonomous vehicle market share. However, the high maintenance cost is the key factor that hindered the autonomous vehicle market growth.
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Prominent Players of Autonomous Vehicle Market with Company Profiles and Competitive Intelligence:
- Daimler AG
- General Motors
- Ford Motor Company
- Volkswagen AG
- BMW AG
- Renault-Nissan-Mitsubishi Alliance
- AB Volvo
- TOYOTA MOTOR CORPORATION
- Tesla
- AUDI AG
- MAN SE
- Waymo LLC
- Zoox Inc.
- NVIDIA Corporation
- CARMERA
- Embark Trucks, Inc.
- Nauto, Inc.
- Unity Technologies
- WiTricity Corporation
- AutoX, Inc.
- Motional, Inc.
Global Autonomous Vehicle Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, Europe is expected to show significant growth in the autonomous vehicle market throughout the forecast period owing to the rising consumer demand for advanced vehicles. Moreover, the high investment in research and development activities by the government to develop autonomous vehicles. For instance, the UK government invested USD 233.4 million into Connected Autonomous Vehicles (CAV) to support British start-ups develop their technologies for use of domestic and globally.
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The Global Autonomous Vehicle Industry Segmentation:
By Type Outlook (Revenue, USD Million, 2021-2027)
- Semi-autonomous Vehicle
- Fully-autonomous Vehicle
By Application Outlook (Revenue, USD Million, 2021-2027)
- Transportation
- Defense
Key Findings:
- Based on the type, the fully autonomous segment in the autonomous vehicle market is expected to emerge as the fastest-growing segment during the forecast period.
- Based on the application, the defense segment is projected to witness significant growth during the forecast period.
- Based on regions, Europe is expected to be the fastest-growing region during the forecast period.
Recent News:
- In Sep 2021, General Motors invested USD 300 million in Momenta for the development of next-generation self-driving technologies for future GM vehicles in China. The agreement between GM and Momenta will accelerate the deployment of autonomous vehicles in China in the near future.
- In January 2021, the automotive technology company, Veoneer, Inc., and Qualcomm Technologies, Inc. have signed an agreement through which the companies will collaborate on the delivery of scalable Advanced Driver Assistance Systems (ADAS), Collaborative and Autonomous Driving (AD) solutions.
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