New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Autonomous Vehicles Market Information, By Type, By Sensors, By Hardware and Software and By Region (North America, Europe, Asia Pacific, Rest of the World (RoW)) - Forecast till 2030”, the market is anticipated to acquire a valuation of approximately USD 125.67 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 22.3% during the assessment timeframe.
Autonomous Vehicles Market Overview:
The rising adoption of advanced safety systems and driver assistance features drive Autonomous Vehicles Market growth. The awareness of the importance of autonomous driving features is projected to change the automotive game.
Currently, many major players are contributing to the development of semi-autonomous and fully autonomous vehicles. Innovative prototypes are being tested in the R&D centers of various automobile companies and universities. Autonomous driving is becoming a major buying factor for customers. People in China, Europe, and the United States would switch automotive brands to get a vehicle with better autonomous driving features.
Top companies active in the global autonomous vehicles market include-
- General Motors (US)
- Volkswagen (Germany)
- Ford Motor Company (US)
- BMW (Germany)
- Baidu (China)
- Tesla (US)
- Toyota (Japan)
- Audi (Germany)
- Jaguar (UK)
- Google (US)
- Continental AG (Germany)
- Intel Corporation (US)
- Renesas Electronics Corporation (Japan)
- ZF Friedrichshafen AG (Germany)
- Nvidia Corporation (US)
- Infineon Technologies AG (Germany)
- Hitachi, Ltd. (Japan)
- Autoliv Inc. (Sweden)
- NXP Semiconductors NV (Netherlands)
- Bosch (Germany)
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/1020
Government norms & regulations related to passenger safety are a major factor responsible for expanding the autonomous vehicles market. Besides, increased demand for in-built driver-assistant systems boosts sales of autonomous vehicles. Vehicle manufacturers are innovating new technologies to improve vehicle safety and intelligent transport systems.
Moreover, increased accidents across the globe foster the demand for autonomous vehicles. However, crucial factors that help the market expansion are increased government mandates for advanced driver-assistance systems (ADAS) features, including basic safety systems like anti-lock braking systems (ABS) and airbags. Collaboration among stakeholders is key to ensuring the highest possible levels of safety in automated vehicles.
However, autonomous vehicles on the market still require a certain level of driver intervention. This shows that the self-driving concept needs more R&D to become completely autonomous, relying more on the technology. Also, software systems of automated vehicles pose significant challenges, such as unexpected malfunction, which increases the possibility of collisions.
Autonomous Vehicles Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 125.67 Billion |
| Growth Rate | CAGR of 22.3% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The increase in vehicle sales across the world leads to high demand for autonomous vehicles. |
| Key Market Drivers | Rising adoption of advanced safety systems and driver assistance features drive market growth. Increasing demand for cost-competitive autonomous vehicle safety systems. |
Browse In-depth Market Research Report (110 Pages) on Autonomous Vehicles Market:
https://www.marketresearchfuture.com/reports/autonomous-vehicles-market-1020
Industry Trends
Due to the rising rate of road accidents, the adoption of advanced safety systems and driver assistance features like blind-spot identification and automatic emergency braking systems is growing continually. Moreover, increasing demand for cost-competitive autonomous vehicle safety systems is estimated to propel the growth of the autonomous vehicle market.
To lessen accidents happening daily, monitoring bodies in developed regions are mandating advanced safety systems and anti-lock braking systems in vehicles, which helps expand the market. Increased numbers of accidents that happened due to human negligence act as a major factor driving the growth of the Autonomous Vehicles Market. Therefore, the automotive ecosystem is shifting the attention toward completely automatic automobiles free of human errors.
The increase in autonomous/semi-autonomous vehicle sales in developed regions leads to high demand for autonomous vehicles. Furthermore, advances in various in-vehicle technologies and sensors, including active steering (steer by wire), adaptive cruise control, anti-lock braking systems (brake-by-wire), GPS navigation technology, and lasers & radar, influence the market growth.
Concerns about cybersecurity issues such as data breaches of personal information are major obstructions in the autonomous vehicle adoption rate. Also, legal obstructions in autonomous vehicles would hamper the expansion of the market. These issues of legal liability in the case of an accident have become more relevant.
There is also the question of legal liabilities, such as the legal responsibilities of the human driver and the carmaker that built the self-driving car. Simultaneously, self-driving cars remain one of the hardest technical challenges around. Besides physical advances, mental improvements are also needed.
Ask To Expert:
https://www.marketresearchfuture.com/ask_for_schedule_call/1020
Autonomous Vehicles Market Segments
The autonomous vehicles market is segmented on the basis of types, sensors, hardware & software, and regions. By type, the market is sub-segmented into semi-autonomous and fully autonomous vehicles. By sensors, the market is segmented into ultrasonic, radar, lidar, image, and other. Based on hardware and software, the market is segmented into Communication Systems, Cameras, GPS Systems, and others. Furthermore, the region segment comprises the Americas, Europe, Asia-Pacific, and rest-of-the-world.
Autonomous Vehicles Market Regional Analysis
North America dominates the global autonomous vehicles market. Factors such as the rise in the sales of autonomous vehicles and issues concerning vehicle safety drive market growth. Government regulations within the North American nations are estimated to become more stringent in the next few years. Additionally, the increasing demand for more automated vehicles helps the regional market gain the highest market share.
Europe is the second-largest market for autonomous vehicles. The increase in R&D investments and sales of luxury vehicle developments in this region boosts market revenues. Besides, rising consumer preference and spending on lavish, high-performance vehicles positively impact regional market growth.
The Asia Pacific is estimated to become the second biggest market for autonomous vehicles over the next few years. Factors such as the increasing production and sales of luxury vehicles influence the region's market shares. Furthermore, the well-established automobile industry in this region creates substantial opportunities for the automobile industry in the region.
Check for Discount:
https://www.marketresearchfuture.com/check-discount/1020
Autonomous Vehicles Market Competitive Analysis
The highly competitive autonomous vehicles market appears fragmented, with several well-established players forming a competitive landscape. These companies aggressively target increased participation through mergers & acquisitions, collaborations, expansion, and technology/product launches, expanding their operations and offerings. The market is expected to witness increasing auto-driving vehicle launches in the upcoming period.
For instance, on Sept. 25, 2022, Volkswagen introduced its latest concept vehicle, named GEN.TRAVEL, a self-driving innovation experience vehicle. Volkswagen brought its fully autonomous TaaS GEN. TRAVEL concept car with a battery electric Level 5 autonomous device to provide a Mobility as a Service experience for up to four passengers. According to the automaker, the new autonomous car could be an excellent substitute for short-range air travel or the Nightjet high-speed train service available in many parts of Europe.
Related Reports:
Autonomous Vehicle ECU Market Research Report: Information by Application Type, by Vehicle Type and by region – Forecast till 2030
Autonomous Underwater Vehicle Market Research Report: By Type, Technology, Payload, Application - Forecast to 2030
Semi-Autonomous Vehicle Market Research Report: Information by Component, ADAS Features, Automation Level, Propulsion and by Region - Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
