Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) --
The Autonomous vehicles market valuation is predicted to cross USD 6 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The industry growth is driven by the advancements in artificial intelligence (AI) and machine learning technologies. These technological advancements have instilled confidence in the feasibility and safety of autonomous driving, propelling adoption by both consumers and businesses. In February 2024, Plus unveiled Open Platform for Autonomy (OPA), powered by the latest AI models. The open platform leveraged the latest AI-based technology to allow groundbreaking next-generation safety systems for highly programed and fully autonomous driving solutions. Additionally, the potential for autonomous vehicles to revolutionize transportation by improving safety, reducing traffic congestion, and enhancing mobility access spurs investment and innovations. Moreover, government initiatives and regulations aimed at promoting autonomous vehicle development & deployment, further promotes the industry growth.
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Consumers are increasingly seeking alternatives to traditional car ownership, such as ridesharing and mobility-as-a-service (MaaS) platforms, which leverage autonomous vehicles to provide on-demand transportation services. These platforms offer cost-effective and eco-friendly alternatives to private car ownership, appealing to urban residents and businesses looking to optimize transportation efficiency and reduce reliance on personal vehicles. Additionally, the potential to enhance accessibility for elderly and disabled individuals further drives the product demand.
Commercial segment is poised to generate sustained demand through 2032, as businesses across various industries, including logistics, e-commerce, and delivery services, increasingly recognize the potential of autonomous vehicles to optimize operations and reduce costs. Autonomous vehicles offer efficient & reliable transportation solutions, enabling businesses to streamline logistics processes, improve delivery times, and enhance overall supply chain management. Additionally, the commercial segment benefits from the scalability & flexibility of autonomous vehicle fleets.
Autonomous vehicles market from industrial segment is poised to grow at substantial rate during 2024-2032, owing to the use of autonomous vehicles across manufacturing, mining, agriculture, and construction sectors. They offer precise navigation and operation capabilities, allowing industries to automate tasks that were previously labor-intensive or hazardous. For instance, AVs can streamline material handling and logistics processes in manufacturing, optimizing production workflows and reducing downtime. In mining and agriculture, they enable autonomous drilling, excavation, and harvesting, increasing operational efficiency, and minimizing environmental impact. Additionally, the innovation and technological advancements in autonomous vehicle systems lead to the development of specialized solutions tailored to industry-specific requirements.
Europe autonomous vehicles market is touted to expand at a rapid pace through 2032, attributed to stringent regulations and safety standards set by the European Commission and the European Union Aviation Safety Agency (EASA). These regulations ensure that autonomous vehicles adhere to rigorous safety requirements, instilling confidence in consumers and fostering trust in autonomous technologies. Additionally, robust infrastructure, including advanced road networks and supportive government initiatives, accelerates the adoption of autonomous vehicles by providing the necessary infrastructure and incentives for testing & deployment, stimulating the regional industry expansion.
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Key players involved in the autonomous vehicles industry include AB Volvo, Volkswagen AG, BMW AG, Toyota Motor Corporation, Embark Trucks Inc., Tesla Inc., General Motors Company, Nissan Motor Co. Ltd., and Honda Motor Company.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier Landscape
3.2.1 Raw material providers
3.2.2 Component providers
3.2.3 Manufacturers
3.2.4 Technology providers
3.2.5 Distributors
3.2.6 End-user
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Technological advancements in the autonomous vehicle industry
3.8.1.2 Increasing focus towards safety and efficiency of vehicle
3.8.1.3 Introduction of new regulation and policies
3.8.1.4 Growing government investment in infrastructure development
3.8.2 Industry pitfalls & challenges
3.8.2.1 High development costs
3.8.2.2 Safety and security concerns
3.9 Growth potential analysis
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
