Selbyville, Delaware, June 12, 2024 (GLOBE NEWSWIRE) --
The autonomous vehicle market valuation is predicted to reach USD 6 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The rising advancements in AI and machine learning technologies for enhancing vehicle safety and performance will drive the autonomous vehicle market growth. The increasing investments by automotive and tech companies in autonomous driving R&D activities has made way for supportive government policies and regulations. The strong demand for efficient, safe, and convenient transportation solutions is further accelerating the interest in autonomous vehicles. As per data from the National Highway Traffic Safety Administration, in 2022, approximately, 289,310 people were injured in crashes due to distracted drivers.
The potential for reducing traffic accidents and congestion, along with lower operational costs for ridesharing and logistics companies is boosting the appeal of these vehicles. The rising environmental concerns and the push for sustainable transport solutions is facilitating the development and adoption of electric autonomous vehicles. The growing consumer interest in smart and connected car technologies is also adding to the product adoption.
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The autonomous vehicle market from the industrial application segment is anticipated to expand at notable rate between 2024 and 2032, owing to the rising need for efficient and cost-effective operations. Automation in logistics, warehousing, and manufacturing is improving productivity and reducing labor costs. The advancements in AI and robotics are upgrading vehicle capabilities in complex industrial environments. The growing necessity for safer working conditions and the integration of smart technologies in industrial processes is also spurring the product demand in industrial applications.
The passenger vehicle segment is estimated to record substantial share of the autonomous vehicle market by 2032, due to the increasing consumer demand for safer and more convenient transportation options. Significant advancements in AI and sensor technologies are enhancing vehicle safety and performance in these vehicles. The rising urbanization and the growing need for efficient mobility solutions is also driving their deployment. Moreover, the launch of supportive government policies and the push for sustainable electric autonomous vehicles will also boost the segment growth.
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Europe autonomous vehicle market is projected to witness substantial growth between 2024 and 2032, led by the strong government support and favorable regulations. Significant investments in AI and automotive technology are driving the deployment of these vehicles in the region. The increasing emphasis on reducing traffic congestion is making way for measures for enhancing road safety. The growing push for sustainable transport solutions is fueling the vehicle penetration. The increasing consumer acceptance and interest in innovative mobility solutions will also drive the regional market expansion.
Some of the leading firms operating in the autonomous vehicle market include AB Volvo, BMW AG, Embark Trucks Inc., General Motors Company, Honda Motor Company, Nissan Motor Co. Ltd., Tesla Inc., Toyota Motor Corporation, Volkswagen AG. These industry leaders are adopting various business development strategies, such as mergers & acquisitions, collaborations, and launching new products to gain a competitive edge in the market. For instance, in May 2024, Renault Group announced a collaboration with ‘WeRide’ to commercially deploy L4 autonomous vehicles, capable of handling driving situations independently within defined areas with remote supervision but no on-board operator.
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 Autonomous Vehicle Market 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.
