Westford USA, June 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Autonomous/Self Driving Vehicle Market will attain a value of USD 677.2 Billion by 2031, with a CAGR of 37.8% over the forecast period (2024-2031). The expansion of e-commerce has led to an increase in delivery needs, which calls for quicker and more efficient logistics solutions. Drones and self-guiding delivery trucks illustrate independent cars that could increase the effectiveness of last-mile delivery processes and cater for the rising need for timely and reliable items. Such are tailored to the needs of e-commerce firms wishing to meet customers’ speedier shipment anticipations—they pledge better routes, reduced running costs, and quicker delivery periods.
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Browse in-depth TOC on the " Autonomous/Self Driving Vehicle Market "
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- Tables - 144
- Figures – 70
Autonomous/Self Driving Vehicle Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $52.1 Billion |
| Estimated Value by 2031 | $677.2 Billion |
| Growth Rate | Poised to grow at a CAGR of 37.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Autonomous Type, Vehicle Type, Component, Mobility Type, Fuel Type, Stack level, Application, |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rise of connected and autonomous mobility |
| Key Market Opportunities | Increasing developments in autonomous shared mobility |
| Key Market Drivers | Increased demand for safety features |
Semi-autonomous vehicle type Driving Market due to Enhanced Driver Experience
The regulatory obstacles and expensive costs of fully automated vehicles are the main reasons for the dominance of semi-autonomous vehicles in the worldwide autonomous vehicle market. Semi-autonomous technology is also preferred by consumers due to worries about their comfort and safety. Although it is a combination of human control and automatic assistance the semi-autonomous technology offers a transition to fully autonomous systems that also makes a car safer and boosts driver convenience.
Cost-Effective & Efficient Transportation is the reason behind Robotaxi Sub-Segment Growing
The market for autonomous vehicles is dominated by robotaxi applications worldwide due to the increasing urbanisation and need for affordable, effective transportation. This trend is driven by a growing demand for sustainable urban transport options and backed up by advancements in AI improving the safety and navigation of cars and facilitating investments and creativity in self-driven taxi systems through legal regulations.
Remarkable Investments in R&D confirms North America Dominance
North America’s stand in the global market is not only as it boasts of many consumers but also due to its growing economy which is assisted by technology. Moreover, what makes the region superior is its matured infrastructure and technology driven system as well as the emphasis on developing finance, technology and health industries among others.
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Autonomous/Self Driving Vehicle Market Insight
Drivers:
- Technological Advancements
- Increased Demand for Safety Features
- Introduction of AI-Based Camera Systems for Autonomous / Self-Driving Applications
Restraints:
- High Costs
- Legal and Regulatory Challenges
- Lack of Required Infrastructure in Emerging Countries
Prominent Players in Autonomous/Self Driving Vehicle Market
The following are the Top Autonomous/Self Driving Vehicle Companies
- Toyota (Japan)
- BMW (Germany)
- Cruise (USA)
- Aurora Innovation (USA)
- Nissan (Japan)
- Volkswagen Group (Germany)
- Honda (Japan)
- Tesla (USA)
- Hyundai (South Korea)
- Mercedes-Benz (Germany)
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Key Questions Answered in Global Autonomous/Self Driving Vehicle Market Report
- What is SkyQuest's estimated market value of the worldwide autonomous vehicle market by 2031?
- What are the main causes of semi-autonomous cars' supremacy in the world market?
- Why are robotaxi apps taking the lead in the global market for autonomous vehicles?
This report provides the following insights:
- Analysis of key drivers (Safe functioning of self-driving vehicles, permanent way of enhancing car performance, implementation of V2X and efficient transportation network), restraints (All components are still very expensive, making upgrades to the autonomous systems and legal issues from liability situations), opportunities (Little or no human intervention, growth of ride-sharing and robo-taxi instead of a driver-driven car), and challenges (Car configuration differs according to the features and incorporating human-machine interface) influencing the growth of autonomous vehicles market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the autonomous vehicles market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the autonomous vehicles market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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