Autonomous Vehicle Market to Register 63.5% Growth to 2027
The global autonomous vehicle market demand was estimated to be around 6.5 thousand units in the year 2019, including a CAGR of 63.5% from 2020 to 2027.
Precedence Research has published a new report titled, “Autonomous Vehicle”, the report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Vehicles that sense its environment and operate without human involvement are termed as autonomous cars. An autonomous vehicle utilizes a completely automated driving system that allows the vehicle to respond accordingly to the external conditions as a human driver would manage.
The Society of Automotive Engineers (SAE) outlines 6 stages of automation that ranges from Level 0 to Level 5. Level 0 means zero automation or completely manual and level 5 means complete or full automation. In other terms, these levels of automation are defined as the degree of human intervention required in a vehicle.
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Autonomous vehicle was the most awaited technology in the field of automobile due to everyday increasing road accidents and increasing need for driver assistance technologies. Government initiatives influencing the adoption of these vehicles in compliance with their plan to reduce the harmful gas emission from vehicles significantly drives the market growth for autonomous vehicles. The government of some regions such as Europe and North America also offer incentives to the public for the purchase of electric and hybrid vehicles. Hybrid and electric vehicles are the most important example of autonomous cars. Furthermore, significant investments for the transportation infrastructure development along with rising disposable income in the developing regions are positively influencing the rising demand for autonomous vehicles in the coming years. However, the high cost of components for the autonomous vehicles may restrict the market growth in the under developed or developing nations.
North America is the most promising region and the market leader in the global autonomous vehicle market in 2019. Prior acceptor of advanced technologies and vehicle advancement are the prime factors contributing significantly towards the regional growth. In addition, the rising volume for semi-autonomous cars in the region especially in USA and Canada are likely to boost the market growth. Moreover, increasing investment from technology innovators such as Microsoft, Google, and Delphi automotive are likely to project the region as the prime adopter of autonomous vehicles followed by Europe and Asia Pacific.
- North America dominated the global autonomous vehicle market with significant revenue share in 2019 and projected to grow at an explicit growth rate during the forecast period. This is attributed to significant amendments made by the governing bodies in the traffic regulations to support the autonomous vehicle on public road.
- Europe predicted to encounter the most lucrative growth rate for autonomous car market in the coming years owing to shifting consumer preference towards automated product along with rising adoption of autonomous vehicles. For instance, in 2018, UK government announced a jurisdiction to permit autonomous vehicles on any public road without the requirement of extra insurance or permits.
- The Asia Pacific expected to flourish rapidly in the autonomous vehicles market during the analysis period owing to fast adoption of green mobility, as well as rising trend of mobility as a service in the region. China, India, Japan, and other ASEAN countries are significantly adopting the advanced mobility solution that helps government in their plan for reduced carbon emission and healthy environment in the near future.
- By application, the global autonomous vehicles market is dominated prominently by the transportation segment owing to rapid adoption of advanced vehicles for personal and commercial applications. Furthermore, government initiative for promoting shared mobility and battery powered vehicle adoption drives the growth of the segment. However, defense segment also seeks lucrative growth over the analysis period due to rising adoption of autonomous technology in defense vehicles.
Key Players & Strategies
The global autonomous vehicle market is highly competitive and offers numerous opportunities for the industry participants to upscale their market performance and position. In addition, the market also provides lucrative growth prospects for the new entrants. Implementation of smart and advanced electronic products along with sensors in various parts of the automobile transforms it into autonomous vehicles. Furthermore, upcoming technologies such as Artificial Intelligence (AI), Machine Learning (ML), and other advanced technologies upgrade the performance of the vehicles. Thus startup players grab significant opportunity to provide services and core technologies to the automotive giants for automobile application. Product enhancement, upgradation, and innovation are the prime growth aspects for the active market players. In addition, they also focus towards merger, collaboration, and partnership with technology providers to enhance their product features and performance.
Some of the key players operating in the market are BMW AG, Audi AG, Ford Motor Company, Daimler AG, Google LLC, General Motors Company, Nissan Motor Company, Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla, Volvo Car Corporation, Uber Technologies, Inc., and Volkswagen AG among others.
This report provides:
- 1)An overview of the global market for Autonomous Vehicle and related technologies.
- 2)Identifications of new market opportunities and targeted promotional plans for Autonomous Vehicle market.
- 3)Comprehensive company profiles of major players in the industry.
- 4)Discussion of research and development, and the demand for new products and new applications.
- 5)Analyses of global market trends, with data from 2016, estimates for 2016 and 2027, and projections of compound annual growth rates (CAGRs) through 2027.
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
220.127.116.11. List of Suppliers
18.104.22.168. List of Buyers
Chapter 7. Global Autonomous Vehicle Market, By Product
7.1. Autonomous Vehicle Market, by Product Type, 2020-2027
22.214.171.124. Market Revenue and Forecast (2016-2027)
126.96.36.199. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Autonomous Vehicle Market, Regional Estimates and Trend Forecast
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