Global Autonomous Vehicles Market Size, By Vehicle Type (Passenger, Commercial, and Defense), By Level of Automation (Level 3, Level 4, and Level 5), By Component (Hardware, Software, and Service), and by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-26

Global Autonomous Vehicles Market Overview:

An autonomous vehicle is a self-driving vehicle that can guide itself without human conduction. Autonomous vehicles enhance their performance by getting real-time feedback in-memory computing systems through IoT. The in-built features installed in the vehicles collect, analyze, and store data in real-time that helps in decision-making. Autonomous vehicles could pave the path for future systems and would replace the art of driving. With the advent of autonomous vehicles, it brings out several benefits, such as increased personal safety and reduced transportation cost. Autonomous vehicles minimize the emission of carbon dioxide into the environment.

Global Autonomous Vehicles Market Forecast and Trends

The global Autonomous Vehicles Market is anticipated to grow nearly at a CAGR of 41.5 % and expected to reach around $590Mn by 2026. The driving factor for the global autonomous vehicles market is due to its ability to tackle many issues related to road transportation such as fatality, adverse climate situations, and criminal activities. Besides, it provides a higher level of safety, as there is no possibility of human errors except technical issues.

The critical factors like growing geriatric population, rising high-end passengers, along with the increased focus on the infrastructure of streamlined traffic, are contributing to the growth of the autonomous vehicle market at a very high rate during the forecast horizon 2016-2026. Moreover, the transition of car ownership to the mobility-as-a-service (MaaS) is fueling the autonomous vehicle market significantly.

Growth drivers

Supportive Government Regulation

The governments are impelled to focus on the autonomous vehicles to cope up with the heavy traffics, which results in greater commutation time and more fuel consumption. Governments are investing in order to build the infrastructure of streamlined traffic, which will eventually, reduce the occurrence of heavy traffics. The key factor that government is investing in it, as autonomous vehicles are eco-friendly and commercialization of autonomous vehicles will augment the revenue.

Improved Safety along with the reduction in traffic congestion

The governments are compelled to focus on the autonomous vehicles to cope up with the heavy traffics, which results in more considerable commutation time and more fuel consumption. Governments are investing in building the infrastructure of streamlined traffic, which will eventually reduce the occurrence of heavy traffics. The critical factor that the government is investing in it, as autonomous vehicles are eco-friendly and commercialization of autonomous vehicles, will augment the revenue.

Restraints

Risk of Exploitation by Hacking

The autonomous vehicles use IoT technology, which is connected to the internet. The hacker can misuse the navigational data through hacking and can bring severe issues to the Vehicles. So, such risk in autonomous vehicles is anticipated to impede the Autonomous Vehicles market growth.

High Manufacturing Cost

The advancement in the technology, mandate the software in an autonomous vehicle to be frequently upgraded to be compatible with the external environment. The price of vehicles’ all components and the installation of the sensor is high. Moreover, the ratio of premium consumers to that of economic consumers is very insignificant globally, since affording high-end cars for ordinary people is challenging. Therefore, high initial costs, along with maintenance costs, hinder the adoption of autonomous vehicles.

Global Autonomous Vehicles Market: Vehicle Type

Based on Vehicle Type, the Autonomous Vehicles Market segmented into Commercial, Passenger, and Defense. Passenger Vehicles segment is expected to hold significant market share due to owing to the growing importance of better fuel efficiency, road safety, and engine performance. Passenger vehicles are the most used mean of transportation in developed nations, and the numbers are continually rising in developing countries.

Global Autonomous Vehicles Market: Level of Automation

On the premise of Level of Automation, the Autonomous Vehicles Market segregated into Level 3, Level 4, and Level 5. Level 3 segment is estimated to have rapid growth due to its cutting-edge driver assistance systems such as crash recognition, adaptive travel control, and lane parting warning.

Global Autonomous Vehicles Market: Component

Based on Component, the Autonomous Vehicles Market bifurcated into Hardware, software, and Service. The software segment is expected to have the highest growth due to the adoption of systems with in-built components such as Artificial Intelligence, IoT, advanced navigation systems and others to improve the vehicle operation.

Global Autonomous Vehicles Market: Regional insights

By geography, the global Autonomous Vehicles Market segregated into North America, Europe, Asia Pacific, The Middle East & Africa, and Latin America. Europe is anticipated to grow at the highest CAGR due to the adoption of autonomous technology in marine transport coupled with the implementation of new technologies in the region. Asia-Pacific is expected to maintain the highest revenue contribution during the forecast period due to the increase in the sale & production of Vehicles and constant adoption of trending technologies along with the speedy adoption of automation.

The objective of the Study:

·         To analyze and forecast the global Autonomous Vehicles Market size of the market, in terms of value.

·    To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Autonomous Vehicles Market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America, and their leading countries.

·         To outline, categorized and forecast the global Autonomous Vehicles Market based on the Vehicle Type, Level of Automation, and Component.

·     To examine competitive developments like technological advancement, services, and regulative framework within the global Autonomous Vehicles Market.

·      To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

·      To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

By Vehicle Type:

·         Commercial

·         Passenger

·         Defense

By Level of Automation

·         Level 3

·         Level 4

·         Level 5

By Component

·         Hardware

·         Software

·         Service

By Region:

·         North America

·         Europe

·         Asia Pacific (APAC)

·         Latin America

·         Middle East & Africa

Competitive Landscape

·         General Motors

·         Daimler AG

·         Ford Motor Company

·         Volkswagen Group

·         BMW AG

·         Renault-Nissan-Mitsubishi alliance

·         Volvo-Autoliv-Ericsson-Zenuity alliance

·         Groupe SA

·         AB Volvo

·         Toyota Motor Corporation

·         Delphi

·         Tesla Inc.

·         Other Prominent Players

Business Questions answer by the report

·         How will the market drivers, restraints and opportunities affect the market dynamics?

·         What will be the market size in terms of value and volume and market statistics with a detailed classification?

·         Which segment dominates the market or region and one will be the fastest growing and why?

·         A comprehensive survey of the competitive landscape and the market participant players

·         Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority and that is why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

·         With five additional company detail analysis

·         Additional country analysis

·         Detailed segment analysis