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
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
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.
Risk of Exploitation by
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.
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
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.
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.
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
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,
· 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.
of the Report
By Vehicle Type:
By Level of Automation
Asia Pacific (APAC)
Middle East & Africa
Ford Motor Company
Toyota Motor Corporation
Other Prominent Players
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.
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:
With five additional company detail analysis
Additional country analysis
Detailed segment analysis