The global autonomous vehicle market demand is expected to reach US$ 99,451 Million in 2032, exhibiting a prolific CAGR of 10.9% for the forecast period of 2022 to 2032. Autonomous vehicle market is anticipated to reach an estimated US$ 35,282.8 Million by the end of 2022.
Autonomous vehicles, also known as self-driving cars or driverless cars, are vehicles that use advanced technology, such as sensors, cameras, and artificial intelligence, to navigate and operate without human intervention.
Autonomous vehicles can be classified into different levels based on the degree of autonomy. The Society of Automotive Engineers (SAE) has defined six levels of autonomy, ranging from level 0 (no automation) to level 5 (full automation).
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At the lower levels of autonomy, the vehicle may have features such as automatic braking or lane departure warning, but the driver is still responsible for controlling the vehicle. At higher levels of autonomy, the vehicle can handle more complex driving tasks and the driver may not be required to intervene at all.
There are several potential benefits to autonomous vehicles, including improved safety, increased efficiency and reduced traffic congestion. By eliminating the human error factor, autonomous vehicles have the potential to significantly reduce the number of accidents on the road. Additionally, autonomous vehicles could allow for more efficient use of road space, reduce traffic congestion and lower fuel consumption.
The rising adoption of autonomous vehicles is presumably because of the diminished impact on the environment as it carbon emission levels of these vehicles is very low. In addition to this, autonomous vehicles also offer better parking solutions, greater safety which lessens the stress level while driving as well as being fuel efficient. Autonomous vehicles reduce the incidences of road accidents occurring due to human error. Thus, these vehicles are safer than the manually operated ones.
Moreover, the commercialization of autonomous vehicles is expected to generate market opportunities for other industry verticals like electronics, IT, and technology.
“The introduction of robo-taxis, ride-sharing and other commercial activities are expected to promote the market prospects for autonomous vehicles over the forecast period,” says an FMI analyst.
Key Takeaways:
- Integration of advancing technologies is likely to foster market growth.
- Data security concerns may hinder market possibilities over the assessment period.
- Europe is expected to lead the market with ownership of almost 38% market share.
- Autonomous vehicle market in North America is the second largest, accounting for 25% market share.
- By application, the passenger car segment is predicted to record the fastest growth.
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Competitive Landscape
Google LLC, BMW AG, Mercedes-Benz, Tesla Motors, and Audi AG among others are some of the major players in the autonomous vehicle market profiled in the full version of the report.
Major market players are focusing on developing their autonomous driving technology. These organizations are also engaging in strategic partnerships, collaborations, and mergers to maintain a competitive advantage.
Key Segments Covered in the Autonomous Vehicles Industry Analysis
Autonomous Vehicles Market by Level of Automation:
- Driver Assistance
- Partial Automation
- Conditional Automation
- High Automation
- Full Automation
Autonomous Vehicles Market by Application:
- Autonomous Passenger Cars
- Autonomous Public Transportation
- Autonomous Industrial Fleet
- Autonomous Construction
- Autonomous Agricultural Applications
Autonomous Vehicles Market by Region:
- North America Autonomous Vehicles Market
- Latin America Autonomous Vehicles Market
- Europe Autonomous Vehicles Market
- East Asia Autonomous Vehicles Market
- South Asia Autonomous Vehicles Market
- Oceania Autonomous Vehicles Market
- Middle East & Africa Autonomous Vehicles Market
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More Insights into the Autonomous Vehicles Market Report
In its latest report, FMI offers an unbiased analysis of the global autonomous vehicle market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on level of automation (driver assistance, partial automation, conditional automation, high automation, full automation), application (autonomous passenger cars, autonomous public transport, autonomous industrial fleet, autonomous construction, autonomous agricultural application) and region.
According to the latest FMI reports, based on region, autonomous vehicle market in Europe is predicted to retain its lead over the forecast period. This region is expected to account for around 38% of market share. The availability of a plethora of market opportunities due to the rapidly advancing technology sector as well as surging investments in research and development activities are accountable for the growth of the market in this region.
The autonomous vehicles market in North America is right behind Europe, accounting for almost 25% of market share. The increasing development in the mobility as a service sector is likely to prompt the market growth in this region. In addition, favorable traffic regulations in the U.S as well as easy adoption of technological advancements in this country further propels regional market growth.
The Asia Pacific’s autonomous vehicles market is also predicted to witness considerable growth in the forecast period. An upsurge in the demand for safe, sustainable and convenient driving experience is the primary factor fueling the regional market growth. Strict road safety regulation in countries like India and China also bode well for the market in this region.
Based on segmentation, by application type, the public transport segment is likely to account for a major portion of the global market share whereas the passenger car segment will register the fastest growth over the forecast period.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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