Autonomous Vehicles Market – Overview
The demand for autonomous vehicles has gone up immensely. This market is anticipated to surface as a huge entity in the forthcoming years. The major reason for the expansion of this market can be identified as the increase in the number of road accidents over the years. Due to the increased demand for such vehicles, Market Research Future, a company that specializes in providing market research reports published a report on ‘Autonomous vehicles market’. According to their study, the market will come across several growth opportunities during the forecast period of 2017-2027.
Autonomous vehicles are basically driverless cars or cars that can drive themselves with the help of advanced technology. At present, majority of the stakeholders associated with the automobile industry are working towards developing such cars. This concept is not all new, it dates back to the 1980s, since then players have been contributing towards developing this concept.
At present, the global Autonomous Vehicles Market is at its prime and in the forthcoming projection period, it will expand at a rapid pace. This market is anticipated to generate a revenue of around 65.3 billion by the end of the forecast period. And on the other hand, the CAGR looks promising as well.
Growing awareness amongst the general masses regarding the benefits of using an autonomous vehicle acts as a primary growth factor for this market. On the other hand, the market is also propelled by several advantages of using this vehicle such as lesser driving stress, fuel efficiency, efficient parking reducing the costs and reduced carbon dioxide emissions in the environment.
The market may however come across certain restraints like data security concerns. Efforts are being made in this direction and soon enough a plausible solution will be discovered for this market.
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Some of the key players in this market are: Google (U.S.), General Motors (U.S.), Volkswagen (Germany), BMW (Germany), Ford Motor Company (U.S.), Baidu (China), Toyota (Japan), Tesla (U.S.), Audi (Germany), Jaguar (U.K.) among others.
The research report by Market Research Future on ‘Autonomous Vehicles Market’, offers an extensive analysis of the various segments of the market. Here is a glimpse of that section of the report.
- By type – Fully autonomous and semi-autonomous.
- By sensors – Lidar, ultrasonic, radar and image. Amongst these, radar sensors segment accounts for the largest share of the market. It is expected to grow at the CAGR of 29.2% during the projection period.
- By hardware and software – Communication systems, GPS systems and cameras.
In-depth Regional Analysis
The autonomous vehicles market has its reach across various verticals of the world. Some of the major areas where the prominence of autonomous vehicles market can be observed are North America, Asia Pacific, Europe and Rest of the World.
According to the research report by Market Research Future, it is North America that dominates other regions. It sums for the largest number of market shares and the primary reason for its lead is the presence of major market players and developing economies of countries like US and Canada.
Europe comes second in line and holds the biggest market share after North America. It was valued at USD 1.10 billion back in 2015 and in the forthcoming forecast period, this value is expected to double. Asia Pacific is estimated to grow at the CAGR of 29.2% throughout this term.
April 27, 2018 – BMW recently announced that it will be opting for a solid state LiDAR for the brand’s self-driving vehicles, which will be in the market by the year 2021. This technology will be provided to them by an Israeli startup called Innoviz Technologies. The market has high hopes from this partnership.
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- Car Manufacturers
- Technology Providers
- Car Component Manufactures
- Sensor Manufactures
- Software Developers
- OEMs in automotive Industry
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