The growth of the market is attributed to the growing demand of self-driving cars along with regulatory frameworks, government funding, and investment in digital infrastructure.
Vancouver, BC -- (SBWIRE) -- 01/19/2021 -- Autonomous Vehicle Market
A self-driving vehicle, also known as autonomous vehicle, is a vehicle capable of moving safely with very little or no human input by sensing its environment. The market is projected to grow over the forecast period due to the growing safety issues across the world relating to driving. The global autonomous vehicle market is projected to reach a valuation of USD 724.36 Billion by 2027 from USD 53.50 Billion in 2019, growing at a CAGR of 38.5% through the forecast period, according to a recent report published by Emergen Research.
Key participants include Honda Motor Corporation, , Daimler AG (Mercedes Benz), Ford Motor Company, BMW AG, General Motors, Audi AG, Nissan Motor Company, Tesla and Toyota Motor Corporation among others.
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The emergence of advanced driver assistance systems (ADAS) may well be a significant autonomous cars market growth driver. They assist in reducing the pressure on the propulsion by avoiding distractions.
Market Drivers
Growing investments in the digital infrastructure are the primary driving factor of the global autonomous vehicle market. Increased government funding will lead to the development of better technology relating to self-driving vehicles and boost the market growth. Moreover, higher safety issues regarding driving and traffic safety will boost the market demand as these vehicles can sense the environment and respond accordingly even if the person driving fails to do so.
Component Outlook (Revenue, USD Billion; 2017-2027)
Camera
LiDAR
Radar
Ultrasonic Sensor
Application Outlook (Revenue, USD Billion; 2017-2027)
Civil
Robo Taxi
Ride hail and share
Self-driving bus
Self-driving truck
Fuel Type Outlook (Revenue, USD Billion; 2017-2027)
Internal Combustion Engine (ICE)
Hybrid Electric Vehicle (HEV)
Battery Electric Vehicle (BEV)
Rise within the event of smart cities is also a key factor driving the expansion of the autonomous cars market. the electrical autonomous cars help reduce pollution in smart cities and also help to fight global temperature change. By using driverless cars, traffic accidents is decreased by 90%, significantly improving the protection of our roads.
Regional Outlook
North America is projected to dominate the global market due to the high demand for these vehicles in the region. The amendment acts undertaken by the U.S. government to include autonomous vehicles on the public roads will boost the market demand in the region. Europe is also expected to emerge as a promising market due to the governments' active initiatives to encourage self-driving vehicles
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Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Autonomous Vehicle Market Segmentation & Impact Analysis
4.1. Autonomous Vehicle Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increased energy savings by autonomous vehicles
4.2.2.2. Environmental impact due to traditional vehicles
4.2.2.3. Rising need for road safety
4.2.3. Market restraints analysis
4.2.3.1. Non-availability of infrastructure in developing countries
4.2.3.2. High manufacturing cost
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Autonomous Vehicle Market By Component Type Insights & Trends, Revenue (USD Million)
5.1. Component Type Dynamics & Market Share, 2019 & 2027
5.1.1. Camera
5.1.2. LiDAR
5.1.3. Radar
5.1.4. Ultrasonic Sensor
Chapter 6. Autonomous Vehicle Market By Fuel Type Insights & Trends, Revenue (USD Million)
6.1. Fuel Type Dynamics & Market Share, 2019 & 2027
6.1.1. Internal Combustion Engine (ICE)
6.1.2. Hybrid Electric Vehicle (HEV)
6.1.3. Battery Electric Vehicle (BEV)
To be Continued…!
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