Pune, India -- (SBWIRE) -- 02/23/2018 -- Autonomous Vehicles Global Market – Overview

The global autonomous vehicles market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of autonomous vehicles is expected to gain prominent market growth over the forecast period. The market is projected to demonstrate a spectacular growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2027).

The primary force driving the growth of Autonomous Vehicles Market is the increasing adoption of artificial intelligence and growing popularity of connected devices. Internet of things has become an unsurmountable force which has no signs of stopping. The increasing applications of IoT is one major factor fuelling the growth of autonomous vehicles market. The autonomous vehicles market is driven by the factors such as changing needs, increasing investments by the automakers and increasing popularity of internet of things applications. With the increasing number of mobile devices, there has been a constant rise in the demand for connected devices. This is one of the major factors influencing the growth of autonomous vehicles market.
On the other hand, lack of technical expertise and awareness are major factors likely to pose challenges to the market growth. Also, vehicle access, software control, autonomous driving, and the changing state of software are among the other factors which could make vehicles vulnerable to cyber-attacks and may cause hindrance in the growth of autonomous vehicles market.

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The U.S. department of transportation has recently issued new guidelines for companies developing self-driving cars in order to eliminate waiting period for roll outs and testing. This has received criticism from the consumers due to various incidents including the Tesla motors fatal accident in Florida. Autonomous vehicles are expected to be used for an array of purposes which also include trucking and on-demand car services. The vehicles are facilitated with radar, global positioning systems and on-board cameras in order to ensure connectivity and safety. At least 47 countries around the world are piloting self-driving cars and are experimenting with them. The major barriers the cities are facing in advancing the implementation of autonomous vehicles is the lack of funds, no capacity to manage pilots, no urgency to act, local opposition, lack of interest from private sector and ultimately no planning or policy making capacity.

Autonomous Vehicles Market – Segmentation

The global autonomous vehicles market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

- Segmentation by Sensor: Comprises ultrasonic sensor, radar sensor, LiDar sensor, image sensor and others.
- Segmentation by Hardware and Software: Comprises cameras, communication systems, and GPS systems.
- Segmentation by Type: Comprises semi-autonomous vehicles and fully autonomous vehicles.
- Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Key Players

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.

Autonomous Vehicles Market: Regional Analysis

North-America is dominating the global autonomous vehicles market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2023. autonomous vehicles market in Asia-Pacific market is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT technology and increasing deployment of automation in vehicles in the region. The European market for autonomous vehicles market is expected to grow at a considerable CAGR (2017-2023).

Key Finding

The global Autonomous Vehicles market and is expected to reach $65.3 billion by 2027.

- Radar Sensors are expected to be the fastest growing market with high CAGR of 29.2% between 2016 and 2027.
- Regionally, North America holds the largest market share 39.08% of global Autonomous Vehicles market and is expected to reach $24.40 billion by 2027 from $1.42 billion in 2015.
- Asia Pacific market is expected to be the fastest growing market, and expected to grow at a CAGR of 29.02% from 2016 to 2027

Industry/ Innovation/ Related News:

December, 2017 – Blackberry announces new framework to safeguard autonomous vehicles against cyber-attacks. Blackberry has recommended changes with a seven pillar approach consisting of secure the supply chain, use trusted components, employ isolation and trusted messaging, conduct in-field health checks, create a rapid incident response network, use a lifecycle management system and making safety and security a part of the culture.
November, 2017 – General Motors plans a large scale launch of self-driving cars in U.S. cities in 2019. It has planned a commercial launch of fleets of fully autonomous robot-taxis in multiple dense urban environments in 2019.
December, 2017 – Tesla Motors is developing its own AI chip for autonomous vehicles. They are developing custom AI hardware chips in order to implement those in their upcoming autonomous vehicles.

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Intended Audience

- Car Manufacturers
- Technology Providers
- Car Component Manufactures
- Sensor Manufactures
- Software Developers
- OEMs in automotive Industry

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