Autonomous Vehicles Market Growth, Trends & Forecast to 2030
Autonomous Vehicles Market by Level of Automation (Level 1, Level 2&3), Components (AI, Radar, LIDAR, Camera and Ultrasonic Sensor), ADAS Features and Region
Northbrook, IL -- (SBWire) -- 10/13/2021 --The Global Autonomous Vehicles Market is estimated to be 0.5 million units in 2025 and is projected to grow at a CAGR of 68.94% to reach 6.9 million units by 2030. The global semi-autonomous vehicles market is estimated to be 10.5 million units in 2017 and is projected to grow at a CAGR of 21.36% to reach 27.7 million units by 2022.
The growth of this market is fueled by technological advancements in the field of connected cars and driver assistance features used in vehicles. Connected cars are the stepping stones for autonomous vehicles as they can communicate with other vehicles and their surroundings and driver assistance features help drivers control the vehicle in case of emergencies.
The ecosystem of the autonomous vehicles and semi-autonomous vehicles consists of manufacturers such as Volkswagen (Germany), Daimler (Germany), Nissan Motor (Japan), Robert Bosch (Germany), Continental AG (Germany), Google (US), Cisco Systems (US), Tesla (US), and Visteon (US) and suppliers such as Continental (Germany), Robert Bosch (Germany), Delphi Automotive (UK), Denso (Japan), and Valeo (France).
1. Autonomous Cars as A Mobility Service
2. Robotic Assistance
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On the basis of component type, Radar and Camera segments hold the largest share in the semi-autonomous and autonomous vehicles market, respectively, in terms of volume
The radar segment is projected to account for the largest share in the global semi-autonomous vehicles market in 2022 as radar can work well in bad weather conditions also, which is not the case with other components. For autonomous vehicles, the camera segment is estimated to account for the largest share in 2025, followed by radar and LIDAR. Cameras are cheaply available and they can provide the information needed by the artificial intelligence installed in the autonomous vehicles about the shape, size and texture of the object, which is not feasible by other components.
Increasing accidents and concerns over the safety and security of passengers in developed and developing countries are expected to increase the growth rate of level 2&3 semi-autonomous cars
Level 2&3 automation is expected to grow at a faster CAGR than level 1 automation. It can be attributed to the growing need for highly secured personal cars and government norms in emerging economies. Level 2&3 semi-autonomous cars are having highly advanced driver assistance features that will add to the increased safety and security of passengers. The demand is expected to increase in developing and developed countries such as the USA, Germany, China, and Japan, where key car manufacturers are located.
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North America: Leading the semi-autonomous and autonomous vehicles market
North America is estimated to account for the largest share, in terms of volume, of the semi-autonomous and autonomous vehicles market in 2017 and 2025 respectively. The region comprises few developed economies in the world such as the US and Canada. Vehicle production volumes have increased over the years, with OEMs catering not only to the domestic demand but also to overseas demand.
1. Tier 1 manufacturer
2. Automotive associations
3. Raw material suppliers
4. Vehicle manufacturers/OEMs
5. Automotive software providers
6. Service providers
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Mr. Ashish Mehra
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