According to the latest report by IMARC Group “Autonomous Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The global autonomous vehicle market reached a value of US$ 42.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 297.3 Billion by 2027, exhibiting a CAGR of 38.4% during 2022-2027.
An autonomous vehicle (AV) is a self-driving car that is capable of carrying out necessary tasks by detecting and reacting to its environment without the assistance of a human. It has sophisticated sensor technology, intelligent control systems, an advanced driver assistance system (ADAS), computers with complex algorithms, and actuators that gather data and carry out actions including steering, braking, and accelerating. AVs provide greater road safety compared to human-driven vehicles, reduce human error, and allow those with physical limitations to operate them.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The automotive industry’s rapid expansion as well as the growing adoption of digitalization trends are what are essentially fueling the market for autonomous vehicles. Additionally, the market is expanding as a result of the rising need for a reliable method of transportation. In addition, a number of technological developments have enabled the combination of robotics, artificial intelligence, machine learning, and the Internet of Things (IoT) with autonomous cars, which will help the worldwide market grow. For intense monitoring and the creation of 3D maps of the environment, AV manufacturers are also utilising effective radio detection and ranging (RADAR) and light detection and ranging (LiDAR) sensing technology. Several other factors, like the implementation of favorable government policies supporting auto-tech, along with numerous innovations in connected vehicle technology and dynamic mobility applications, are anticipated to further drive the market for autonomous vehicles in the coming years.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AB Volvo
- AUDI Aktiengesellschaft (Volkswagen Group)
- Bayerische Motoren Werke AG
- Daimler AG
- Ford Motor Company
- General Motors
- Tesla Inc.
- Toyota Motor Corporation
- Uber Technologies Inc.
- Waymo LLC (Alphabet Inc.).
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The report has segmented the market on the basis of Component, Type, Level of Automation, Application and Region.
Breakup by Component:
- Hardware
- Software and Services
Breakup by Level of Automation:
- Level 3
- Level 4
- Level 5
Breakup by Application:
- Transportation and Logistics
- Military and Defense
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts, are being done after considering the impact of this pandemic.
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