Autonomous Vehicle Market: Opportunities and Forecast Assessment, 2020–2027

 

The GMI Research forecasts that the autonomous vehicle market is witnessing an upsurge in demand during the forecast period starting from 2020 till 2027. This is mainly due to the increasing investments for connected vehicle technology and government initiatives and policies to support self-driving technology.

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Top Manufacturers in the Autonomous Vehicle Market:

·        Robert Bosch

·        BMW AG

·        Continental AG

·        Daimler AG

·        Volkswagen AG

·        Nissan

·        General Motors

·        Hyundai

·        Tesla

·        Toyota Motor Corporation

Autonomous Vehicle Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The increasing investments for connected vehicle technology and government initiatives and policies for self-driving technology are the major factors surging the growth of the global autonomous vehicle market size. According to autonomous vehicle market forecast, various technological advancements and R&D activities for the development of autonomous vehicles will attract a large number of customers towards the market during the forecast period. The significant shift towards revolutionary trends such as the transition from car ownership to mobility as a service, introduction of technology, followed by the rising demand for the reliable transportation system, are the emerging autonomous vehicle market trends driving the growth of the autonomous vehicles market.

Several remarkable benefits are provided by autonomous vehicles, which include improved walkability & livability, decrease in traffic congestion, reduction in carbon dioxide emissions, decreased transportations prices, and improved safety level. As per the autonomous vehicle market report, the increasing investments by the OEMs for launching self-driving technology to improve the driving experience and for the introduction of digital infrastructure, will propel the growth of the autonomous vehicle market share in terms of revenue. According to the autonomous vehicle market analysis, lack of accurate infrastructure across the emerging economies and cybersecurity concerns will hamper the growth of the global autonomous vehicle market. With the outbreak of the COVID-19 pandemic has negatively influenced the growth of the global autonomous vehicle market. This is attributed to the obstruction in the self-driving development programs and the decreased amount of investment in the R&D activities in 2020.

Regional Drivers

Based on the region, the North America region is expected to grow at a higher CAGR during the forecast period. The increasing adoption of autonomous vehicles and the rising investments by the automotive top players in the auto-technology, will further fuel the growth of the market. Additionally, the growing technological advancements for the introduction of autonomous vehicles and various product launches will lead to an upsurge in the growth of the market.

Autonomous Vehicle Market Segmentation:

Segmentation by Component Type:

·        Camera

·        Artificial Intelligence

·        LiDAR

·        Radar

·        Ultrasonic Sensor

Segmentation by Fuel Type:

·        Internal Combustion Engine (ICE)

·        Battery Electric Vehicle (BEV)

·        Hybrid Electric Vehicle (HEV)

Segmentation by Level of Automation:

·        Level-1

·        Level-2

·        Level-3

·        Level-4

·        Level-5

Segmentation by Region:

·        North America

o   United States of America

o   Canada

 

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a leading market research company that offers market research reports for every industry. Our research teams have seasoned analysts and researchers and are always looking for industry-leading research techniques to create all-encompassing research reports. GMI Research's extensive global network allows it to collect relevant information about the industry on a regional as well as country-level basis. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of sectors. We provide step-by-step assistance to our clients through strategic and consulting services to reach a managerial and actionable decision. Our market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, major factors impacting the market growth, and various market insights to aid companies to make strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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