The autonomous vehicle market size is estimated to grow from USD 35 Billion in 2020 to USD 856 Billion by 2027, growing at a CAGR of 57.9% during the forecast year from 2021 to 2027.
The Autonomous Vehicle Market research report thoroughly explains each and every aspect related to the Global Autonomous Vehicle Market, which facilitates the report’s reader to study and evaluate the upcoming market trend and execute the analytical data to promote the business.
A large-scale Autonomous Vehicle Market document offers an all-inclusive study about production capacity, consumption, import, and export for all the major regions across the world. Furthermore, the statistical and numerical data such as facts and figures are represented very neatly in the report by using charts, tables, or graphs. This market report also involves strategic profiling of the major players in the market, comprehensive analysis of their basic competencies, and thereby keeping the competitive landscape of the market in front of the client. The winning Autonomous Vehicle report covers all the market shares and approaches of the major competitors or the key players in the market.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Autonomous Vehicle Market, By Type (Semi-autonomous Vehicles, Fully-autonomous Vehicles), Application (Transportation, Defense) & Geography – Global Forecast To 2027”. Early buyers will get 10% customization on study.
To Avail deep insights of Autonomous Vehicle Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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Autonomous Vehicle Market Outlook – 2026
The autonomous vehicle market size is estimated to grow from USD 35 Billion in 2020 to USD 856 Billion by 2027, growing at a CAGR of 57.9% during the forecast year from 2021 to 2027. Autonomous vehicle also known as self-driving vehicles uses artificial intelligence (AI) software, light detection & ranging (LiDAR), and RADAR sensing technology, which is further used to monitor a 60-meter range around the car and to form an active 3D map of the current environment. The vehicle is designed to travel between destinations without a human operator.
They combine sensors and software to control, navigate, and drive the vehicle. Autonomous vehicle uses LiDAR, RADAR sensors for its operation. Most self-driving systems create and maintain an internal map of their surroundings, based on a wide array of sensors, like radar.
The major companies profiled in the report are General Motors, Daimler AG, Ford Motor Company., Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi alliance, Volvo-Autoliv-Ericsson-Zenuity alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, and Tesla Inc. Other companies in accordance with auto suppliers are Robert Bosch GMBH, Aptiv, Continental AG, and Denso Corporation. Also by technology providers, it includes Waymo, NVDIA Corporation, Intel Corporation, Baidu, and Samsung. And based on autonomous vehicle as a service provider, it includes Uber, Lyft and Didi Chuxing.
The autonomous vehicle market is segmented based on level of automation, component, application, and region. Based on level of automation, the market is divided into level 3, level 4, and level 5. By component, it is classified into hardware, software, and service. The applications discussed in this study are civil, robo taxi, ride hail, ride share, self-driving truck, and self-driving bus. Based on region, the market is analyzed across North America, Europe, AsiaPacific, and LAMEA.
TOP IMPACTING FACTORS
Development of smart cities and rise in demand for connected cars using internet of things (IoT), help solve the problem of traffic congestion, and impact the growth of the market. In addition, development in automotive sector, demand for the luxury cars, government regulation, high cost, and the burgeoning threat from hackers in driving operation also affect the growth of the global autonomous vehicle market. These factors are anticipated to either drive or hamper the market growth.
Rise in demand for connected cars using internet of things (IOT)
Through Internet of Things, car drivers improve their performance by receiving the real-time feedback from high speed in-memory computing systems inbuilt in connected cars. These inbuilt computers offer features such as collecting, analyzing, and storing data which helps for making decisions. The wide adoption of connected cars is expected to create lucrative opportunities for autonomous and semi-autonomous vehicles.
Development of smart cities
Rapid growth of economies ensures robust development from transport infrastructure to development of smart cities. Many countries such as Mexico, Canada, and the U.S. are deploying digital infrastructure to facilitate connectivity between vehicles and infrastructures to gather vital information, and thereby, reduce traffic congestion and increase road safety. Rise in the development of smart cities is expected to significantly drive the Autonomous Vehicle Market.
High component cost
Due to constant technological advancements, the software in autonomous vehicle needs to be frequently upgraded to keep them compatible with the external environment. Also, the cost of all components and the sensor assembly in autonomous cars is more than emerging vehicles. Moreover, the ratio of premium consumers to that of economic consumers is very less globally, as it is difficult for ordinary people to afford high end cars. Therefore, high initial cost coupled with maintenance cost hamper the adoption of the autonomous vehicles.
- This study comprises analytical depiction of the global autonomous vehicle market with current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.
- Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Autonomous Vehicle Market Key Segments:
By Level of Automation
- Level 3
- Level 4
- Level 5
- Robo taxi
- Ride hail
- Ride share
- Self-driving truck
- Self-driving bus.
- North America
- Rest of the World
What Porter’s Five Forces of Competitive Analysis Provides?
Competitive rivalry:- The main driver is the number and capability of competitors in the market. Many competitors, offering undifferentiated products and services, will reduce market attractiveness.
Threat of substitution:- Where close substitute products exist in a market, it increases the likelihood of customers switching to alternatives in response to price increases. This reduces both the power of suppliers and the attractiveness of the market.
Threat of new entry:- Profitable markets attract new entrants, which erodes profitability. Unless incumbents have strong and durable barriers to entry, for example, patents, economies of scale, capital requirements or government policies, then profitability will decline to a competitive rate.
Supplier power:- An assessment of how easy it is for suppliers to drive up prices. This is driven by the: number of suppliers of each essential input; uniqueness of their product or service; relative size and strength of the supplier; and cost of switching from one supplier to another.
Buyer power:- An assessment of how easy it is for buyers to drive prices down. This is driven by the: number of buyers in the market; importance of each individual buyer to the organisation; and cost to the buyer of switching from one supplier to another. If a business has just a few powerful buyers, they are often able to dictate terms.
Five forces analysis helps organizations to understand the factors affecting profitability in a specific industry, and can help to inform decisions relating to: whether to enter a specific industry; whether to increase capacity in a specific industry; and developing competitive strategies.
The country section of the report also provides individual market impacting factors & changes in regulation in the market domestically that impacts the current & future trends of the market. Data points such as consumption volumes, production sites & volumes, import export analysis, price trend analysis, cost of raw materials, down-stream & upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence & availability of global brands & their challenges faced due to large or scarce competition from local & domestic brands, impact of domestic tariffs & trade routes are considered while providing forecast analysis of the country data.
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