A recent report published by Infinium Global Research on the autonomous vehicle market provides an in-depth analysis of segments and
sub-segments in the global as well as regional autonomous vehicle market. The
study also highlights the impact of drivers, restraints, and macro indicators
on the global and regional autonomous vehicle market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecasts, and dollar values of the global autonomous vehicle market. According to
the report, the global autonomous vehicle market is projected to grow at a CAGR
of 34% over the forecast period of 2020-2026.
In the past few decades, innovation within the automotive industry
has created safer, cleaner, and more affordable vehicles. The automotive
industry is presently searching the technology innovation required to shift
from today’s prototype autonomous vehicles to deployable safe, self-driving
solutions. The industry now appears close to generous change, stimulated by
autonomous vehicle technologies. The autonomous vehicle technology offers the
possibility of significant benefits to social welfare such as saving lives,
reducing crashes, congestion, fuel consumption, and pollution. It is also
increasing mobility for the disabled as well as ultimately improving land use.
The autonomous vehicle technology also offers the possibility of fundamentally
The ongoing evolution of automotive technology aims to bring even
superior protection benefits and automated driving systems. The increasing need
for road safety is the major driving factor for the autonomous vehicle market.
Road safety is a major issue in a number of countries around the world.
Advanced technologies are ready to ease the road hazard and these technologies
include the overall automated vehicles (AV) as a part of an intelligent
transportation system. They are a type of active safety system due to which in
the early stage of automated vehicles execution, traffic composition will be
mostly manually-driven vehicles with several vehicles with automated driving
functions and some AV. Growth in connected vehicle technology and dynamic mobility
application is also driving the market growth. A connected vehicle includes the
different communication devices and technologies that enable in-car
connectivity with other devices present in the vehicle and enable the
connection of the vehicle to external devices, networks, applications, and
On the other side, cybersecurity and safety concerns related to
autonomous vehicles is hampering the growth of the global autonomous vehicle
market. Autonomous vehicles make use of sensors and complex algorithms to
detect and respond to their surroundings. These systems can be hacked just
through an internet connection. Hackers have been able to activate/disable
vehicles brakes, steering wheels, and increase vehicle speed. Several
autonomous vehicle pilot programs are currently underway in multiple countries
and security issues related to hacking can be reduced. Moreover, increased
technological advancements by OEMs for the development of autonomous vehicles
are anticipated to provide opportunities to the market.
The COVID-19 infection has impelled lockdown measures that caused
huge disruption to carry out business across the automotive industry. The company’s
strategy to stop the progress of investment and progression towards novel
technologies in a bid to save cost has massively impacted the growth of future
mobility solutions such as autonomous vehicles. Furthermore, product
development cycles and new model launches will be delayed due to the financial
challenges and supply chain disruptions over the short term.
Among the regions, North America is dominating the global
autonomous vehicle market followed by Europe. The presence of original
equipment manufacturers, advanced technology, in large numbers and a strong
customer base are the major factors responsible for the growth of the North
America region. North America’s contributions to self-driving are fueled
heavily by tech hubs on the west coast of the United States as an industry
leader in the automated vehicle space. Furthermore, the European Union (EU) has
recognized the benefits that autonomous vehicles can provide and is leading the
way to ensure cooperation at a regional level among all stakeholders, creating
an environment favorable to autonomous vehicle development.
The report on the global autonomous vehicle market covers segments
such as type, sensor, and level of autonomy. On the basis of type, the
sub-markets include semi-autonomous vehicles, and fully-autonomous vehicles. On
the basis of the sensor, the sub-markets include ultrasonic, Radar, Lidar, and
image sensor. On the basis of the level of autonomy, the sub-markets include level
1, level 2, level 3, level 4, and level 5.
The report provides profiles of the companies in the market such
as Waymo LLC, Uber Technologies Inc., Toyota Motor Corporation, The Volvo
Group, Tesla Motors, Nissan Motor Co. Ltd., General Motors Co, Bayerische
Motoren Werke AG, Ford Motor Co, and Audi AG.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of autonomous
vehicle market. Moreover, the study highlights current market trends and
provides forecast from 2020-2026. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.