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Autonomous Vehicle Market (Type - Semi-autonomous Vehicles, and Fully-autonomous Vehicles; Sensor - Ultrasonic, RADAR, Lidar, and Image Sensor; Level of Autonomy - Level 1, Level 2, Level 3, Level 4, and Level 5): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2020

  • Rep Id : AT00200

  • Category : Automotive, Aerospace & Defence

  • Status : Published

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.

 

Market Insight

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 changing transportation.

 

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 services.

 

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.

 

Segment Covered

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.

 

Companies Profiled:

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.

 

Report Highlights:

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.


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