- 20 November 2020 01:55
Autonomous Vehicle Market Witness a CAGR of 63.5% by 2027
The global autonomous vehicle market demand was estimated to be around 6.5 thousand units in the year 2019 and expected to witness a compound annual growth rate (CAGR) of 63.5% during the forecast period 2020 to 2027.
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.
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.
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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.
- Increasing Push from Government as Well as Consumers to Ensure Road Safety, Which Boost the Demand for Reliable Transportation System
- Increasing Push from the Government to Develop Connected and Autonomous Infrastructure
- Increased Government Focus on Streamlined Traffic Infrastructure
- Impact of Market Drivers
- Safety and Reliability Issues with Autonomous Vehicles
- Non-Availability of Required Infrastructure and Undefined Legal Responsibility and in Developing Countries
- Rise in Cyber Threat due to Increase of Data
- Impact of Market Challenges
- Increasing Focus on Vehicle Platooning
- Transition from Car ownership to Mobility-as-a-Service (MaaS)
- Revenue Generation Opportunity for Different Layers of Automotive Ecosystem
- Wide Ranging Opportunities for Luxury Cars (Level 1 and Level 2) in Emerging Economies
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 2020 to 2027 to benchmark the financial competency.
Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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- Commercial transportation
- Industrial transportation
- North America
- Asia Pacific
- South Korea
- Rest of the World