OTTAWA, Oct. 01, 2020 (GLOBE NEWSWIRE) -- 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. View Report@ https://www.precedenceresearch.com/autonomous-vehicle-market
Vehicles that sense its environment and operate without human involvement are termed as autonomous cars. An autonomous vehicle utilizes a completely automated driving system that allows the vehicle to respond accordingly to the external conditions as a human driver would manage.
The Society of Automotive Engineers (SAE) outlines 6 stages of automation that ranges from Level 0 to Level 5. Level 0 means zero automation or completely manual and level 5 means complete or full automation. In other terms, these levels of automation are defined as the degree of human intervention required in a vehicle.
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Autonomous vehicle was the most awaited technology in the field of automobile due to everyday increasing road accidents and increasing need for driver assistance technologies. Government initiatives influencing the adoption of these vehicles in compliance with their plan to reduce the harmful gas emission from vehicles significantly drives the market growth for autonomous vehicles. The government of some regions such as Europe and North America also offer incentives to the public for the purchase of electric and hybrid vehicles. Hybrid and electric vehicles are the most important example of autonomous cars. Furthermore, significant investments for the transportation infrastructure development along with rising disposable income in the developing regions are positively influencing the rising demand for autonomous vehicles in the coming years. However, the high cost of components for the autonomous vehicles may restrict the market growth in the under developed or developing nations.
North America is the most promising region and the market leader in the global autonomous vehicle market in 2019. Prior acceptor of advanced technologies and vehicle advancement are the prime factors contributing significantly towards the regional growth. In addition, the rising volume for semi-autonomous cars in the region especially in USA and Canada are likely to boost the market growth. Moreover, increasing investment from technology innovators such as Microsoft, Google, and Delphi automotive are likely to project the region as the prime adopter of autonomous vehicles followed by Europe and Asia Pacific.
Key Players & Strategies
The global autonomous vehicle market is highly competitive and offers numerous opportunities for the industry participants to upscale their market performance and position. In addition, the market also provides lucrative growth prospects for the new entrants. Implementation of smart and advanced electronic products along with sensors in various parts of the automobile transforms it into autonomous vehicles. Furthermore, upcoming technologies such as Artificial Intelligence (AI), Machine Learning (ML), and other advanced technologies upgrade the performance of the vehicles. Thus startup players grab significant opportunity to provide services and core technologies to the automotive giants for automobile application. Product enhancement, upgradation, and innovation are the prime growth aspects for the active market players. In addition, they also focus towards merger, collaboration, and partnership with technology providers to enhance their product features and performance.
Some of the key players operating in the market are BMW AG, Audi AG, Ford Motor Company, Daimler AG, Google LLC, General Motors Company, Nissan Motor Company, Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla, Volvo Car Corporation, Uber Technologies, Inc., and Volkswagen AG among others.
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