Fort Collins, Colorado, Oct. 13, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the autonomous vehicle market size was valued at USD 35.8 Billion in 2022 and is expected to reach a market size of USD 373.3 Billion by 2032 with a CAGR of 26.5%.
The demand for safer, more convenient, and enjoyable driving experiences fuels the market's growth. Autonomous vehicles are driver assistance systems that navigate and manage vehicles without human intervention. Google Waymo is an example of an autonomous vehicle capable of switching between self-drive and manual mode.
Autonomous vehicles are becoming more popular due to the increasing safety features in automobiles. With 94% of crashes caused by human error, autonomous vehicles can decrease the number of accidents by using active safety systems that anticipate danger and avoid it. They achieve this by exchanging information with nearby vehicles and infrastructure and using Co-operative Intelligent Transport Systems to facilitate safer traffic flow.
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The smart city trend drives the growth of autonomous vehicles, promoting economic and environmental sustainability and public safety. These vehicles find the fastest and most fuel-efficient routes using AI and real-time cloud data. They can also be programmed to optimize acceleration and braking, reducing fuel consumption. Autonomous vehicles are equipped with specialized sensors that connect with the surrounding infrastructure, reducing the risk of collisions and improving public safety.
Segmentation Overview:
The global autonomous vehicle market has been segmented into component, level of autonomy, system, propulsion type, vehicle type, and application. The L2 segment dominated the market due to partial driving automation, including the automated driver assistance system. The transportation sector had a significant share, boosted by the adoption of autonomous vehicles by ride-hailing services such as Uber and Lyft.
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Autonomous Vehicle Market Report Highlights:
- The global autonomous vehicle market growth is anticipated at a CAGR of 26.5% by 2032.
- Factors such as enhanced safety, lessened traffic blockage, growth in connected infrastructure, and shifting from ownership to mobility-as-a-service augment the global market growth.
- North America led the market due to innovation by key players and the trend of smart cities, with cities like Austin, Seattle, and San Francisco implementing smart technologies for efficient traffic management and safety.
- Some prominent players in the autonomous vehicle market report include 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.
Industry Trends and Insights:
- IONWAY, a European EV battery materials producer, has chosen Poland for its first CAM production plant. Backed by PowerCo SE and Umicore, it aims to produce 160 GWh p.a. by 2030.
- Tesla Power India formed a strategic alliance with Thaihuawei Battery, Thailand, for motorcycle batteries, endorsed by the Indian Ministry of Trade and Commerce.
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Autonomous Vehicle Market Segmentation:
- By Component: Camera unit, LIDAR, radar sensor, ultrasonic sensor, and infrared sensor
- By Level of Autonomy: L1, L2, L3, L4 and L5
- By System: Adaptive cruise control, automatic emergency braking, blind spot detection, cross-traffic alert, driver monitoring system, forward collision warning, intelligent park assist, lane departure warning, traffic jam assist, and others
- By Propulsion Type: Electric and hybrid
- By Vehicle Type: Passenger cars and commercial cars
- By Application: Civil, defense, transportation, logistics, and construction
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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