LONDON, Feb. 07, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Connected And Autonomous Mobility Vehicles Global Market Report 2024, the connected and autonomous mobility vehicles market is on a trajectory of exponential growth, with the connected and autonomous mobility vehicles market size expected to surge from $133.03 billion in 2023 to $197.56 billion in 2024, boasting a remarkable Compound Annual Growth Rate (CAGR) of 48.5%. This surge in the historic period can be attributed to the emergence of advanced driver assistance systems (ADAS), the development of GPS and navigation systems, early research and development in autonomy, pioneering autonomous vehicle projects, and the shift towards Mobility as a Service (MaaS).
Anticipated Growth Prospects:
In the forecast period, the connected and autonomous mobility vehicles market is anticipated to witness even more substantial growth, reaching a staggering $824.41 billion in 2028 at a CAGR of 42.9%. Factors fueling this growth include consumer trust and adoption, integration of urban mobility solutions, ongoing regulatory developments, increased adoption of on-demand services, the evolution of vehicle-to-everything (V2X) communication, and the rising prominence of electric and hybrid vehicles.
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Key Trends Driving Growth:
Noteworthy trends expected to shape the connected and autonomous mobility vehicles market’s trajectory in the forecast period include consumer acceptance and adoption, advancements in sensor technologies, regulatory support and standards, the proliferation of on-demand mobility services, and the development of V2X communication. Furthermore, the growing imperative for sustainable transportation solutions is poised to be a significant driver, aligning with the global push towards reducing carbon emissions and enhancing air quality.
Sustainable Transport Imperative:
The demand for sustainable transport solutions is gaining momentum, driven by the need to mitigate environmental impacts. Connected and autonomous mobility vehicles (CAMVs) are positioned to play a pivotal role in this arena, offering energy-efficient, low- or zero-emission transportation options. By optimizing traffic flow, reducing congestion, and enhancing transportation efficiency, CAMVs contribute significantly to the sustainability agenda.
Industry Leaders and Innovations:
Major players in the connected and autonomous mobility vehicles market include Microsoft Corporation, General Motors (GM), Mercedes-Benz Group AG, Ford Motor Company, and others. These industry giants are increasingly focusing on introducing third-generation autonomous driving systems to gain a competitive edge. Notable innovations in this domain include May Mobility's third-generation autonomous driving system, equipped with advanced sensors and safety features, and Cognizant's acquisition of ESG Mobility to bolster its digital automotive engineering capability.
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For companies operating in the connected and autonomous mobility vehicles market, the insights provided in the connected and autonomous mobility vehicles market report offer invaluable strategic guidance. By understanding key growth drivers, emerging trends, and the competitive landscape, businesses can capitalize on opportunities, innovate effectively, and navigate regulatory challenges to drive sustainable growth and stay ahead in this dynamic industry landscape.
Connected And Autonomous Mobility Vehicles Global Market Report 2024 by The Business Research Company provides insights on the connected and autonomous mobility vehicles market size, connected and autonomous mobility vehicles market segments, connected and autonomous mobility vehicles market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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