Autonomous Vehicle Market Revenue, Statistics, Industry Growth and Demand Analysis Research Report by 2027

Autonomous Vehicle Market

According to a recent report by Emergen Research, the global market for autonomous vehicles is expected to reach USD 724.36 billion by 2027. The development of advanced driver assistance systems (ADAS) could be a major market growth factor for autonomous vehicles. By eliminating distractions, they help to relieve pressure on the propulsion.The majority of these items have computational capabilities and other distinctive qualities. The application of ADAS in every vehicle is also improving as a result of the increased acceptance of cutting-edge technologies in maps, cameras, processors, software sensors, and algorithms. Additionally, automakers are incorporating ADAS into their vehicles to slow down the rate of collisions and enhance the safety of drivers, passengers, and pedestrians. High-tech systems can, however, frequently result in breakdowns and malfunctions. This aspect can limit market expansion.

Cybersecurity and the associated safety measures are the main barriers to the market growth for autonomous vehicles. Despite the great development potential of the self-driving car industry, many buyers don’t seem to be able to deliver the keys due to the fear of hackers, who have a tendency to establish destinations and take control of data in a variety of situations, endangering the privacy of passengers.More worrisome is the notion of hackers seizing control of the automobiles in certain circumstances. As an illustration, Arizona (USA) recorded the first pedestrian fatality involving an autonomous vehicle in 2018. When Chinese researchers used software that was sent to the car’s application through a series of convoluted computer exploits, they were able to hack the vehicle via Wi-Fi and cellular connections in 2017, exposing weaknesses in the Tesla Model X.

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Some Key Highlights from the Report

The development of smart cities is another important driver propelling the market for autonomous vehicles. In addition to assisting in the fight against global warming, electrical autonomous vehicles also help to minimise pollution in smart cities. Traffic accidents are reduced by 90% when driverless cars are used, greatly enhancing road safety. Digital infrastructure is being implemented in several nations, including Mexico, Canada, and the US, to encourage connection between vehicles and networks to compile necessary information, thereby minimising delays and enhancing road safety. Therefore, it is anticipated that the growth of smart cities will fuel the market for autonomous vehicles.

The market for autonomous vehicles may soon see a significant trend toward fully automated vehicles. The majority of driving tasks may theoretically be performed by autonomous vehicles in all situations; these vehicles, like those developed by Waymo, are primarily intended for use as robo-taxis. These vehicles are anticipated to eventually blend in with US roads thanks to technological advancements in the six degrees of driver assistance that range from full autonomy (where an autonomous vehicle drives itself without a driver) to no automation (where a very attentive driver is still required). Tesla has acknowledged that it intends to provide its cars a software upgrade by the end of 2019 or the beginning of 2020. Also according to Wired, Teslas will be fully driverless by the end of 2020.

A California-based business called Drive.ai that develops autonomous vehicles was purchased by American technology corporation Apple in June 2019 for an unknown sum. This purchase accelerated Apple’s own work on a self-driving car technology.

Honda Motor Company, Daimler AG (Mercedes Benz), Ford Motor Company, BMW AG, General Motors, Audi AG, Nissan Motor Company, Tesla, and Toyota Motor Corporation are a few of the major participants.

 

For the purpose of this report, Emergen Research has segmented into the global Autonomous Vehicle Market on the basis of source, application and region:

Component Outlook (Revenue, USD Billion; 2017-2027)

  • Camera
  • LiDAR
  • Radar
  • Ultrasonic Sensor

Application Outlook (Revenue, USD Billion; 2017-2027)

  • Civil
  • Robo Taxi
  • Ride hail and share
  • Self-driving bus
  • Self-driving truck

Fuel Type Outlook (Revenue, USD Billion; 2017-2027)

  • Internal Combustion Engine (ICE)
  • Hybrid Electric Vehicle (HEV)
  • Battery Electric Vehicle (BEV)

Regional Outlook (Revenue: USD Billion; 2017-2027)

  • North America
    1. U.S
    2. Canada
    3. Mexico
  • Europe
    1. U.K
    2. Germany
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

Find More Competitor in TOC with Profile Overview Share Growth Analysis @ https://www.emergenresearch.com/industry-report/autonomous-vehicle-market

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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