FEATURED COMPANIES
- Aptiv PLC
- BMW AG
- Daimler AG,
- Ford Motor Company
- General Motors Company
- Lyft, Inc.,
The global autonomous vehicle market is expected to expand at a CAGR of 35.6% during the forecast period from 2019 to 2027.
Market Insights
An Autonomous vehicle, sometimes also referred to as a self-driving vehicle (SDV) uses technologies such as Artificial Intelligence (AI), LiDAR and Radar sensing for creating a 3D map in order to sense the environment and travel from one destination to another without human interference. Since it eliminates the need for a driver, it reduces operating costs for car rental service providers such as Uber, and Lyft among others. In addition, an autonomous vehicle helps customers to lower mobility costs by offering greater flexibility in terms of transportation to the desired location, thereby providing a market for transport as a service (TaaS) and gradually lowering individual vehicle ownership rates. On the flip side, it raises concerns about unemployment as humans will be replaced by robots.
Autonomous vehicles such as Robo-taxis operate on Autonomous Mobility on Demand (AMoD) service, touted to be one of the most rapidly adopted applications of autonomous vehicles, especially in developed economies such as the U.S., the UK among others. The automotive industry is going to see huge transformation due to growing R&D in autonomous vehicles, strict government regulations & inclination of automotive manufacturers towards the technology. Rising emissions have created a huge demand for fuel-efficient and emission-free vehicles. Robotic assistance is expected to be the solution for the emission-free and fuel-efficient environment.
However, as mentioned earlier, unemployment will become a major issue as soon as this technology becomes fully commercial since humans will be replaced by robots. Cybersecurity threats will be higher as terrorists and hackers can exploit it by hacking into multiple models at the same time. Furthermore, huge capital investment and the consequent need to increase R&D expenses may pose a challenge to new entrants in the market.
Autonomous vehicles are segmented by level of autonomy into two categories, namely semi-autonomous and fully autonomous. Autonomous vehicles with semi-autonomous technology represent those vehicles in which computer can handle two or more tasks simultaneously, while fully autonomous technologies are those which allow drivers to safely turn their attention away while driving. Fully autonomous is further categorized into two types namely: L4 autonomy and L5 autonomy. In L5 autonomous vehicles, the vehicle doesn’t require human interference as it is fully automated. Currently, the L4 vehicles are being monitored by human backup drivers and are geo-fenced whereas L5 vehicles are still being envisioned.
Europe represents the largest autonomous vehicle market followed by North America. Europe is anticipated to witness strong growth as countries such as Germany, France, and the U.K., etc. are aggressively focusing on developing related infrastructure to test and deploy autonomous vehicles on a large scale. Developing economies such as China, India, Japan, and South Korea among others are also not lagging behind and are slated to become attractive markets in the years to come. The combination of factors including developing transport infrastructure, rapid urbanization and increased focus on environment & vehicle safety in countries such as China, Japan, and India is contributing towards growing demand in the Asia-Pacific region.
Some of the major autonomous vehicle manufacturers operating in the market include Tesla, Inc., Daimler AG, Lyft, Inc., Uber Technologies Inc., Volkswagen AG, Volvo Car Corporation, Waymo LLC, Ford Motor Company, General Motors Company, BMW AG, and Aptiv PLC among others. In addition, a large number of collaboration between technology providers and manufacturers in the market is expected to further strengthen the competitive landscape of the autonomous vehicle market worldwide.
Market Insights
An Autonomous vehicle, sometimes also referred to as a self-driving vehicle (SDV) uses technologies such as Artificial Intelligence (AI), LiDAR and Radar sensing for creating a 3D map in order to sense the environment and travel from one destination to another without human interference. Since it eliminates the need for a driver, it reduces operating costs for car rental service providers such as Uber, and Lyft among others. In addition, an autonomous vehicle helps customers to lower mobility costs by offering greater flexibility in terms of transportation to the desired location, thereby providing a market for transport as a service (TaaS) and gradually lowering individual vehicle ownership rates. On the flip side, it raises concerns about unemployment as humans will be replaced by robots.
Autonomous vehicles such as Robo-taxis operate on Autonomous Mobility on Demand (AMoD) service, touted to be one of the most rapidly adopted applications of autonomous vehicles, especially in developed economies such as the U.S., the UK among others. The automotive industry is going to see huge transformation due to growing R&D in autonomous vehicles, strict government regulations & inclination of automotive manufacturers towards the technology. Rising emissions have created a huge demand for fuel-efficient and emission-free vehicles. Robotic assistance is expected to be the solution for the emission-free and fuel-efficient environment.
However, as mentioned earlier, unemployment will become a major issue as soon as this technology becomes fully commercial since humans will be replaced by robots. Cybersecurity threats will be higher as terrorists and hackers can exploit it by hacking into multiple models at the same time. Furthermore, huge capital investment and the consequent need to increase R&D expenses may pose a challenge to new entrants in the market.
Autonomous vehicles are segmented by level of autonomy into two categories, namely semi-autonomous and fully autonomous. Autonomous vehicles with semi-autonomous technology represent those vehicles in which computer can handle two or more tasks simultaneously, while fully autonomous technologies are those which allow drivers to safely turn their attention away while driving. Fully autonomous is further categorized into two types namely: L4 autonomy and L5 autonomy. In L5 autonomous vehicles, the vehicle doesn’t require human interference as it is fully automated. Currently, the L4 vehicles are being monitored by human backup drivers and are geo-fenced whereas L5 vehicles are still being envisioned.
Europe represents the largest autonomous vehicle market followed by North America. Europe is anticipated to witness strong growth as countries such as Germany, France, and the U.K., etc. are aggressively focusing on developing related infrastructure to test and deploy autonomous vehicles on a large scale. Developing economies such as China, India, Japan, and South Korea among others are also not lagging behind and are slated to become attractive markets in the years to come. The combination of factors including developing transport infrastructure, rapid urbanization and increased focus on environment & vehicle safety in countries such as China, Japan, and India is contributing towards growing demand in the Asia-Pacific region.
Some of the major autonomous vehicle manufacturers operating in the market include Tesla, Inc., Daimler AG, Lyft, Inc., Uber Technologies Inc., Volkswagen AG, Volvo Car Corporation, Waymo LLC, Ford Motor Company, General Motors Company, BMW AG, and Aptiv PLC among others. In addition, a large number of collaboration between technology providers and manufacturers in the market is expected to further strengthen the competitive landscape of the autonomous vehicle market worldwide.
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Aptiv PLC
- BMW AG
- Daimler AG,
- Ford Motor Company
- General Motors Company
- Lyft, Inc.,
1. Preface
2. Executive Summary
3. Global Autonomous Vehicle Market Dynamics
4. Global Autonomous Vehicle Market Size (US$ Bn), By Type, 2017 - 2027
5. Global Autonomous Vehicle Market Size (US$ Bn), By Power, 2017 - 2027
6. Global Autonomous Vehicle Market Size (US$ Bn), By Vehicle, 2017 - 2027
7. North America Autonomous Vehicle Market Analysis, 2017 - 2027
8. Europe Autonomous Vehicle Market Analysis, 2017 - 2027
9. Asia Pacific Autonomous Vehicle Market Analysis , 2017 - 2027
10. Rest of the World Autonomous Vehicle Market Analysis , 2017 - 2027
11. Company Profiles
List of Figures:
List of Tables:
Note: Product cover images may vary from those shown
- Tesla, Inc.
- Daimler AG,
- Lyft, Inc.,
- Uber Technologies Inc.
- Volkswagen AG
- Volvo Car Corporation
- Waymo LLC
- Ford Motor Company
- General Motors Company
- BMW AG
- Aptiv PLC
Note: Product cover images may vary from those shown
