Semi & Fully Autonomous Vehicle Market to Grow with a CAGR of 9.13% in North America through to 2028
The major drivers for the North America
Semi & Fully Autonomous Vehicle Market include technological advancements,
safety improvements, consumer demand for enhanced mobility options, and a
competitive landscape with active involvement from automotive and tech giants.
These factors are propelling the growth of autonomous vehicles in the North
American market.
According to TechSci Research report, “North
America Semi & Fully Autonomous Vehicle Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the North
America Semi & Fully Autonomous Vehicle Market stood at USD 15.6 Billion in
2022 and is anticipated to grow with a CAGR of 9.13% in the forecast period,
2024-2028. The North America Semi & Fully Autonomous Vehicle Market is
being driven by several key factors. Firstly, increasing investments in
autonomous vehicle technology by major technology and automotive companies have
played a pivotal role in market growth. These investments have led to
significant advancements in sensor technology, data processing capabilities,
and vehicle-to-vehicle communication systems, enabling safer and more efficient
autonomous vehicles.
Secondly, the presence of a robust infrastructure in
North America, including well-maintained roads and reliable GPS systems,
provides a solid foundation for the development and adoption of autonomous
vehicles. Moreover, the general openness to technological innovation in the
region encourages collaboration between industry leaders, researchers, and
government bodies, fostering the rapid advancement of autonomous vehicle
technology.
Additionally, regulatory support for autonomous
vehicles has been instrumental in propelling the market forward. Governments in
North America recognize the potential benefits of autonomous vehicles, such as
improved road safety, reduced traffic congestion, and increased accessibility
for individuals with mobility challenges. As a result, they have implemented
supportive policies and regulations, including guidelines for testing and
deployment, to facilitate the integration of autonomous vehicles into existing
transportation systems.
Lastly, advancements in Artificial Intelligence (AI)
and machine learning technologies are critical drivers for the growth of the
autonomous vehicle market. These technologies enable autonomous vehicles to
perceive and interpret their surroundings, make real-time decisions, and
continuously improve their performance through machine learning algorithms.
With ongoing research and development efforts, AI and machine learning are
expected to further enhance the capabilities of autonomous vehicles, making
them even safer, more efficient, and more reliable.
In summary, the North America Semi & Fully
Autonomous Vehicle Market is experiencing significant growth due to increasing
investments, a robust infrastructure, regulatory support, and advancements in
AI and machine learning technologies. These factors collectively contribute to
the development, adoption, and continuous improvement of autonomous vehicles in
the region.
Browse over 26 market data Figures
spread through 91 Pages and an in-depth TOC on "North America Semi & Fully Autonomous Vehicle Market”
The North America Semi & Fully Autonomous Vehicle
Market is a dynamic and rapidly evolving sector that represents the forefront
of technological innovation in transportation. This market overview provides
insights into the current landscape, key players, and driving factors shaping
the adoption and development of semi and fully autonomous vehicles in North
America.
North America is one of the leading markets for semi
and fully autonomous vehicles, with significant growth potential. The market
has witnessed substantial expansion in recent years, driven by technological
advancements, consumer demand for enhanced mobility, and a strong ecosystem of
automotive manufacturers, technology companies, and startups. The market is
expected to continue growing as autonomous technology matures, regulatory
frameworks develop, and consumer acceptance increases.
The North America market for semi and fully autonomous
vehicles is characterized by a diverse range of key players, including established
automotive manufacturers, technology giants, startups, and mobility service
providers. Traditional automakers such as General Motors, Ford, and Tesla are
actively investing in autonomous technology and incorporating it into their
vehicle offerings. Technology companies like Waymo, Uber, and NVIDIA are at the
forefront of autonomous development. Additionally, North America is home to
numerous startups focused on sensor technology, software development, and
mobility services, contributing to a competitive and innovative landscape.
Technological advancements are a driving force in the
North America Semi & Fully Autonomous Vehicle Market. These vehicles rely
on cutting-edge technologies such as artificial intelligence, machine learning,
sensor fusion, high-definition mapping, and connectivity solutions to operate
safely and efficiently. The region hosts leading research institutions, tech
hubs, and innovation centers dedicated to advancing autonomous technology.
Ongoing breakthroughs in sensor capabilities, real-time data processing, and
sensor miniaturization are propelling the industry forward.
Safety considerations are paramount in the North
American market, and regulatory bodies are actively engaged in shaping the
future of autonomous mobility. The National Highway Traffic Safety
Administration (NHTSA) in the United States and Transport Canada are
collaborating with industry stakeholders to establish safety standards,
guidelines, and testing protocols for autonomous vehicles. These initiatives
are aimed at ensuring that autonomous technology meets rigorous safety
standards and is ready for widespread deployment on North American roads.
Consumer acceptance and changing mobility patterns are
key drivers of the North America Semi & Fully Autonomous Vehicle Market.
Consumers are increasingly seeking vehicles equipped with advanced
driver-assistance systems (ADAS) that offer enhanced safety and convenience.
The growth of ride-sharing platforms, autonomous ride-hailing services, and
Mobility as a Service (MaaS) solutions is reshaping how people access
transportation. These trends are creating new opportunities for autonomous
vehicles to provide convenient and cost-effective mobility options,
particularly in urban areas.
The development of infrastructure to support
autonomous vehicles is a critical aspect of the market. High-definition
mapping, vehicle-to-infrastructure (V2I) communication networks, and
intelligent transportation systems (ITS) are essential components of autonomous
mobility. North America is investing in the creation of dedicated testbeds,
smart city infrastructure, and V2I communication to facilitate autonomous
testing and operation. Ensuring that roads and cities are ready to accommodate
autonomous vehicles is a collaborative effort between governments and industry
stakeholders.
In conclusion, the North America Semi & Fully
Autonomous Vehicle Market is characterized by significant growth potential, a
diverse set of key players, technological advancements, safety considerations,
changing consumer preferences, and infrastructure development. This market is
poised to play a pivotal role in reshaping transportation in North America,
addressing safety challenges, improving mobility in urban areas, and providing
innovative solutions for consumers and businesses across the region.
Major companies operating in North America Semi &
Fully Autonomous Vehicle Market are:
- Uber Technologies Inc.
- Daimler AG
- Waymo LLC (Google Inc.)
- Toyota Motor Corp.
- Nissan Motor Co. Ltd
- Volvo Car Group
- General Motors Company
- Volkswagen AG
- Tesla Inc.
- BMW AG
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“The North America Semi & Fully Autonomous Vehicle
Market is being driven by several key factors. Firstly, increasing investments
in autonomous vehicle technology by major technology and automotive companies
have played a pivotal role in market growth. Secondly, the presence of a robust
infrastructure and a general openness to technological innovation in the region
foster the development and adoption of autonomous vehicles. Additionally,
regulatory support for autonomous vehicles, driven by safety considerations and
the potential to reduce traffic congestion, has further propelled the market.
Lastly, advancements in Artificial Intelligence (AI) and machine learning
technologies are critical drivers, enhancing the capabilities of autonomous
vehicles.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Semi & Fully Autonomous Vehicle Market – North
America Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Automation Level (L0,
L1, L2, L3, L4, L5), By Component (Embedded System, Camera, others), By Vehicle
Type (Passenger Car, Commercial Vehicle), By Country,
Competition”, has evaluated the future growth potential of North America Semi &
Fully Autonomous Vehicle Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in North America Semi
& Fully Autonomous Vehicle Market.
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