Press Release

Autonomous Vehicle Market to Witness 21% CAGR until 2030

Increasing focus of leading automotive and technology companies on autonomous vehicle technology coupled with favorable government policies and rising concerns regarding safe driving to drive global semi & fully autonomous vehicle market through 2030

According to TechSci Research report, “Global Semi & Fully Autonomous Vehicle Market By Automation Level, By Component, By Vehicle Type, By Region, Competition Forecast & Opportunities, 2016–2030F”, the global semi & fully autonomous vehicle market is projected to grow at a CAGR of more than 21% until 2030, on account of  increasing focus of automobile manufacturers in making highly safety enabled vehicles to prevent accidents and to leverage the opportunity in rapidly growing security enabled driverless vehicles market, especially in North America and Europe. Moreover, increasing government support to the concept of autonomous vehicles is further expected to positively influence the market in the coming years. Though, Asia-Pacific lags in terms of demand for autonomous vehicles compared to North America and Europe, the region is expected to emerge as the fastest growing market for semi & fully autonomous vehicle market during the forecast period backed by anticipated surge in adoption of autonomous technologies in China, South Korea and Japan.

With a majority share, vehicles enabled with Level-1 or function specific automation dominated the global semi & fully autonomous vehicle market. However, on account of growing demand for automation, Level-3 or Limited Self-Driving Automation is expected to exhibit the fastest growth during forecast period as leading automotive OEMs are focusing on enabling their vehicles with Level-3 or Level-4/5 automation in the coming years. Among components, embedded systems have dominated the global semi & fully autonomous market, due to the advanced level of security provided by them. However, lidar is expected to be the fastest growing component during the forecast period as they are ideal for displaying the exact information about the vehicle. On the basis of vehicle type, autonomous passenger cars have dominated the global semi & fully autonomous vehicles market and are anticipated to lead during the forecast period as well on the back of rising demand for passenger cars from the growing population and rising concern for safety on road.

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Over the last couple of years, major automotive giants such as BMW AG, Tesla, Toyota, General Motors, etc., have enhanced their product offerings to gather more customer attention towards their products. On the other hand, many leading technology companies such as Google and Intel have also increased their focus on collaborating with leading global vehicle manufacturing companies and pursue joint research and development activities. “With increasing government initiatives across various major developed and developing economies to develop and bring autonomous vehicles on roads, the focus of leading global vehicle manufacturers has witnessed a shift from traditional driving to autonomous driving. Moreover, the ability of autonomous cars to reduce traffic congestion is expected to further boost their adoption in the coming years. Additionally, incorporation of autonomous technology in commercial vehicles would further accelerate demand for commercial autonomous vehicles, especially from agriculture and mining industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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Global Semi & Fully Autonomous Vehicle Market By Automation Level, By Component, By Vehicle Type, By Region, Competition Forecast & Opportunities, 2016–2030F has analyzed the potential of autonomous vehicles market globally, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the autonomous vehicle manufacturers across the globe.

 

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