Global Semi & Fully Autonomous Vehicle Market To Register Double-Digit CAGR During the Forecast Period
Advancing technologies are driving
the growth in Global Semi & Fully Autonomous Vehicle Market in the forecast
period, 2022-2026.
According
to TechSci Research report, “Global Semi & Fully Autonomous Vehicle Market By Automation Level
(Level 0, Level 1 & Others), By Component (Embedded Systems, Cameras &
Others), By Vehicle Type (Passenger Cars, and Commercial Vehicles), By Region,
Competition Forecast & Opportunities, 2016–2030”,
the global semi & fully autonomous vehicle market is expected to register a
double digit CAGR of 21% in the forecast period, 2022-2026. The market growth
is anticipated on the account of surge in the demand of technically advanced
and smarter vehicle for personal and commercial usage. The electric vehicles
are in demand due to their popularity and efficiency toward cleaner
environment. These vehicles do not require traditional fueling system and
rather work on clean energy storage systems. Moreover, the rising awareness
among the government for the use of such vehicle, the government are aiding the
policies and schemes to support the market growth i the future ten years.
Technological advancements like artificial intelligence, machine learning, are
key factors for the market growth. Further aiding technical factors may include
RADAR, LIDAR, GPS, and computer vision sensors that supports the technologies
responsible for the efficiency of semi or fully automatic vehicles.
Autonomous
electric vehicles are a boon for the drivers with disabilities as well as they
provide independent mobility for non-drivers. With the claims and comforts of
reading, resting and working while travelling, the vehicles have introduced a
better and efficient mode to the consumers thus driving the growth of the
market in the upcoming ten years.
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The global semi &
fully autonomous vehicle market is segmented by automation level, component,
vehicle type, regional distribution, and competitional landscape. Based on component,
the market is further bifurcated into cameras, radars, lidars, embedded systems,
others. Lidar technologies are anticipated to hold the largest revenue shares
of the market and assert its dominance over the market segment in the upcoming
ten years. The market growth can be attributed to advantages of the system
including the sensors and cameras. Lidar technology provides better
acknowledgement for the drivers to facilitate better movement even to the areas
they usually fail to register and thus avoid most of the cases of minor crashes
and bruises. The technology navigates the environment in the real life through accurate
depth perception, 3D mapping, solid-state sensors, etc.
Holding major revenue shares
of the global semi & fully autonomous vehicle market some of the leading
market players are, Bayerische Motoren Werke Aktiengesellschaft (BMW AG), General
Motors Company, Toyota
Motor Corporation, Ford Motor Company, Nissan Motor Corporation, Volkswagen
Aktiengesellschaft, Tesla Motors, Inc., Volvo Car Corporation, Fiat Chrysler
Automobiles NV, Hyundai Motor Company (HMC), among others. The market players are actively
involved in research and development of better semi & fully autonomous
vehicle. They are consistently working toward less fuel consuming, technically
advanced, and lesser energy consuming electronic vehicles. The majority of
market players are working in prospects of self-driving passenger cars, and
ADAS and autonomous technologies. New market player may step into the market
with autonomous electric vehicles and further advancing in the features of the
smart vehicles. Other strategic recommendation involves partnerships and
acquisitions among the players.
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“Asia Pacific region is anticipated to
be the fastest developing market in the future 10 years. The countries like
China, South Korea, Japan are actively involved with the ADAS and autonomous
technologies that are enhancing the features of electric vehicles. IT support
for these technical advancements is expected to aid the market growth in the
region since the IT industry is one of the most developed sectors in the
region. Moreover, the new market players may imply the strategies like
financial investments in India Vietnam, Malaysia etc. that provides cheap
labor. Moreover, market giants like Tesla, are already in the Asian market such
that market is experiencing exponential growth in the recent years,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based Global
management consulting firm.
“Global Semi & Fully
Autonomous Vehicle Market Size, Share By Automation Level (Level 0, Level 1 & Others),
By Component (Embedded Systems, Cameras & Others), By Vehicle Type
(Passenger Cars, and Commercial Vehicles), By Region, Competition Forecast
& Opportunities, 2016–2030”, has evaluated the future
growth potential of global semi & fully autonomous vehicle 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 global semi & fully autonomous vehicle market.
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