Saudi Arabia Autonomous Vehicle Market to be dominated by Passenger Car through 2027
Increased demand for connected vehicles and ongoing digital
transformation is expected to drive the demand for Saudi Arabia autonomous
vehicle market in the forecast period, 2023-2027.
According
to TechSci Research report, “Saudi Arabia Autonomous Vehicle Market By Region, Competition
Forecast & Opportunities, 2027”,
the Saudi Arabia autonomous vehicle market is expected to witness an impressive
CAGR in the forecast period, 2023-2027.
An autonomous vehicle, also known as a driverless vehicle, can drive on
its own and perform necessary functions without human intervention owing to its
ability to sense its surroundings. The
autonomous vehicle uses advanced technologies like radio detection and ranging
(RADAR), artificial intelligence software, cameras, and light detection &
ranging (LiDAR) to sense the environment and navigate easily without any
interruption. The systems integrated
into autonomous vehicles create and maintain an active 3 D map of their
surroundings by using a wide variety of sensors. Autonomous vehicles present in the market
have different levels of autonomy, such as semi-autonomous and fully
autonomous, which can be chosen according to needs and requirements. The autonomous vehicle offers several
advantages over conventional vehicles, including higher fuel efficiency,
improved road safety, and lower traffic congestion and emissions, making them
environmentally friendly. Increased
production and sales of automobiles and growing
However,
issues relating to better data management and the high manufacturing cost may
restrain Saudi Arabia autonomous vehicle market growth for the next five years.
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The
Saudi Arabia autonomous vehicle market is segmented into vehicle type, level of
autonomy, vehicle autonomy, propulsion, regional distribution, and competitive
landscape.
Based
on vehicle type, the market is divided into passenger car and commercial
vehicle. The passenger car segment is expected to capture the highest market
share in the next five years. Improved living standards, rapid urbanization,
high per capita income, and the shift in consumers' preference for private
vehicle ownership are primarily driving the demand for passenger cars. The
government is promoting the integration of advanced technologies in autonomous
vehicles to improve vehicle and passenger safety while driving, which is
expected to boost the demand for passenger cars across the country.
Based
on the level of autonomy, the market is divided into L1, L2, L3, L4, and L5.
The level 3 segment dominates the market and is expected to maintain its
dominance for the next five years. It provides partial automation in which the
vehicle can perform steering and acceleration by itself while the human
monitors the tasks and can take control of the vehicle.
Based
on vehicle autonomy, the market is divided into semi-autonomous and fully
autonomous. Semi-autonomous vehicles are expected to hold a significant market
share in the forecast period. According to the Society of Automotive Engineers
International Automated Driving Standards, autonomous vehicles with levels 1 to
3 are considered semi-autonomous vehicles. Semi-autonomous vehicles support
more efficient and safer driving systems. Also, the implementation of stringent
road safety laws is compelling automobile manufacturers to adopt autonomous
technologies in their automobiles.
Based
on propulsion, the market is divided into ICE and electric. The electric
propulsion type is expected to witness the fastest incremental growth in the
forecast period due to the rise in environmental concerns and the need to
reduce the burden on conventional energy sources. The government is allocating
huge funds and launching supportive policies to promote the adoption of
electric vehicles among consumers. Also, the market players are introducing
electric versions of autonomous vehicles and are integrating advanced
technologies to provide greater comfort and convenience to passengers while
driving the automobile.
Major
market players operating in Saudi Arabia autonomous vehicle market are:
·
Local
Motors
·
General
Motor Company
·
Ford
Motor Company
·
Nissan
Motor Co., Ltd.
·
Kia
Corporation
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“Saudi Arabia has allocated funds worth
$500bn to invest in the development of Neom city, a smart city where the
residents would use the autonomous vehicle for daily commuting purposes. The
government is working on building smart cities that won’t have any cars or
roads and would be known as “The Line” and will form a part of the smart city.
NEOM city aims to support “ultra-high-speed transit” by using autonomous
vehicles to provide world-class facilities to its citizens. The ongoing
developments in Saudi Arabia to improve the existing transportation infrastructure
and allocation of massive funds for the adoption of advanced technologies by
market players and leading authorities are expected to propel the Saudi Arabia
autonomous vehicle market growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi Arabia Autonomous
Vehicle Market By Vehicle Type (Passenger Car, Commercial Vehicle), By Level of
Autonomy (L1, L2, L3, L4, L5), By Vehicle Autonomy (Semi-Autonomous, Fully
Autonomous), By Propulsion (ICE, Electric), By Region, Competition Forecast
& Opportunities, 2027”, has evaluated the future
growth potential of Saudi Arabia 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 Saudi Arabia autonomous vehicle market.
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