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Autonomous Vehicle Market By Type (Semi-Autonomous Vehicle, Fully Autonomous Vehicle), By Power (Electric Cell, Fuel Cell, Hybrid), By Vehicle (Car, Van/Shuttle, Truck) - Growth, Future Prospects, And Competitive Landscape, 2019 - 2027

The global autonomous vehicle market is expected to expand at a CAGR of 35.6% during the forecast period from 2019 to 2027. The projected growth of the autonomous vehicle market worldwide is bolstered by a combination of factors, including the continually growing adoption of Artificial Intelligence (AI), rising adoption of the Internet of Things (IoT) in connected mobility, and the development of state-of-the-art infrastructure. These vehicles integrate software and sensors to operate and navigate the vehicle, which includes technologies such as light detection & ranging (LiDAR) and RADAR sensing. With the autonomous vehicle market still in its infancy, automotive manufacturers, service operators, and technology providers are partnering up with each other to develop fully automated vehicles and gain the first movers' advantage. Companies such as Tesla, Ford Motors, and others have announced their plans to launch a large fleet of autonomous cars in the upcoming years. A disruption in the automotive sector could be a game changer for all participants across the autonomous vehicle ecosystem. It will provide solutions to all existing traffic congestion, road accidents, and parking problems and will be environmentally friendly. As a result, it is expected to reduce the number of private vehicles by almost 30% - 40%.

Market Synopsis

L4 autonomy to Dominate; L3 autonomy to Register Maximum Growth throughout the Forecast Period

Based on type, the global autonomous vehicle market is categorized into two major categories: semi-autonomous and fully autonomous. Semi-autonomous vehicles, the most widely adopted technology amongst automotive manufacturers, are expected to dominate the automotive market during the forecast period. For instance, In 2019, Audi announced to launch of its A8L model with L3 autonomy. This is the first L3 automated vehicle by the company and is the first car to equip LiDAR at its front. Other companies such as BMW and Porsche AG too are developing L3 automated cars.

On the other hand, fully autonomous vehicles are also being developed and tested by various automotive manufacturer companies alongside their technology partner firms. L4 autonomous vehicles are expected to register superior growth on account of rapid technological advancement in AI and its adoption by every automotive manufacturer across the globe. Currently, companies such as Tesla, Inc., and Waymo LLC, among others, are launching vehicles with L4 autonomy. For instance, Waymo LLC has already started its robot-taxi services for customers in California, USA.

Europe Dominates; the Asia Pacific Touted to Register Fastest Growth during the Forecast Period

In 2018, Europe was the largest region that contributed a large part of the value to the global autonomous vehicle market, followed by North America and the Asia Pacific, respectively. Europe accounts for around 30% of the market share of the global autonomous vehicle market. This is attributable to the significant growth in the development of infrastructure observed across countries such as Germany, France, and the UK, among others. New players from the technology sector and mobility startups are currently leading, and huge investments made by manufacturing organizations in research & development are projected to encourage the Europe autonomous vehicle market growth in the upcoming years. In contrast, North America is anticipated to register robust growth during the initial years due to state-of-the-art infrastructure and rapid adoption of advanced technology in the region.

Some of the leading manufacturers profiled in the study 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.

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The autonomous vehicle market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global autonomous vehicle market based on type, power, vehicle, and geography. Key segments covered in the report are as follows.

Frequently asked questions :

The market for Autonomous Vehicle Market is expected to reach US$ XX Bn by 2027.

The Autonomous Vehicle Market is expected to see significant CAGR growth over the coming years, at 35.6%.

The report is forecasted from 2019-2027.

The base year of this report is 2021.

Tesla, Inc., Daimler AG,, Lyft, Inc.,, Uber Technologies Inc., Volkswagen AG are some of the major players in the global market.

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Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
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Published Date:  Oct 2019
Category:  Automotive & Transportation
Report ID:   59985
Report Format:   PDF
Pages:   120
Rating:    4.1 (66)
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