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(Transportation-News.com, October 30, 2021 ) Market Overview
Automated or self-driving vehicles are capable of operating without direct driver action to control steering, acceleration, and braking. Currently, cars may be computer-driven or computer-assisted driven, with various levels of autonomy, as well as connected features that allow the exchange of data.
Autonomous vehicle technology provides a significant improvement in safety, help reduce congestion, improve vehicle fuel efficiency and provide increased mobility options.
Recently, vehicles have included extra safety features such as reversing cameras and sensors for obstacles in the driver’s blind spots. Typically referred to as driver-assist features, these features provide an early taste of the potential benefits of developments in autonomous vehicle technology.
Advanced driver-assistance systems (ADAS) technology will also be critical as the market prepares for full autonomy and seeks to increase profits from autonomous vehicle essential capabilities of technology.
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Market Drivers and Restraints
The significantly rising number of accidents across the globe is expected to drive the growth of the free vehicle market during the forecasting period.
The growing awareness among consumers regarding the benefits of autonomous cars. Offer to customers, such as enhanced mobility is projected to fuel the demand for autonomous vehicles in the forecasting period.
Global car sales are expected to grow in the forecasting period, but the annual growth rate is expected to drop slightly during the forecasting period. This drop will be primarily driven by macroeconomic factors and the rise of new mobility services such as car-sharing and e-hailing. This may hamper the growth of the global autonomous vehicle market.
Market Segmentation
By Driving Type
• Semi-Autonomous
• Fully Autonomous
By Vehicle Type
• Passenger vehicles
• Commercial vehicles
• Heavy-duty vehicles
By Composite Type
• Sensors
• Tracking devices
• Others
By Region
• Asia Pacific
• Europe
• North America
• South America
• Rest of the World
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Competitive Analysis
The increase in investment in R&D activities for autonomous vehicles by critical players is driving the global market.
Vehicle manufacturers and technology providers are investing in the development of private autonomous vehicles, including Tesla, Volvo, Ford, BMW, Audi, Google, and Apple.
Other companies are focused on developing electric and autonomous shuttle buses, namely Navya, Auro Robotics, Varden Labs, Local Motors, and Easy Mile. Tesla, Mercedes, and Baidu are also investing in developing large driverless buses.
The increase in investment in new technological development and Companies are undergoing collaborations and partnership to develop autonomous vehicles is driving the growth of global independent vehicle market.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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