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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Market"
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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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