Autonomous Vehicle Market Share and Revenue Forecast by Regions 2030

Felton, California , USA, May 3, 2021 — /EPR Network/ — The global autonomous vehicle market demand is projected to account for 4.2 million units by the end of 2030, registering over 63% CAGR. Also known as self-driving vehicles, these are the combination of sensors and several networking systems. Over the past few years, there has been significant development in the field of autonomous driving technology. Further, companies such as Google LLC and Tesla have upped their investment in research & development, thereby, attributing to the growth of the market.

 

Governments across the globe are implementing favorable regulations to support the penetration of autonomous vehicles. For example, the U.K government has granted permission to operate autonomous vehicles on any public roads while the government of the U.S is aiming at the procurement of autonomous vehicles for defense application. Such initiatives are predicted to bolster the growth of the market.

 

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Depending on the application, the market is segregated into defense and transportation. The transportation division is likely to emerge as the highest share in the market over the next ten years. On the other hand, the defense category is likely to witness the maximum growth rate from 2021 to 2030.

 

Further key findings from the report suggest:

• The growth of autonomous vehicles market is estimated to gain traction due to supportive government rules globally.
• By application, the defense category is anticipated to grow at over 86.0% CAGR over the next ten years.
• Developed countries are estimated to grow significantly due to better infrastructure development to support the penetration of autonomous vehicles.

 

Impact of COVID-19

The outbreak of COVID-19 has resulted in the imposition of lockdown in countries causing massive disruption and halting businesses operations in the automobile industry. Around 90% of the major automobile firms across North America, Europe and China have been forced to stop their manufacturing facilities. The pandemic has also delayed the investment in the development of novel technologies in the automotive industries.

 

However, the effect of the pandemic is for short term only and several countries have started their manufacturing units with limited restriction. In addition, governments across the globe are increasingly investing in the development of supportive infrastructure, which, in turn, is likely to bode well for the growth of the self-driving vehicles market.

 

Global Autonomous Vehicle Market : Key Players

Google LLC, Motor Company; General Motors, Toyota Motor Corporation, Tesla, Inc., BMW AG, and Audi AG

 

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