Autonomous Vehicles Market Product Driving Factors, Capacity and Growth Rate Analysis to 2030

Posted on 2023-03-08 by researchinsights in Automotive // 0 Comments

San Francisco, California , USA, Mar 09, 2023 — /EPR Network/ —

Autonomous Vehicles Industry Overview

The global autonomous vehicles market demand was estimated at 51.6 thousand units in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 53.6% from 2022 to 2030.

Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry, with high growth potential, and act as a catalyst in the technological development of automobiles. Developing a supportive regulatory framework, government funding, and investment in digital infrastructure is expected to play a key role in positively affecting the market growth during the forecast period.

The improvements in the technology, such as adaptive algorithms, sensor processing, high-definition mapping, and enhanced infrastructure, are prompting various companies to expand the production of autonomous vehicles. The market has a wide range of products and systems that make up the autonomous vehicle infrastructure. Autonomous cars enable independent mobility for non-drivers and people suffering from certain disabilities. It allows travelers to travel with more comfort and flexibility to read, rest, or even work while traveling, increasing their efficiency. It will also reduce the paid driver cost for commercial vehicles and taxis. Other benefits such as increased safety with reduced crash risks and increased road capacity with reduced costs will significantly adopt these vehicles in the market.

Gather more insights about the market drivers, restraints and growth of the Global Autonomous Vehicles Market

Various leading players are working towards enhancing the experience of using autonomous vehicles, with the help of new technologies. For instance, in 2019, the leading automobile company Volkswagen announced its collaboration with Ford to invest in AI vendor Argo AI. The partnership’s goal was to introduce autonomous vehicle technology in Europe and the US. The company decided to invest more than 4 billion USD through 2023 to develop and enhance its autonomous or self-driving services.

The autonomous car is made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently to carry out operations automatically without the help of drivers. By performing situational analysis, motion planning, and trajectory control, these sensors help in navigation. The rising safety concerns and advancements in automotive technologies have led to the penetration and acceptance of autonomous vehicles by governments of various countries, such as the U.S., Germany, China, and Japan. Such factors are anticipated to drive market growth in the forecast period.

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Autonomous Vehicles Market Segmentation

Grand View Research has segmented the global autonomous vehicles market based on application and region:

Autonomous Vehicles Application Outlook (Volume, Thousand Units, 2021 – 2030)

Transportation
Defense

Autonomous Vehicles Regional Outlook (Volume, Thousand Units, 2021 – 2030)

North America
Europe
Asia Pacific
South America
MEA

Key Companies profiled:

Some prominent players in the global Autonomous Vehicles market include

Audi AG
BMW AG
Daimler AG
Ford Motor Company
General Motors Company
Google LLC
Honda Motor Co., Ltd.
Nissan Motor Company
Tesla
Toyota Motor Corporation
Uber Technologies, Inc.
Volvo Car Corporation
Volkswagen AG

Order a free sample PDF of the Autonomous Vehicles Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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