global autonomous vehicle market was valued at 6.6 million units in 2017 and is expected to reach 67.5 million units by 2028, registering a CAGR of 20.78% between 2018 and 2028
NEW YORK, March 4, 2019 /PRNewswire/ -- Global Autonomous Vehicle Market to Grow at a CAGR of 20.78% from 2018-2028
The global automotive industry is going through a period of wide-ranging and transformative changes with the shift in the consumer behavior as well as increasing implementation of stringent environmental regulations.Factors such as rising safety and security concerns, increasing demand for reliable transportation system, and advent of revolutionary trends, such as transition from car ownership to "Mobility as a Service" (MaaS), are expected to increase the demand for autonomous vehicles.
Read the full report: https://www.reportlinker.com/p05748373
Autonomous vehicles are the key to changing urban transportation beyond recognition in the next few years.There are both traditional OEMs and new vehicle developers who are working in this ecosystem to improve and introduce fully-autonomous vehicles on the road.
These vehicles will have advanced features from traditional vehicles and improve the driving experience for passengers. The Society of Automotive Engineers International (SAE) has defined six levels of automation to classify a system's sophistication, ranking from 0 to 5.
Level 0: No Automation
In this level, the driver is in control of the entire vehicle and all aspects of driving are entirely manually controlled. Example of such a vehicle is 2018 KIA Rio, among others.
Level 1: Driver Assistance
In this level, the vehicle system can assist with some functions such as controlling the steering or the vehicle speed.The driver handles a majority of the vehicle functions.
Features such as adaptive cruise control or lane keeping are part of this level of automation.
Level 2: Partial Automation
In this level, the vehicle system is able to control the braking, steering, or acceleration of the vehicle.These features can be applied together and the coordination between two or more of these assist technologies helps a vehicle to be of Level 2 status.
A driver is there during all times to actively monitor the vehicle's progress and be ready to intervene at any time. Most vehicles in 2018 have these features of Level 2 such as GM Super Cruise, Mercedes-Benz Distronic Plus, Tesla Autopilot, Nissan ProPilot Assist, and Volvo Pilot Assist, among others.
Level 3: Conditional Automation
In this level, the vehicle system is able to detect the environment around the vehicle using sensors such as LiDARs and make informed decisions for the vehicle such as overtaking a slower moving vehicle in front of it.The vehicle system is able to manage most aspects of driving, including monitoring the environment.
The system prompts the driver to intervene when it encounters a scenario it can't navigate. Audi Traffic Jam Assist is the only commercialized level 3 auto pilot system developed by Audi for Audi A8.
Level 4: High Automation
In this level, the vehicle can operate without human intervention but only in certain conditions. There is an option to manually override the vehicle system functions.
Level 5: Full Automation
In this level, the vehicles can operate as driverless vehicles in any road conditions. These vehicles are being developed to be used as robo-taxis, such as Waymo, among others.
The global autonomous vehicle market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain.Some of the strategies covered in this section are product launches and developments, business expansions, and partnerships/collaborations/joint venture.
The preferred strategy for the companies have been product launches & developments in order to strengthen their position in the global autonomous vehicle market.
According to BIS Research analysis, the global autonomous vehicle market was valued at 6.6 million units in 2017 and is expected to reach 67.5 million units by 2028, registering a CAGR of 20.78% between 2018 and 2028. North America dominated the global autonomous vehicle market in 2018, whereas, Rest-of-the-World is expected to have the highest growth rate during the forecast period 2018-2023.
The key market players in the global autonomous vehicle market are Audi AG, BMW Group, Daimler AG, FCA Italy S.p.A., Ford Motor Company, General Motor Company, Nissan Motor Corporation, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, Volvo Group, Waymo LLC, and Zoox Inc.
The report is a compilation of different segments of the global autonomous vehicle market including market breakdown by level of autonomy, vehicle type, and region. The report further takes into consideration the market dynamics and the competitive landscape. The report also discusses in detail about the key participants involved in the industry. The report answers the following questions about the global autonomous vehicle market:
• What is ADAS and autonomous driving?
• How big is the global autonomous vehicle market in terms of volume and what is the CAGR (2018-2028)?
• What is the volume of different types of autonomous vehicle, such as level 1, level 2, level 3, level 4, and level 5?
• What is the volume of different types of autonomous vehicles, such as passenger cars, and commercial vehicles (heavy trucks and heavy buses)?
• What is the market size of different regions such as North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)?
• Which are the key companies operating in the global autonomous vehicle market?
• Which major factors are expected to impact the global autonomous vehicle market?
• What are the key market strategies adopted by the autonomous vehicle market players?
Executive Summary
The global automotive industry is undergoing transformations, with a shift in the consumer behavior from conventional vehicles to autonomous vehicles as well as an increase in the implementation of stringent environmental regulations.The automotive industry currently experiences substantial investments in research and development.
Unlike other industries, automotive research and development efforts are largely funded by the industry, rather than through public sources.Automotive R&D spending is increasing rapidly to keep pace with the demands for more sophisticated and effective technologies such as autonomous vehicles, telematics, and intelligent transportation systems, owing to the need to prevent accidents and maintain proper public transportation.
Improved fuel economy and reduced vehicular emission continue to drive automakers to bring improvements in vehicle powertrain, light weighting, aerodynamics, and other vehicle attributes.Consumer preferences, increasing congestion, and various mobility choices mean that vehicles have to incorporate a variety of creative technologies to attract buyers.
As a consequence, both public sources and private companies are investing substantially in the automotive industry.
The autonomous vehicle market is anticipated to grow at a CAGR of 20.78% during the forecast period 2018-2028. The autonomous vehicle market is driven by several factors such as increasing push from governments as well as consumers to ensure road safety and to develop connected and autonomous infrastructures, which boost the demand for reliable transportation system. Additionally, increased government focus on streamlined traffic infrastructure boosts the market growth. Moreover, factors such as increasing focus on vehicle platooning, transition from car ownership to mobility-as-a-service (MaaS), and revenue generation opportunity for different layers of automotive ecosystem is anticipated to create numerous opportunities for the market growth. However, factors such as reliability issue with autonomous vehicle, non-availability of required infrastructure, and undefined legal responsibilities in developing countries, and rise in cyber threat due to increasing data, hamper the market growth.
The level 1 segment dominated the global autonomous vehicle market, accounting for around 88.16% of the total market in 2017 and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the rise in demand for high-end passenger cars that include ADAS features such as adaptive cruise control, lane departure warning, drowsiness monitoring, among others, in North America and Europe. Numerous automotive OEMs are integrating their vehicles with level 1 features, owing to the growing vehicular safety concerns and rising government rules and regulations. In terms of growth, the level 4 autonomous vehicle market is anticipated to be the potential segment, expected to register the highest CAGR of 97.37% from 2020 to 2028. This is mainly due to the increasing R&D investment by automotive OEMs and self-driving technology providers such as Audi, Toyota, General Motor, Uber, Waymo, and Zoox, among others in order to develop level 4 autonomous vehicles. These companies are testing their level 4 vehicles in the U.S., Germany, and China, among others. Additionally, factors such as supportive government policies regarding autonomous vehicles and increasing government investment to develop connected infrastructure for testing autonomous vehicles are expected to drive the market growth.
The passenger vehicle segment dominated the global autonomous vehicle market, accounting for around 97.28% of the total market in 2017 and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the increasing demand for ADAS features such as adaptive cruise control, lane departure warning, traffic jam assist, and drowsiness monitoring, among others, owing to the growing emphasis towards road safety. Additionally, numerous automotive OEMs are integrating their vehicle level 1 and level 2 features owing to growing vehicular safety concern and rise in government rules and regulations. Moreover, in terms of growth, the passenger vehicle segment is anticipated to be the potential segment, expected to register the highest CAGR of 20.78% from 2018 to 2028. This is mainly due to the increasing investments by governments, automotive OEMs, and self-driving technology providers with an aim to develop advance autonomous vehicles. Companies such as Waymo, Uber, and Zoox are continuously testing their autonomous cars and robo-taxis.
North America dominated the global autonomous vehicle market and contributed 62.51% of the total market share in 2017 and is anticipated to uphold its dominance throughout the forecast period. The autonomous vehicle market in North America is majorly driven by factors such as growing demand for advanced safety features. Additionally, increasing number of high-end passenger cars such as BMW, Audi, Mercedes-Benz, General Motors, Ford, Fiat, and Volvo among others, is expected to boost the market growth, as North America is home to numerous leading high-end passenger car manufacturers, which are equipped with level 1 and level 2 of autonomy. Moreover, North America is home to leading self-driving technology providers such as Waymo, Uber, and Zoox, which provides immense opportunities to these technology providers to partner with leading enterprises such as Walmart for the development and implementation of delivery of goods through autonomous vehicles. Asia-Pacific autonomous vehicle market is expected to grow at a faster pace as compared to North America and Europe, during the forecast period. This is mainly due to the increasing investment in R&D by automotive OEMs which are headquartered in China, Japan, and South Korea. Additionally, government support and better infrastructure for autonomous vehicle is anticipated to boost the demand for autonomous vehicle in APAC, during the forecast period.
The global autonomous vehicle market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the initiatives taken by players in component market include new product launches and developments, development of precise and secure systems, pricing strategies, acquisitions of small-scale start-ups and emerging players, and formation of partnerships among the major players of the automotive components industry.
The key players in the global autonomous vehicle market are AUDI AG, BMW Group, Daimler AG, FCA Italy S.p.A, Ford Motor Company, General Motors, MAN SE, Nissan Motor Co., Ltd, Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, Volvo Group, Waymo LLC, Zoox Inc.
Countries Covered
• North America
• The U.S.
• Canada
• Mexico
• Europe
• The U.K.
• Germany
• France
• Rest-of-Europe
• Asia-Pacific (APAC)
• China
• Japan
• South Korea
• Rest-of-APAC
• Rest-of-the-World (RoW)
• Latin America
• Middle East and Africa (MEA)
Read the full report: https://www.reportlinker.com/p05748373
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