Near Autonomous Passenger Car Market expected to progress at 38.23% CAGR, Growth driven by the increasing popularity of semi-autonomous vehicles - Technavio

The increasing funding for research and development in this field is a major trend in the market.

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- The near autonomous passenger car market is estimated to grow by USD 294.81 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 38.23% during the forecast period. However, the growth momentum will progress. The increasing popularity of semi-autonomous vehicles is a key factor driving market growth. Automotive manufacturers are rapidly integrating automation in vehicles to meet the growing demand for comfort and convenience. This competitive landscape is driving quicker development of semi-autonomous vehicles, allowing automakers to enhance safety and security. These vehicles seamlessly transition between automatic and manual modes, adapting to the driver's needs for improved driving experience. This integration involves Autonomous vehicles, Electric vehicles, Advanced driver-assistance systems (ADAS), Machine learning, Artificial intelligence, Sensor technology, Lidar (Light Detection and Ranging), Radar systems, Computer vision, Autonomous driving software, Vehicle-to-everything (V2X) communication, Connected cars, Edge computing, and 5G technology.

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Technavio has segmented the market based on technology (ADAS level 1 and ADAS level 2) and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

The near autonomous passenger car market share growth by the ADAS level 1 segment will be significant during the forecast period. ADAS refers to a class of technologies that help drivers with driving and parking.

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Based on geography, the global near autonomous passenger car market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global near autonomous passenger car market.

• North America is estimated to contribute 38% to the growth of the global autonomous vehicle market during the forecast period. Several leading vehicle manufacturers are relocating manufacturing to Mexico due to labor cost advantages, boosting vehicle production. The United States leads in autonomous vehicle research and development, with automakers concentrating on advanced AI integration for self-driving vehicles through acquisitions, partnerships, and collaborations with technology startups and fleet operators.

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• The increasing funding for research and development in this field is a major trend
• Concerns related to cybersecurity are major challenges

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a Free sample report!

Major Technologies

In the Near Autonomous Passenger Car Market, Advanced Driver-Assistance Systems (ADAS) represent a pivotal segment, encompassing technologies that enhance driving and parking capabilities. These systems, leveraging machine learning, artificial intelligence, sensor technology, such as lidar and radar systems, and computer vision, significantly improve vehicle and road safety by enabling secure human-machine interaction. ADAS utilizes automated technology to detect surrounding impediments or driver errors, playing a crucial role in the development of autonomous vehicles. Moreover, with the integration of autonomous driving software and Vehicle-to-Everything (V2X) communication in connected cars, ADAS is evolving to incorporate edge computing and 5G technology, further enhancing its capabilities and expanding its potential impact on the automotive industry.

What are the key data covered in this Near Autonomous Passenger Car Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Near Autonomous Passenger Car Market between 2023 and 2027
• Precise estimation of the Near Autonomous Passenger Car Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Near Autonomous Passenger Car Market industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Near Autonomous Passenger Car Market companies

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Related Reports:

The Electric Car Market size is estimated to grow by 22,644.59 thousand units between 2022 and 2027 accelerating at a CAGR of 28.69%.

The connected car market is valued at USD 246.24 billion in 2027 with at a CAGR of 27.36% between 2022-2027. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Technology

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio