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Autonomous Vehicle System Market: By Application (Transportation And Defense); By Feature (Adaptive Cruise Control, Lane Change Assist, Intelligent Park Assist, Cross Traffic Alert, Traffic Jam Assist And Others) And Region - Global Analysis Of Market Size, Share & Trends For 2019-2021 And Forecasts To 2030
Autonomous Vehicle system market to surpass USD 775 Billion by 2030 from USD 61 Billion in 2020 at a CAGR of 41.2% in the coming years, i.e., 2021-30.
Autonomous cars are vehicles that sense their surroundings and continue to function without human intervention. An autonomous vehicle employs a fully automated driving structure that lets the vehicle respond to external conditions in the same way that a human driver would. Automatic operations in self-driving vehicles are enabled by light detection and ranging radio detection and ranging, artificial intelligence (AI), the Internet of Things (IoT), and the integration of advanced technologies, software systems, and hardware systems. These self-driving cars operate with little or no human intervention.
Car drivers can improve their performance by receiving real-time feedback from high-speed in-memory computing systems built into connected cars, thanks to the Internet of Things. These built-in computers have functions such as data collection, analysis, and storage, which aid in decision-making. Autonomous and semi-autonomous vehicles are expected to benefit from the widespread adoption of connected cars.
Global Autonomous Vehicle system Market is segmented by ADAS features into Adaptive Cruise Control, Lane Change Assist, Intelligent Park Assist, Cross-Traffic Alert, Traffic Jam Assist, and Others. Due to government mandates regarding AEB adoption, the Automatic Emergency Braking and Intelligent Park Assist categories will have the quickest CAGR. According to the National Highway Traffic Safety Administration (NHTSA), automatic emergency braking systems will be standard in automobiles in the United States by 2022.
Global Autonomous Vehicle system market is divided by application into transportation and defense. The market is growing due to rising demand for driver assistance systems and automatic driving systems. Due to an increase in the number of initiatives across various regions, such as North America, the defense sector is predicted to emerge as the largest segment throughout the projection period. For example, the United States Army announced in April 2019 that autonomous combat trucks will be deployed to help soldiers avoid mishaps caused by driving.
Penetration of IoT
Car drivers can improve their performance by receiving real-time feedback from high-speed in-memory computing systems built into connected cars, thanks to the Internet of Things. These built-in computers have functions such as data collection, analysis, and storage, which aid in decision-making. Autonomous and semi-autonomous vehicles are expected to benefit from the widespread adoption of connected cars.
Construction of smart cities
Rapid economic growth assures a steady stream of development, from transportation infrastructure to smart city development. Many countries, including Mexico, Canada, and the United States, are building digital infrastructure to enable communication between automobiles and infrastructures in order to collect crucial information, reducing traffic congestion, and improving road safety. The Autonomous Vehicle Market is predicted to be fueled by an increase in the construction of smart cities.
High cost
Because of continual technical improvements, autonomous vehicle software must be updated on a regular basis to remain compatible with the external environment. Furthermore, the cost of all components and sensor assembly in self-driving cars is higher than that of new vehicles. Furthermore, because it is difficult for regular people to acquire high-end cars, the ratio of premium consumers to economic consumers is quite low globally. As a result, the high initial cost of autonomous vehicles, as well as the ongoing maintenance costs, is impeding their acceptance.
Global Autonomous Vehicle system Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global Autonomous Vehicle system market in Europe held the largest market share of XX% in the year 2020. Due to the increased acceptance of autonomous vehicles and increasing consumer preference for technologically advanced products, Europe is likely to emerge as a potentially lucrative self-driving car industry in the coming years. In addition, the United Kingdom's Department of Transport established a jurisdiction in 2018 that allows autonomous vehicles to operate on any public road without additional insurance or licenses. In 2018, the country launched the Centre for Connected and Autonomous Vehicles. The government of the United Kingdom is committed to having autonomous vehicles on the roads by 2021, as well as making the necessary regulatory reforms to facilitate the development of autonomous vehicles.
| Report Attribute | Details |
| Market size value in 2021 | USD 61 billion |
| Revenue forecast in 2030 | USD 775 billion |
| Growth Rate | CAGR of 41.2 % from 2021 to 2030 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | type, phase, and Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA) |
| Key companies profiled | Audi AG; BMW AG; Daimler AG (Mercedes Benz); Ford Motor Company; General Motors; Google LLC; Honda Motor Corporation; Nissan Motor Company; Tesla, Inc.; and Toyota Motor Corporation, Other Prominent Players. |
The Autonomous Vehicle System Market size was estimated at USD 61 billion in 2020 and is expected to reach 775 billion by 2030.
Key players: Audi AG; BMW AG; Daimler AG (Mercedes Benz); Ford Motor Company; General Motors; Google LLC; Honda Motor Corporation; Nissan Motor Company; Tesla, Inc.; and Toyota Motor Corporation, Other Prominent Players.
Automatic Emergency Braking system and Defense segment are anticipated to hold the largest Autonomous Vehicle System Market.
Drivers: Penetration of IoT and Construction of smart cities
Autonomous cars are vehicles that sense their surroundings and continue to function without human intervention. An autonomous vehicle employs a fully automated driving structure that lets the vehicle to respond to external conditions in the same way that a human driver would. Automatic operations in self-driving vehicles are enabled by light detection and ranging, radio detection and ranging, artificial intelligence (AI), the Internet of Things (IoT), and the integration of advanced technologies
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