Jan 11, 2021 (AB Digital via COMTEX) -- The global autonomous vehicle market size is expected to reach 4.2 million units by 2030, registering a CAGR of 63.1%, as per a new report by Grand View Research Inc. The Covid-19 pandemic had prompted temporary lockdown measures that resulted in massive disruption in the automotive industry business execution in 2020. The short-term slump in AV development and roll-outs has created new opportunities for AV technology adoption in the consumer segments, as AV technology is a vital response component in times of emergencies and uncertainty.
Autonomous vehicle technology has progressed from needing driver assistance to gaining full autonomy. Driverless cars are anticipated to exhibit spurring demand during the forecast period. Factors such as increased personal safety, mobility for non-drivers, time-saving for drivers, reduced transportation costs, and decreased environmental harm are contributing to the market growth. It will also lead to radical shifts in profit pools, value chains, and needed capabilities including cybersecurity and software expertise. This will introduce entirely new industries and opportunities within the automotive sector.
An autonomous vehicle is made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently in order to carry out operations automatically, without the help of drivers. Companies are stepping up their research and development activities to integrate innovative resources, enabling breakthroughs in autonomous driving technologies such as smart roadside inspection systems, integrated sensing systems, and smart infrastructure.
In January 2021, Apple Inc. supplier Foxconn Tech announced its plan to invest in Chinese EV startup Byton and start the production of the Byton M-Byte by 2022. In 2020, Hon Hai and Fiat Chrysler Automobiles NV entered into a joint venture to mass-produce electric vehicles in China. Toyota Motor Corporation in collaboration with several partners has announced to roll out an operations management system that will enable practical use of their signature e-Palette, a battery-electric vehicle for autonomous mobility.
Growing safety concerns and advancements in automotive technologies have led to the penetration and acceptance of autonomous vehicles by the governments of countries, such as the U.S., China, Germany, and Japan, among others. Such factors are anticipated to fuel the self-driving vehicles market growth in the forecast period.
Autonomous Vehicle Market Report Highlights
1) In terms of revenue, the transportation segment is expected to register the highest CAGR of 86.4% during the forecast period, due to the widespread acceptance of autonomous vehicles by governments across the globe
2) The defense application segment is projected to experience lucrative growth by 2027 owing to the increasing demand for self-driving vehicles from the U.S. army
3) North America has witnessed the growth of ‘mobility as a service’ sector and is providing an impetus to the market growth. Also, stringent traffic regulations in the U.S. will drive the incorporation of autonomous vehicles on public roads in the years to come
4) Automaker giants have entered into strategic alliances to enhance product innovation capabilities and stay ahead of the market competition
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Autonomous Vehicle Market Segmentation
Grand View Research has segmented the global autonomous vehicle market on the basis of application and region:
Autonomous Vehicles Application Outlook (Volume, Thousand Units, 2020 - 2030)
Autonomous Vehicles Regional Outlook (Volume, Thousand Units, 2020 - 2030)