Autonomous vehicles are self-driving vehicles that are controlled by a computer and have yet to be commercialized. Sensors are fitted in autonomous vehicles, which use radar, GPS tracking, lasers, and computer vision to detect things in their environment and pick the best path and direction. With the rise in road accidents owing to human error while driving, autonomous vehicles will have profitable opportunities over the projection period, as autonomous vehicles are safer than humanly driven vehicles. Autonomous vehicles will also aid in the reduction of CO2 emissions into the atmosphere. Autonomous vehicles can be employed in a variety of settings, including industrial fleets, construction, public transportation, and agricultural applications. Increased fuel efficiency, safety, and minimal emissions are just a few of the advantages of autonomous vehicles over manually controlled vehicles.
Some of the key players in the market Delphi Automotive, Tesla, Ford Motor Corporation, Intel Corporation, Alphabet Inc., Google, Daimler AG, Baidu Inc., Volkswagen, BMW Group, General Motors, Toyota Corporation, Volvo Group, Autoliv Inc., and Robert Bosch GmbH.
Leveraging Advanced Technologies such as IoT and AI Boosts The Market Growth
The rapid development and adoption of HD maps for driverless vehicles, as well as extensive integration of IoT driven by AI technology in the automotive sector, are two major trends in the global autonomous vehicle market's growth. Assimilated automobile firms respond to real-time mechanical difficulties and update software using the internet of things (IOT), which further simplifies the data communication infrastructure. Furthermore, IOT aids in the improvement of vehicle performance and assists users in avoiding safety dangers and accidents.
The North America Region is Dominating the Global Autonomous Vehicle Market
Throughout the forecast period, North America will be the leading market for autonomous vehicles. The rapid expansion of autonomous vehicles in this region can be ascribed to the region's booming economy, which are allowing for thriving development of everything from transportation infrastructure to smart city development. Several countries, including the United States, Canada, and Mexico, are rapidly developing digital infrastructure to permit seamless connectivity between infrastructures and cars in order to capture critical information, which leads to improved road safety and reduced traffic congestion. Furthermore, increasing government initiatives, availability to high-end infrastructure, and increased carmaker investments are all contributing to the growth of the autonomous vehicle industry in this region.
“Autonomous Vehicle Market - By Type (Semi-Autonomous Vehicles, and Fully Autonomous Vehicles), By Sensors (Ultrasonic, Radar, Lidar, Image Sensor, Others), By Level Of Automation (Level 3, Level 4, and Level 5), By Component (Hardware, Software, and Service), and By Application (Transportation and Logistics, and Military and Defense) and By Region - Global Comprehensive Analysis, Forecast (2020-2026), Industry Perspective.
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The global autonomous vehicle market is segmented as follows:
- Semi-Autonomous Vehicles
- Fully Autonomous Vehicles
- Image Sensor
By Level Of Automation:
- Level 3
- Level 4
- Level 5
- Transportation and Logistics
- Military and Defense
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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