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An autonomous vehicle is a vehicle that can drive itself without the need for human interaction. It can carry out required functions by sensing and responding to external situations and surroundings using better and built-in programmes. It uses advanced sensor technologies, advanced driver assistance systems (ADAS), complicated algorithm processors, actuators, and smart control systems to collect data and conduct activities including braking, steering, and accelerating. In comparison to human-driven vehicles, autonomous vehicles provide enhanced road safety, reduce human errors and weariness, and may be operated by those with physical limitations.

Autonomous Vehicle Market - Fast. MR

The global autonomous vehicle market is expected to grow at a CAGR of around 39.47% over the period of next 5 years.

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MARKET DRIVERS:

Over the forecast period, the regulatory framework, government financing, and investment in digital infrastructure are all projected to play a crucial part in propelling the self-driving automotive market forward. The market offers a wide range of products and technologies that make up the infrastructure for autonomous vehicles. Growing developments and safety concerns in automotive technology have led to the acceptance of autonomous vehicles by governments in countries such as the China, Germany, United States, and Japan. In the projected term, the aforementioned factors are likely to fuel market expansion.

Several entrants to the autonomous car market are already introducing new technology and ingredients, and many are attempting to establish a foothold in the market. Innovative automobile companies will take the customer experience of hands-free driving to new heights, frequently in tandem with robust social media marketing campaigns to gain acceptance for their products.

Many government agencies have taken a variety of steps to bring autonomous vehicles to their respective countries. For example, in February 2018, the European Union (EU) announced the launch of multi-brand truck platooning on European highways, in collaboration with the ENSEMBLE pool and TNO, the Netherlands organization for applied research. Multi-brand truck platooning allows one truck to be changed to form a connected convoy with other trucks. Such approaches can help the EU improve its fuel economy, enhance traffic capacity, and reduce carbon emissions. Thereby, certain factors will proliferate the global autonomous vehicle market growth in coming years.

AUTONOMOUS VEHICLE MARKET SEGMENTATION:

By Type:

  • Semi-Autonomous Vehicles
  • Fully Autonomous Vehicles

By Sensors:

  • Ultrasonic
  • Radar
  • Lidar
  • Image Sensor
  • Others

By Level Of Automation:

  • Level 3
  • Level 4
  • Level 5

By Component:

  • Hardware
  • Software
  • Service

By Application:

  • Transportation and Logistics
  • Military and Defense

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

REGIONAL INSIGHT:

During the projected period, North America is expected to lead the market. The region has been a pioneer in the field of autonomous vehicles due to factors such as strong and established automotive firm clusters, as well as being home to some of the world's largest technological giants such as Google, Microsoft, Apple, and others. Self-driving cars have already been tested and used in Texas, California, Washington, Arizona, and other places in the United States. Their mobility, on the other hand, is currently limited to specified test sites and driving conditions.

Following North America, Asia-Pacific is predicted to increase positively over the projection period, owing to factors such as China's position as the world's largest automotive market, the manufacturing capabilities of nations such as Japan and South Korea, as well as growing economies like as India.

To deploy their vehicles in the driverless taxi fleet, many automakers are partnering with local ride hailing businesses. DiDi Autonomous Driving entered into a strategic collaboration with Volvo Cars for DiDi's self-driving test fleet in April 2021. DiDi with XC90 cars will be incorporated with the additional hardware and software required for autonomous driving by Volvo Cars.

In India, automakers are collaborating with universities to do autonomous car research. For instance, MG Motor India and IIT Delhi's CART collaborated in March 2021 to conduct research in the realm of electrified and driverless vehicles. IIT Delhi will assist MG in focusing on CASE mobility through facilitating research for the implementation of electric and autonomous vehicles in India's urban terrain.

FEW KEY PLAYERS IN AUTONOMOUS VEHICLE MARKET:

  • Delphi Automotive
  • Tesla
  • Ford Motor Corporation
  • Intel Corporation
  • Alphabet Inc.
  • Google
  • Daimler AG
  • Baidu Inc.
  • Volkswagen
  • BMW
  • General Motors
  • Toyota Corporation
  • Volvo Group
  • Autoliv Inc.
  • Robert Bosch GmbH

RECENT DEVELOPMENTS:

  1. March 2021-The Volvo Group and NVIDIA Corporation had signed a definitive agreement to build a decision-making system for autonomous machines and commercial vehicles. The Volvo Group uses NVIDIA's end-to-end AI platform for training, and simulation to safely and comprehensively develop autonomous driving on highways and public roads.
  2. February 2021, Aurora joins together with Toyota and Denso to develop and deploy self-driving cars around the world. This collaboration will create and test driverless vehicles outfitted with the Aurora Driver.
  3. January 2021, The California Department of Motor Vehicles (DMV) has granted Baidu a permit, according to Baidu Apollo. The permission will allow the business to test self-driving cars on public roads throughout the state.
  4. Honda will debut the world's first level 3 self-driving automobile in March 2021.
  5. September 2021- Mobil eye plans to launch pilot for autonomous taxis Munich by 2022, in collaboration with Sixt SE, a German-based car rental and mobility service provider.

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