Autonomous Vehicles Market To Hit Value 3,195.5 Thousand Units By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on December 6th, 2023 San Francisco, 06 December 2023: The Report Autonomous Vehicles Market Size, Share, & Trends Analysis Report By Application (Transportation, Defense), By Region (North America, Europe, Asia Pacific, South America, MEA) And Segment Forecasts, 2022 - 2030 The global autonomous vehicles market demand is expected to reach 3,195.5 thousand units by 2030, according to a new report by Grand View Research. The market is projected to expand at a CAGR of 53.6% from 2022 to 2030. An autonomous vehicle is a combination of various networking systems and sensors that assist the computer in driving the vehicle. The significant advancements in technology, such as sensor processing, adaptive algorithms, high processing maps, and enhanced AI, have contributed to companies increasing their production capacity and taking the autonomous vehicle market to the next level. Several technology providers such as Google LLC and Tesla Motors have also entered the market and have contributed toward the research and development of autonomous vehicles. The automobile industry is dynamic and changes with advancements in technologies. Several major players in the industry, such as General Motors Company, Volkswagen AG, Mercedes-Benz, BMW AG, and others, invest a significant part of their revenue toward researching and developing technologies. Currently, there is a growing trend of autonomous vehicles in the automotive industry, thus attracting larger investments in developing these vehicles. Also, governments in the U.K have granted permission to test autonomous cars on public roads. Furthermore, Switzerland's Federal Department of Environment, Transport, Energy, and Communications has permitted driverless testing on Zurich streets. Governments of different nations have taken the initiative to promote autonomous vehicles. For instance, in January 2021, the U.S. Department of Transportation (USDOT) released its comprehensive plan for automated vehicles. This is initiated to advance the department's work, prioritizing safety and preparing for a smooth transportation system for autonomous vehicles. The initiative also promotes collaboration and transparency in the Automated Driving Systems (ADS). The market has been segmented, based on application, into transportation and defense. The transportation segment is expected to have a higher market share; however, the defense segment is expected to portray the highest growth during the projection period. The North American region accounted for the largest share of the market in 2021. The demand for autonomous vehicles is expected to increase during the forecast period, in line with rising government regulations and increased acceptance of self-driving vehicles in the U.S. Request sample report of Autonomous Vehicles Market@https://www.grandviewresearch.com/industry-analysis/autonomous-vehicles-market/request/rs1 Autonomous Vehicles Market Report Highlights
Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry, with high growth potential, and act as a catalyst in the technological development of automobiles. Developing a supportive regulatory framework, government funding, and investment in digital infrastructure is expected to play a key role in positively affecting the market growth during the forecast period. The autonomous car is made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently to carry out operations automatically without the help of drivers. By performing situational analysis, motion planning, and trajectory control, these sensors help in navigation. The rising safety concerns and advancements in automotive technologies have led to the penetration and acceptance of autonomous vehicles by governments of various countries, such as the U.S., Germany, China, and Japan. Such factors are anticipated to drive market growth in the forecast period. Autonomous Vehicles Market Report Scope
List of Key Players in Autonomous Vehicles Market
Like it? Share it! More by this author |