Autonomous Vehicles Market Size, Share, Growth and Forecast to 2025

Posted by Marsh William on March 1st, 2019

Growing need for driverless vehicles among consumers is anticipated to propel the Autonomous Vehicles Market in the forthcoming years. It is expected to witness significant expansion attributed to reduced number of accidents caused by manual errors. Lowered emission of harmful gases like carbon dioxide can provide traction to the market. It is projected to witness significant growth in near future owing to continual technological advancements and R&D activities by manufacturers. Efforts to develop advanced sensors for consumer comfort and automobile capacity.

The driving capability of autonomous vehicles can differ according to their automation level. Semi- and fully autonomous can be considered as their two major types. The adoption of semi-autonomous automobile is likely to witness steady rise in next few years owing to increasing investments from consumers and manufacturing companies. Imminent launches of completely self-driven vehicles are likely to boost market penetration of this type in next few years. However, as soon as level 4 and level 5 vehicles are introduced, the market share of semi-autonomous cars can diminish.

Sensors like radar, ultrasonic, Light Detection and Ranging (LiDAR), and image sensors are some of the essential components of self-driven cars. Manufacturers prefer radar sensors over other types as they can work even during bad weather conditions. As a result, this type may witness significant rise in demand in the years to come. LiDAR sensors can detect edge of the road and lane markings by bouncing pulses of light from vehicle surroundings. They are quite expensive as compared to their radar-based counterparts. Ultrasonic sensors can be used at bumper level to detect position of curbs and nearby vehicles while parking.

North America is expected to hold a major market share in terms of volume attributed to increasing production and demand for self-driven cars. Continual amendments in traffic rules, particularly in developed countries such as U.S. and Canada, to incorporate such cars is anticipated to further propel regional expansion. These regulations are likely to create potential for the adoption of fully autonomous transportation systems in coming future.

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