The need for personal safety and reduced environmental impact has led to the demand for global autonomous vehicle market
The global autonomous vehicle market size is projected to reach USD 13 billion by 2025.
The autonomous vehicle also termed as self-driving vehicle leverages technologies including RADAR, light detection and ranging (LiDAR), and artificial intelligence, which is utilized to detect a 60-meter radius around the vehicle and to produce an active 3D map of the present environment. Additionally, the vehicles are equipped with self-navigation technology that allows it to traveling to various destinations without manual intervention.
Technological improvements are making a continuum between the traditional vehicles and autonomous vehicles, which partly or completely drive themselves. This continuum includes technologies such as adaptive cruise control (ACC), crash warning systems, self-parking technology, lane-keeping systems, among others that facilitate a vehicle to help and make assessments for a human driver.
Organizations around the globe are working on delivering autonomous vehicle’s projected social benefits. These comprise the prospect of more efficient freight services and public transport, improved road safety, reduced environmental impact and cleaner cities with more room for green spaces and people. There are also probable challenges to mitigate, such as vast changes to labor markets as well as industries including cybersecurity and privacy risks, motor insurance, and greater suburban sprawl.
On the basis of the component of autonomous vehicles, the market is categorized into hardware, and software & services. Autonomous vehicles include various technologies such as LiDAR, RADAR, computer vision, and GPS, to sense the nearby environment. Advanced control structures that are connected to the vehicle can understand the sensory inputs to avoid collisions or identify the signboards. Most of the autonomous vehicle systems produce and maintain an internal map of the environment, derived on a range of sensors, such as radars. In 2020, Sony is planning to introduce a silicon-based vision sensor dedicated to autonomous vehicles, thus, joining the global competition to advance in the LiDAR vision-sensing technology in the near future.
On the basis of region, North America dominated the global autonomous vehicles market in 2019 and is expected to do so over the forecast period 2020 – 2025. The region is presented potential prospects for key stakeholders owing to the obtainability of high-end infrastructure, government initiatives, and growing investments from automotive companies. Canada has experienced substantial growth, particularly due to vigorous government investments in technology that support IIoT solutions.
The major players of the global autonomous vehicles market are Audi, Google, BMW, Tesla Motors, Volvo, nuTonomy, General Motors, and Mercedes-Benz, among others. As of 2019, the market for autonomous vehicle has presence of several established global as well as domestic players across the globe. Moreover, the established companies are coming up with upgraded connected cars and autonomous vehicle technologies to offer innovative solutions to the end-users to capture a higher market share.
Segment Overview of Global Autonomous Vehicles Market
Component Overview, 2018-2025 (USD Million)
- Sensors (optical, infrared, radar, laser, etc.)
- Automated controls (braking, steering, signals, etc.)
- Software & Services
- Wireless networks (V2V, V2I, V2P, V2N, etc.)
- Mapping and localization
- AV artificial intelligence/machine learning
Vehicle Type Overview, 2018-2025 (USD Million)
- Passenger Cars
Regional Overview, 2018-2025 (USD Million)
- North America
- Asia Pacific
- South America
- Middle East and Africa