The latest report on Autonomous Vehicle Market by Infinium Global Research gives complete coverage of the Autonomous Vehicle Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2020 to 2026. In addition, the study covers deep dive into key product and applications trends in the regional markets of Autonomous Vehicle such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report Shall be Revised to 2020-2026. The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.
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The Increasing Need for Road Safety is the Major Driving Factor for the Autonomous Industry
In the past few decades, innovation within the automotive industry has created safer, cleaner, and more affordable vehicles. The automotive industry is presently searching the technology innovation required to shift from today’s prototype autonomous vehicles to deployable safe, self-driving solutions. The industry now appears close to generous change, stimulated by autonomous vehicle technologies. The autonomous vehicle technology offers the possibility of significant benefits to social welfare such as saving lives, reducing crashes, congestion, fuel consumption, and pollution. It is also increasing mobility for the disabled as well as ultimately improving land use. The autonomous vehicle technology also offers the possibility of fundamentally changing transportation.
The ongoing evolution of automotive technology aims to bring even superior protection benefits and automated driving systems. The increasing need for road safety is the major driving factor for the autonomous vehicle market. Road safety is a major issue in a number of countries around the world. Advanced technologies are ready to ease the road hazard and these technologies include the overall automated vehicles (AV) as a part of an intelligent transportation system. T
hey are a type of active safety system due to which in the early stage of automated vehicles execution, traffic composition will be mostly manually-driven vehicles with several vehicles with automated driving functions and some AV. Growth in connected vehicle technology and dynamic mobility application is also driving the market growth. A connected vehicle includes the different communication devices and technologies that enable in-car connectivity with other devices present in the vehicle and enable the connection of the vehicle to external devices, networks, applications, and services.
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Growth in Connected Vehicle Technology and Dynamic Mobility Application is Also Driving the Market Growth
On the other side, cybersecurity and safety concerns related to autonomous vehicles is hampering the growth of the global autonomous vehicle market. Autonomous vehicles make use of sensors and complex algorithms to detect and respond to their surroundings. These systems can be hacked just through an internet connection. Hackers have been able to activate/disable vehicles brakes, steering wheels, and increase vehicle speed. Several autonomous vehicle pilot programs are currently underway in multiple countries and security issues related to hacking can be reduced. Moreover, increased technological advancements by OEMs for the development of autonomous vehicles are anticipated to provide opportunities to the market.
The COVID-19 infection has impelled lockdown measures that caused huge disruption to carry out business across the automotive industry. The company’s strategy to stop the progress of investment and progression towards novel technologies in a bid to save cost has massively impacted the growth of future mobility solutions such as autonomous vehicles. Furthermore, product development cycles and new model launches will be delayed due to the financial challenges and supply chain disruptions over the short term.
Among the regions, North America is dominating the global autonomous vehicle market followed by Europe. The presence of original equipment manufacturers, advanced technology, in large numbers and a strong customer base are the major factors responsible for the growth of the North America region. North America’s contributions to self-driving are fueled heavily by tech hubs on the west coast of the United States as an industry leader in the automated vehicle space. Furthermore, the European Union (EU) has recognized the benefits that autonomous vehicles can provide and is leading the way to ensure cooperation at a regional level among all stakeholders, creating an environment favorable to autonomous vehicle development.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Autonomous Vehicle.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.