AUTONOMOUS VEHICLE MARKET

Global Autonomous Vehicle Market Projected to Grow AT A CAGR of Around 39.47% During the Forecast Period.
The global autonomous vehicle market is expected to grow a significant rate during the forecast period 2019–2025. 
Autonomous vehicles are self-driving vehicles that are controlled by a computer and have yet to be commercialized. Sensors are fitted in autonomous vehicles, which use radar, GPS tracking, lasers, and computer vision to detect things in their environment and pick the best path and direction. With the rise in road accidents owing to human error while driving, autonomous vehicles will have profitable opportunities over the projection period, as autonomous vehicles are safer than humanly driven vehicles. Autonomous vehicles will also aid in the reduction of CO2 emissions into the atmosphere. Autonomous vehicles can be employed in a variety of settings, including industrial fleets, construction, public transportation, and agricultural applications. Increased fuel efficiency, safety, and minimal emissions are just a few of the advantages of autonomous vehicles over manually controlled vehicles.
 

Some of the key players in the market Delphi Automotive, Tesla, Ford Motor Corporation, Intel Corporation, Alphabet Inc., Google, Daimler AG, Baidu Inc., Volkswagen, BMW Group, General Motors, Toyota Corporation, Volvo Group, Autoliv Inc., and Robert Bosch GmbH.
 

Leveraging Advanced Technologies such as IoT and AI Boosts The Market Growth 

The rapid development and adoption of HD maps for driverless vehicles, as well as extensive integration of IoT driven by AI technology in the automotive sector, are two major trends in the global autonomous vehicle market's growth. Assimilated automobile firms respond to real-time mechanical difficulties and update software using the internet of things (IOT), which further simplifies the data communication infrastructure. Furthermore, IOT aids in the improvement of vehicle performance and assists users in avoiding safety dangers and accidents.
The North America Region is Dominating the Global Autonomous Vehicle Market
Throughout the forecast period, North America will be the leading market for autonomous vehicles. The rapid expansion of autonomous vehicles in this region can be ascribed to the region's booming economy, which are allowing for thriving development of everything from transportation infrastructure to smart city development. Several countries, including the United States, Canada, and Mexico, are rapidly developing digital infrastructure to permit seamless connectivity between infrastructures and cars in order to capture critical information, which leads to improved road safety and reduced traffic congestion. Furthermore, increasing government initiatives, availability to high-end infrastructure, and increased carmaker investments are all contributing to the growth of the autonomous vehicle industry in this region.

“Autonomous Vehicle Market - By Type (Semi-Autonomous Vehicles, and Fully Autonomous Vehicles), By Sensors (Ultrasonic, Radar, Lidar, Image Sensor, Others), By Level Of Automation (Level 3, Level 4, and Level 5), By Component (Hardware, Software, and Service), and By Application (Transportation and Logistics, and Military and Defense) and By Region - Global Comprehensive Analysis, Forecast (2019-2025), Industry Perspective.

The global autonomous vehicle market is segmented as follows:
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
o    The U.S.
o    Canada
•    Europe
o    France
o    The UK
o    Spain
o    Germany
o    Italy
o    Rest of Europe
•    Asia Pacific
o    China
o    Japan
o    India
o    South Korea
o    Southeast Asia
o    Rest of Asia Pacific
•    Latin America
o    Brazil
o    Mexico
o    Rest of Latin America
•    Middle East & Africa
o    GCC
o    South Africa
o    Rest of Middle East & Africa

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

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- Mobileye plans to launch pilot for autonomous taxis Munich by 2022, in collaboration with Sixt SE, a German-based car rental and mobility service provider.