Electric Vehicles is the fastest growing segment fueling growth of Autonomous Vehicle Market

 

The global Autonomous Vehicle Market is estimated to be valued at US$ 146.15 Bn in 2023 and is expected to exhibit a CAGR of 39.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Autonomous vehicles are self-driving vehicles which use artificial intelligence and various sensors to navigate roads and make decisions without human inputs. Key advantages are increased road safety, reduced traffic congestion and availability of mobility services at low costs. There is growing need for autonomous vehicles due to rapid urbanization, traffic congestion and road accidents.

Market key trends:

One of the key trends in the Global Autonomous Vehicle Market Size is the growing demand for electric vehicles. With stringent emission norms and rising environmental concern, there is increasing focus on developing electric as well as autonomous vehicles. Major automakers are heavily investing in electric vehicles and integrating autonomous driving capabilities in them. This is expected to boost adoption of electric autonomous vehicles in the coming years.

Segment Analysis

The global autonomous vehicle market is segmented by component, level of autonomy, and geography. By component, the market is segmented into camera, LiDAR, radar, ultrasonic sensor. Among them, LiDAR segment dominates the market and is expected to continue its dominance over the forecast period. This is because LiDAR sensors play a crucial role in enabling vehicles to map their surroundings and navigate autonomously by emitting laser pulses.

By level of autonomy, the market is segmented into semi-autonomous and fully autonomous. The semi-autonomous segment holds the largest share currently. However, fully autonomous segment is expected to witness highest growth over the forecast period. This high growth is attributed to increasing R&D investments by key players to develop fully autonomous vehicles without any human intervention.

Key Takeaways

The global autonomous vehicle market is expected to witness high growth, exhibiting CAGR of 39% over the forecast period, due to increasing road safety concerns.

North America dominates the autonomous vehicle market currently due to presence of key players and government initiative to develop autonomous infrastructure in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period, owing to increasing automotive production and sales in countries such as China and Japan.

Regional analysis

By region, the autonomous vehicle market is dominated by North America currently owing to the presence of key players such as Tesla, General Motors, Ford in the US. However, Asia Pacific is projected to witness the highest growth during the forecast period. This is attributed to growing automotive industry and increasing sales of luxury and premium vehicles in major Asian countries such as China and Japan resulting in OEMs investing heavily in developing autonomous technologies.

Key players

Key players operating in the autonomous vehicle market are Audi AG, BMW AG, Daimler AG, Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. Tesla is a clear leader in autonomous driving technology currently. However, other players are also investing massively in R&D to compete with Tesla and soon commercialize autonomous vehicles without any human intervention.

Read More : https://www.rapidwebwire.com/autonomous-vehicle-market-size-share-analysis-2023-2030/


Comments

Post a Comment

Popular posts from this blog

Growth Accelerated by Rising Demand from Biomedical Research and Clinical Diagnostics

Image
  Chemiluminescence imaging is widely used technique for the detection of biomolecules. The technique offers advantages such as high sensitivity, minimal sample requirement and less incubation time. Chemiluminescence assays find wide application in various research areas such as oncology research, infectious disease research and reproductive health among others. Moreover, clinical diagnostics of conditions like cancer, liver disorders also rely on chemiluminescence technique for detection of biomarkers. Growing incidence of chronic diseases is propelling the demand for clinical diagnostic testing, thus favoring the growth of chemiluminescence imaging market. The global Chemiluminescence Imaging Market is estimated to be valued at US$ 13.2 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Rising demand from biomedical research and clinical diagnos...
Read more

The Global Boat Accumulator Market Growth Is Accelerated By Increasing Consumer Spending

Image
  Boat accumulators or batteries are sealed lead acid batteries that provide starting power and deep cycle power for boats. They are essential for powering marine electrical systems, motors, navigation lights, bilge pumps and other onboard appliances. The growing marine tourism and recreational boating activities have increased the demand for boats and yachts over the years. This has propelled the boat accumulator market. The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Increasing consumer spending on recreational boating activities has been a major driver for the boat accumulator market over the past decade. The number of recreational boats sold globally has increased steadily with the rise in disposable incomes and leisure time among consumers. Countries like the United S...
Read more

Pediatric Vitrectomy Market: Current Trends and Future Prospects

Image
The Pediatric Vitrectomy Market has witnessed substantial growth in recent years, owing to advancements in medical technology and an increasing prevalence of eye disorders in children. Vitrectomy is a surgical procedure involving the removal of the vitreous humor, the clear gel-like substance that fills the eye's posterior chamber, to treat various retinal conditions. In the pediatric population, vitrectomy is often performed to address retinal detachments, diabetic retinopathy, and other vitreoretinal disorders. This article explores the current state of the Pediatric Vitrectomy Market, highlighting the key drivers, challenges, and growth opportunities in this vital healthcare sector. Market Drivers One of the primary drivers of the Pediatric Vitrectomy Market is the rising incidence of pediatric retinal diseases. Factors such as premature birth, genetic predisposition, and environmental influences contribute to an increase in retinal disorders among children. Additionally, te...
Read more