Autonomous vehicles also known as “robot cars” are driverless vehicles, controlled by the computer, which is yet to be commercialized in the market. Autonomous vehicles have sensors installed in it, which detects the objects in its surroundings via radar, GPS, lasers and computer vision and chooses the appropriate path and direction. With the increasing road accidents due to human error while driving provides lucrative opportunities for autonomous vehicles over the forecast period, as the autonomous vehicles are comparatively safe when compared with manually controlled vehicles. The autonomous vehicles will also help in reducing the CO2 emissions to the environment.
The commercialization of autonomous vehicles will also contribute to the revenue growth of different industries such as, IT, technology and electronics. The use of autonomous vehicles are not limited to passenger cars, it can be used in industrial fleet, construction, public transportation and for agricultural applications. The merits of an autonomous vehicle over manually operated vehicles are, increased fuel efficiency, safety and low emissions among others. Considering the aforementioned factors, the global autonomous vehicles market will project a healthy growth rate over the forecast period.
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The global autonomous vehicles market is primarily driven by the numerous advantages of an autonomous vehicle such as increased safety reduced driving stress, efficient parking reducing the costs, fuel efficiency, reduced CO2 emissions to the environment and increasing geriatric population will have a positive impact on the global autonomous vehicles market. Apart from the aforementioned factors, the autonomous vehicles will have a positive impact on the economy as a whole. However, the data security concerns might pose as a restrain to the global autonomous vehicles market as the controlling software can be hacked by unauthorized parties, and input spurious information to the system.
The global autonomous market is segmented based on level of automation, application and region. Based on automation level, the global autonomous vehicles market can be segmented into Driver Assistance, Partial Automation, Conditional Automation, High Automation and Full Automation. Based on applications, the global autonomous vehicles market can be segmented into Passenger Cars, Public Transportation, Industrial fleet, Construction and Agricultural applications
Based on the geographic regions, global autonomous vehicles market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among the aforementioned regions, the Western Europe market holds the largest share of global autonomous vehicles market, due to the higher adoption of autonomous vehicles in the region. North American market for autonomous vehicles is trailing behind the Western European market. Over the forecast period, China in the Asia-Pacific market will surpass the European as well as American market for autonomous vehicles. The adoption of autonomous vehicle in the developing economies such as Latin America and MEA will be low as compared to other region. Overall, the global autonomous vehicle market will project a healthy CAGR over the forecasted period considering its tremendous advantages over conventional vehicles and impact on environment.
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Autonomous Vehicles Market: Key Players
Some of the key players identified in the global autonomous vehicles market are Google, BMW AG, Mercedes-Benz, Tesla Motors, Audi AG among others.