Market Scenario
Autonomous vehicle or driverless car or self-driving car is a new concept of car, which is capable to reading and sensing the environment and operates without human input. Currently, many major players are contributing in the development of semi-autonomous and fully autonomous vehicles. Since, 1980s companies are working on various prototype to make the autonomous vehicle a reality. This market is expected to be US $65.3 billion by the end of forecast period (2016-2027). Currently all the prototypes are being tested in the R&D centers of various automobile company, universities and expected to launch the autonomous vehicles by 2020.
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The global market for Autonomous Vehicles Market is expected to grow over the CAGR of 26.2% during the period 2016 to 2027 from USD 3.6 billion in 2015.
Key Players
Some of the key players in this market are: Google (U.S.), General Motors (U.S.), Volkswagen (Germany), BMW (Germany), Ford Motor Company (U.S.), Baidu (China), Toyota (Japan), Tesla (U.S.), Audi (Germany), Jaguar (U.K.) among others.
Segments:
Global autonomous vehicles market growth has been segmented on the basis of sensors which comprises of ultrasonic, radar, lidar, image and other. On the basis of hardware and software the market is segmented into cameras, communication systems, and GPS systems. Furthermore, market by type comprises of semi-autonomous vehicles and fully autonomous vehicles.
Regional Analysis of Autonomous Vehicles Market:
Globally, North America is the largest market for Autonomous Vehicles.
Europe is the second largest market for autonomous vehicle with market size of US $1.10 billion in the year 2015 but Asia-Pacific will become the second biggest market by the end of year 2027.
Due to the high technological advancement, Asia-pacific region is expected to be the fastest growing region globally, registering 29.2% CAGR during the forecast period.
Key Finding
- The global Autonomous Vehicles market and is expected to reach $65.3 billion by 2027.
- Radar Sensors are expected to be the fastest growing market with high CAGR of 29.2% between 2016 and 2027.
- Regionally, North America holds the largest market share 39.08% of global Autonomous Vehicles market and is expected to reach $24.40 billion by 2027 from $1.42 billion in 2015.
- Asia Pacific market is expected to be the fastest growing market, and expected to grow at a CAGR of 29.02% from 2016 to 2027
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Intended Audience
- Car Manufacturers
- Technology Providers
- Car Component Manufactures
- Sensor Manufactures
- Software Developers
- OEMs in automotive Industry
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