Global autonomous vehicle market to reach 67.5 million units by 2028
The autonomous vehicle market was estimated at 6.6 million units in 2017 and is anticipated to reach 67.5 million units by 2028, growing at a CAGR of 20.78% during the forecast period. According to BIS Research’s new market intelligence report, "Global Autonomous Vehicle Market - Analysis and Forecast, 2018-2028," this growth can be attributed to the increasing demand for active safety features such as adaptive cruise control, blind spot detection, and automatic parking systems. In addition, factors such as increasing push from governments as well as consumers to ensure road safety, along with the development of connected and autonomous infrastructures, and growing demand for highly autonomous vehicles (L4 and L5), are expected to drive the growth of the global market for autonomous vehicles during the forecast period from 2018 to 2028.
Because of ongoing changes in the industry, the study incorporates a chapter on the market dynamics, including the key driving and restraining forces of the market, along with opportunities that can arise for the global autonomous vehicle market during the forecast period. The market numbers play an important role in the industry; therefore, proper market sizing and estimation by level of autonomy, vehicle type, and geographical location were examined in the study. The report identifies the potential for further development in the form of product launches and development and business expansions, among others. It also includes a separate section for competitive landscape. Additionally, the recent activities of the key players in this market are documented in the form of key developments.
According to Eshan Hira, analyst at BIS Research, "The Level 1 segment is currently dominating the autonomous vehicle market and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the rise in the demand for active safety features such as adaptive cruise control, lane departure warning, and drowsiness monitoring, among others. However, the Level 4 autonomous vehicle is anticipated to be the potential segment expected to register the highest CAGR from 2020 to 2028. This is mainly due to the increasing R&D investment by automotive OEMs and self-driving technology providers such as Audi, Toyota, General Motors, Uber, Waymo, and Zoox, among others."
The market report provides an analysis of recent trends influencing the market, along with a study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary, and SWOT analysis. The overall market has been segmented by level of autonomy and vehicle type. The report also includes a section on the geographical analysis, which has been sub-segmented into four major regions: North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW).
This report presents research on approximately 50 players in the autonomous vehicle market. Moreover, it draws upon insights from interviews of key opinion leaders of more than 25 leading companies, market participants, and vendors. The report also profiles around 14 companies that are key contributors in the market, namely Audi AG, BMW Group, Daimler AG, FCA Italy S.p.A, Ford Motor Company, General Motors, MAN SE, Nissan Motor Co., Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, Volvo Group, Waymo LLC, and Zoox Inc.
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