Autonomous vehicles set to be fastest-growing automotive sector
New research by data and analytics company GlobalData estimates that the autonomous vehicle sector will grow at a CAGR of 76.09% to 2033, with a sales forecast of 11.26 million units.
Mike Vousden, Automotive Analyst at GlobalData, said, “The simultaneous rise of electric vehicles, autonomous driving, onboard connectivity, and mobility-as-a-service has left traditional original equipment manufacturers (OEMs) and suppliers scrambling to adjust their strategies.”
GlobalData’s component and sector forecasts, in addition to revealing the autonomous vehicle sector as the growth winner, show that the fastest growth is forecast for Level 5 autonomous vehicles. Level 5 autonomous vehicles have a CAGR of 73.30% to 2033 and are closely followed by Level 4 autonomous vehicles at 68.57%.
Vousden added, “Autonomous vehicles use a multitude of sensors to ‘see’ the world around them. Component makers supplying those systems can, unsurprisingly, expect to benefit too.”
GlobalData forecasts that long-range camera vision systems will see a significant 68.49% CAGR, with ultrasonic sensors close behind at 68.49% between now and 2033.
Significant growth for fitments of engines featuring both turbochargers and E-turbos, as seen on the Audi SQ7 and Mercedes-AMG 53 models, is also forecasted by GlobalData. Vousden said, “While we only forecast modest market volumes of around 4.4 million in the period to 2033, that still equates to a CAGR of 49.21%.”