Autonomous Vehicle Market Expected to Reach USD 724.36 Billion by 2027 At a CAGR of 38.5%| Emergen Research

The global Autonomous Vehicle Market is projected to reach USD 724.36 billion by 2027, according to a recent report by Emergen Research. The emergence of advanced driver assistance systems (ADAS) may well be a significant autonomous cars market growth driver. They assist in reducing the pressure on the propulsion by avoiding distractions. These things are mainly equipped with computing and other similar unique features. Additionally, the growing adoption of cutting-edge technologies in mapping, cameras, processors, software sensors and algorithms are resulting in the betterment of the applicability of ADAS in every vehicle. Aside from that, automotive manufacturers are using ADAS in vehicles to reduce the speed of road accidents, further on improve the protection of pedestrians, occupants, and vehicles. However, highly advanced technological systems can often cause failures and malfunctions. This factor may hamper market growth.

The key factors hindering the expansion of the autonomous cars market is cybersecurity and the safety precautions surrounding it. Although the self-driving car market has enormous growth potential, many purchasers don't seem to be quite able to deliver the keys because of the threat of hackers as they're tend to take control of data during various situations as well as set destinations that is likely to threaten the privacy of passengers. The idea about hackers taking control of the vehicles during various situations is more concerning. as an example, the first case of an autonomous car killing a pedestrian was reported in Arizona (USA) in 2018. Chinese researchers in 2017 revealed vulnerabilities in Tesla Model X, when researchers hacked the vehicle via Wi-Fi and cellular connections using software that was sent to the car's application in a series of circuitous computer exploits.

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The report also offers key insights about top companies in the market along with a thorough SWOT analysis, Porter’s Five Forces analysis, and feasibility analysis to offer competitive edge to the readers. The report focuses on the recent trends, major challenges and opportunities, and limitations pertaining to the ongoing pandemic.

Report Objective:

The report offers a complete analysis of the global Autonomous Vehicle market with details about each market player including company profile, financial standing, global position, revenue contribution, production and manufacturing capacity, business expansion plans, and new product launches. Key players are strategizing various plans such as M&A acquisition, partnerships, joint ventures, license agreement and collaborations. Audi AG; BMW AG; Daimler AG; Ford Motor Company; General Motors Company; Google LLC; Honda Motor Co., Ltd.; Nissan Motor Company; Tesla; Toyota Motor Corporation; Uber Technologies, Inc.; Volvo Car Corporation; and Volkswagen AG

Market Dynamics:

The report offers insightful information about the market dynamics of the Autonomous Vehicle market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Autonomous Vehicle market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Autonomous Vehicle market.

Autonomous Vehicle Market Segmentation:

Component Outlook (Revenue, USD Billion; 2017-2027)

• Camera
• LiDAR
• Radar
• Ultrasonic Sensor

Application Outlook (Revenue, USD Billion; 2017-2027)

• Civil
• Robo Taxi
• Ride hail and share
• Self-driving bus
• Self-driving truck

Fuel Type Outlook (Revenue, USD Billion; 2017-2027)

• Internal Combustion Engine (ICE)
• Hybrid Electric Vehicle (HEV)
• Battery Electric Vehicle (BEV)

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Additionally, the report covers the analysis of the key players in the industry with a special focus on their global position, financial status, and their recent developments. Porter’s Five Forces Analysis and SWOT analysis have been covered by the report to provide relevant data on the competitive landscape.

Detailed Regional Analysis covers:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Some Key Highlights from the Report

• Rise within the event of smart cities is also a key factor driving the expansion of the autonomous cars market. the electrical autonomous cars help reduce pollution in smart cities and also help to fight global temperature change. By using driverless cars, traffic accidents is decreased by 90%, significantly improving the protection of our roads. Several countries like Mexico, Canada and also the US are deploying digital infrastructure to promote communication between vehicles and networks to assemble essential information, thereby reducing holdup and improving road safety. Therefore, rise within the event of smart cities is predicted to drive the expansion of the autonomous cars market.
• Full automation vehicles may well be a key trend within the autonomous cars market. The autonomous vehicles can potentially perform most of the driving functions in all circumstances, these vehicles are being designed to be used as robo-taxis, among others, like Waymo. With time, these cars are likely to blend with US roadways by improving technology across six stages of driver assistance within the approaching years from No automation (where a very engaged driver continues to be required) to full autonomation (where an automatic vehicle runs independently, without somebody's driver). Tesla has confirmed that it plans to supply a software update to its vehicles sometime by the tip of 2019 or early 2020. Also, per Wired, by the tip of 2020, Teslas are fully autonomous.
• In June 2019, Apple, an American technology company acquired Drive.ai, a California based company, which works on autonomous cars for an undisclosed amount. This acquisition boosted Apple's own development of a self-driving vehicle system.

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