The global autonomous vehicle market is expected to be valued at $54.23 billion in 2019, and is projected to reach $556.67 billion by 2026, registering a CAGR of 39.47% from 2019 to 2026.
At present, North America dominates the market, followed by Europe. In 2019, the U.S. is expected to remain dominant in the North America market, while the UK is projected to lead the overall market in Europe.
The elimination of accidents caused due to manual errors, reduced carbon dioxide emission from autonomous vehicle fuel the growth of the market. In addition, less battery capacity & less consumption of gas by autonomous vehicle and high penetration in the automotive sector also contribute to the market growth. However, low consumer acceptance ratio and the burgeoning threat from hackers in the driving operation hamper this stated growth.
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In 2019, the level 3 segment is estimated to dominate the global autonomous vehicle market based on the level of automation segment, in terms of revenue. Furthermore, based on component, hardware is projected to lead the global market, followed by software in 2019. Autonomous vehicles use artificial intelligence (AI) software, light detection & ranging (LiDAR), and RADAR sensing technology which further is used to monitor a 60-meter range around the car and form active 3D map of the current environment. In addition, advancements in technology used in autonomous vehicles such as reading driverâ€™s facial expression and activities such as drifting, braking, and accelerations to prevent possible accidents makes them more powerful, efficient, and attractive as well.
The key players profiled in the report are General Motors, Daimler AG, Ford Motor Company., Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi alliance, Volvo-Autoliv-Ericsson-Zenuity alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, and Tesla Inc. Other companies in accordance with auto suppliers are Robert Bosch GMBH, Aptiv, Continental AG, and Denso Corporation. Also by technology providers, it includes Waymo, NVDIA Corporation, Intel Corporation, Baidu, and Samsung. And based on AV as service provider, it includes Uber, Lyft, and Didi Chuxing.
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