Global autonomous vehicles market to grow at a CAGR of 39.6% during the forecast period 2017–2027 to aggregate $126.8 billion by 2027
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Autonomous Vehicles Market: Drivers, Restraints, Opportunities, Trends, and Forecasts to 2027”.
According to Infoholic Research, the automotive industry is at the forefront of technological innovations and is considered as one of the key industries for economic growth. The automotive industry players are moving a step ahead from the semi-connected vehicles (with driver) to the fully autonomous vehicles (driverless).
The increasing investments from the automakers, the rising consumer demands, and technology advancements in the automotive industry have led to the increased demand for driverless vehicles in the market. In the current market scenario, self-driving is not just limited to cars but is also gaining popularity among public transport and trucks. Thus, most of the enterprise sectors including retail, manufacturing, transportation and logistics will prefer autonomous vehicles for delivery purposes in the future. On the other hand, individuals may use shared vehicle services due to the advantages of ease and affordability.
The invention of autonomous vehicles has created a huge demand for new technologies and services such as Car-as-a-Service, artificial intelligence, and robotics.
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The global autonomous vehicles market is expected to grow at a CAGR of 39.6% during the forecast period 2017–2027.
The market is segmented and analyzed by product type, autonomous vehicles type and regions. Under the product type segment, the software segment is expected to hold the major market share, followed by the hardware and services segment. The software segment is mainly driven by the fully autonomous vehicles when compared to semi-autonomous vehicles. The hardware providers have new business opportunities due to different types of components that will be used in autonomous vehicles for its functioning. But the hardware market share is expected to decline in the coming years when the adoption rate of autonomous vehicles increases.
Segmentation by region reveals that North America is the leading region in the autonomous vehicles market. It is an attractive destination for key stakeholders due to the availability of high-end infrastructure, rising investments from automakers, and government initiatives. In the Asia Pacific region, China, India, and Japan are expected to lead the market for the next 6 to 8 years. In India, the government bodies too are supporting electric vehicles. This is one of the major drivers for the growth of the autonomous vehicles market. On the contrary, the lack of adequate infrastructure may slow down the market in the developing countries.
“The trending technology- Artificial Intelligence will play a significant role in the autonomous vehicles era and the count of startups offering such services is expected to increase in coming years. Partnerships and M&A strategies among the value chain players; security, services, suppliers, software & hardware providers will ensure success for them”. Bhavya H, Senior Research Analyst at Infoholic Research
Global Autonomous Vehicles Market: Drivers, Restraints, Opportunities, Trends, and Forecasts to 2027
The report covers the present scenario and growth prospects of the autonomous vehicles market during the forecast period 2017–2027. The report provides an in-depth analysis and forecast about the industry, covering the following key features:
- The report is analyzed based on the hardware, software & services semi-autonomous vehicles and fully autonomous vehicles, and regions
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2027)
- The report contains analysis of vendor profiles, which includes financial health, business units, key business priorities, SWOT, strategy, and views
- The report further entails the competitive landscape, which includes vendor assessment
- The report discusses the adoption of autonomous vehicles in North America, Europe, Asia Pacific & RoW