Market Research Report
Autonomous Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
|Autonomous Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027|
Published: June 13, 2022
IMARC Services Private Limited
Content info: 144 Pages
Delivery time: 2-3 business days
The global autonomous vehicle market reached a value of US$ 42.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 297.3 Billion by 2027, exhibiting a CAGR of 38.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Autonomous vehicle (AV), or a driverless vehicle, refers to an automobile that can operate independently without any human intervention. It can perform necessary functions by sensing and responding to external conditions and surroundings through superior and in-built programs. It consists of advanced sensor technology, advanced driver assistance system (ADAS), complex algorithm processors, smart control systems and actuators to gather information and perform tasks and responsive actions, such as steering, braking and acceleration. In comparison to the human-driven vehicles, AVs offer increased safety on the road, minimize human errors and fatigue and can be driven by individuals with physical disabilities.
Significant growth in the automotive industry, along with rapid digitization, represents one of the key factors creating a positive outlook for the market. Furthermore, the increasing requirement for safe and efficient mode of transportation is also driving the market growth. This has resulted to a growing preference among consumers for AVs with internet connectivity, safety alerts, automatic crash notifications and enhanced engine controls. Additionally, various technological advancements, such as the integration of artificial intelligence (AI), robotics, machine learning (ML) and the Internet of Things (IoT), are acting as other growth-inducing factors. In line with this, AV manufacturers are also using efficient light detection and ranging (LiDAR) and radio detection and ranging (RADAR) sensing technology for extensive monitoring and generation of 3D maps of the surroundings. Other factors, including the implementation of favorable government policies promoting auto-tech, along with innovations in connected vehicle technology and dynamic mobility applications, are anticipated to drive the market further.