PUBLISHER: TechSci Research | PRODUCT CODE: 1272817
PUBLISHER: TechSci Research | PRODUCT CODE: 1272817
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The global autonomous vehicle market is expected to grow significantly during the next few years. With the recent shift in consumer behavior in the transportation industry due to the pandemic and technological advancement, there has been increasing demand for autonomous vehicles. Also, many shared mobility companies are opting for autonomous vehicles, positively impacting the growth of the global autonomous vehicle market.
The venture capital division of General Motors Co. invested in the US startup Oculli Corp in September 2021. It creates radar sensor software for autonomous vehicles. With this investment, GM will be able to scale up its partially automated vehicles and completely autonomous vehicles by using Oculli's affordable software to improve radar resolution. In August 2022, Lyft partnered with Motional to launch the Robo taxi in Las Vegas.
In May 2022, Mercedes Benz opened sales of their S- Class and EQS model vehicles with Level 3 Automation installed.t. Furthermore, Honda has launched its Legend Sedan Model with Level 3 Automation.
Ford Mustang Mach e and F-150 come with level 2 automation. Ford has developed a blue cruise system for the autonomous automobile. Waymo has a fleet of self-driving electric Jaguar I-PACE cars that are now used by the public in Phoenix, Arizona and being tested by staff members in San Francisco, California. These vehicles run entirely on sensors. The public in Phoenix can utilize these vehicles through the Waymo One app without any NDAs or set pickups because there is no driver in the vehicle or operate them remotely. They run entirely on sensors.
General Motors is developing a self-driving Chevrolet bolt with lidar for self-driving. In 2020, Cruise, which was acquired by General Motors, launched Origin, which is a fully autonomous car without steering wheels and pedals.
The COVID-19 situation resulted in market uncertainty by slowing down logistics services, impeding corporate growth, and escalating panic across various client sectors. Governments in several countries declared a complete lockdown and temporarily shut down industries, which resulted in border closures that hampered the movement of transportation and logistics services. Following the COVID-19 health catastrophe, the outlook for companies around the world has drastically shifted. Additionally, market participants' overall service activities have decreased to reduce the possibility of contamination. With the new regulations and procedures in place and a notable improvement in product sales across the retail sector, the world is currently slowly returning to normal. These elements might exert a favorable influence on the market for autonomous vehicles to boost economic activity in all sectors.
Autonomous vehicles are escalating at a rapid rate in shared mobility. Many companies are investing in the sensors needed to provide fully autonomous driving experiences to their customers. Companies like Waymo, Argo AI, and Cruise are investing heavily in autonomous vehicle operations. Consumer behaviors have also shifted towards autonomous shared mobility, which is further impacting the growth of autonomous vehicles.
There is high demand for new features and technology in the Autonomous Vehicle market. Consumers are also buying vehicles that have new advanced features. Many automobile companies are investing in technology to manufacture fully autonomous vehicles before their occupants, and it offers several technologically sophisticated safety measures, increased comfort, and security. The in-vehicle services, however, include additional costs related to telecommunications services, connection solution fees, and hardware systems, which might restrain market expansion. Additionally, there are other difficulties that these highly technical systems face, such as failures and malfunctions. In addition, there is a significant chance that hackers will gain access to system data and vehicle functionalities, which could restrain market expansion.
The global autonomous vehicle market is segmented based on vehicle type, level of automation, component, mobility type, region, and competitive landscape. Based on vehicle type, the market is segmented into passengers cars and commercial vehicles. Based on the level of automation, the market is segmented into level 1, level 2, level 3, level 4, and level 5. based on components, the market is divided into cameras, radar sensors, lidar, ultrasonic sensors, and infrared sensors. Based on mobility type, the market is segmented into Shared and personal.
BMW AG, Robert Bosch Gmbh, Tesla,Inc. , General Motors Company, Daimler AG., Ford Motor Company, Hyundai Motor Group, Wamyo LLC, Zoox, Inc., and Pony.AI, Inc., are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach and to be future ready.
In this report, global autonomous vehicle market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the global autonomous vehicle market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: