Autonomous Vehicle Market is expected to portray promising scenarios, as it is estimated to reach $1808.44 billion in 2030 which was initially valued at around $94.48 billion in 2021, thereby registering a CAGR of nearly 38.8% from 2022 to 2030.
The automobile industry throughout the world is varied. Original equipment manufacturers (OEMs), component manufacturers, dealerships, and commercial vehicle manufacturers are all part of it. From expanding industrial and home markets in BRIC (Brazil, Russia, India, and China) and other developing nations to research and development of “greener” cars and fuels, there is room for expansion in many sectors.Three main technology-driven disruptive developments are driving the future of transportation: vehicle electrification, connected and autonomous cars, and Mobility-as-a-Service.
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Market Dynamics and Factors:
Low interest rates and appealing credit agreements will help China and other big markets recover. Infrastructure expenditure spearheaded by the government will also boost sales of new CVs, which will surpass those of automobiles. EVs, however, will be the most promising growth sector, thanks to government subsidies, tighter pollution standards, and the introduction of new EV models anticipate a rise in worldwide EV sales. New mobility services may reduce private-vehicle sales, but this is expected to be countered by increasing sales of shared cars, which need to be replaced more frequently owing to greater usage and wear and tear.The general good macroeconomic development, particularly the rising of the global consumer middle class, remains the major engine of global automobile sales growth.
Like several other industries, the autonomous vehicle market is also segmented in the following way-
- On basis of Vehicle Type – Passenger car, Commercial vehicle
- On basis of Application – Defence, Civil, Transportation and Logistics, Construction
- On basis of Level of Automation – Level 1, Level 2, Level 3, Level 4, Level 5
- On basis of Propulsion – Semi-autonomous, Fully Autonomous
On basis of Component – Radar, LiDAR, Ultrasonic, & Camera Unit
- By Geography – North America, Asia Pacific, Middle east and Africa, South America, Europe.
Top players profiled in Autonomous Vehicle Market research report are:
- Honda Motor Co., Ltd.
- Toyota Motor Corporation
- Volvo Car Corporation
- Uber Technologies, Inc.
- Volkswagen AG
- BMW AG
- Audi AG
- Ford Motor Company
- Daimler AG
- Google LLC
- General Motors Company
- Nissan Motor Company
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The recovery in the United States, Germany, and Japan will be rapid—but not fast enough to compensate for the impact of the coronavirus epidemic. Only four countries—China, Turkey, Taiwan, and Ukraine—will exceed yearly sales in 2019, and this will be partially due to the fact that their car markets were already in decline before to the epidemic, leaving them with a smaller foundation from which to recoup. Other significant markets, such as China. Infrastructure expenditure spearheaded by the government will also boost sales of new CVs, which will surpass those of automobiles. EVs, however, will be the most promising growth sector, thanks to government subsidies, tighter pollution standards, and the introduction of new EV models.
In Europe, Honda is closing its Swindon facility in the United Kingdom, which was formerly the company's only EU vehicle plant. Around the same time, Nissan (also of Japan) will close a big plant in Barcelona that specialises in electric vans and pickup trucks. Suppliers for this and other facilities will suffer, and bankruptcies will increase.The mega-merger of Fiat Chrysler Automobiles (FCA) and Groupe PSA, which will become Stellantis, will accelerate consolidation among global manufacturers. Despite the fact that the two companies will have to step carefully, their merger is expected to result in a reorganisation of operations, notably in Europe. Given the problems of Brexit, PSA's UK plants are particularly susceptible.
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