Semi-Autonomous Vehicle Industry Overview
The global semi-autonomous vehicle market demand was valued at 14.22 million units in 2020. The market is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2021 to 2028.
The rising need for safer and more efficient driving systems promotes the development and adoption of semi-autonomous vehicles. Semi-autonomous offers better driving control and driver safety, thus offering promising growth opportunities. Moreover, several regional governments have placed stringent driving and safety laws further encouraging companies to offer these technologies in their automobiles.
Gather more insights about the market drivers, restrains and growth of the Global Semi-Autonomous Vehicle Market
Several technological advancements have helped to foster a conducive environment for the growth of the market. 5G delivery model, Wireless Local Area Network (WLAN), GPS, and vehicle-to-vehicle technology have improved the driving experience. This has improved fuel efficiency, thereby enabling companies to conform to their environmental sustainability goals and obey government rules and laws. Moreover, the ability to switch between manual automatic offers drivers to have better control over the vehicle.
Machine Learning (ML) algorithms within semi-automatic vehicles have further enhanced the efficiency and functionality of automobiles. ML has several use cases such as detection and classification of objects, driver monitoring, and deep-learning-based vision, which can be used in image processing and study objects to react to their environment readily. ML is used to classify objects using neural networks to distinguish between pedestrians, cars, lamp posts, animals, and cyclists. Determining the proximity of objects with their speed and direction also aids drivers in engaging in safe navigation and effective lane changing.
Internet of Things (IoT) offers promising growth opportunities to the semi-autonomous cars market. IoT aids in real-time decision-making and controlling vehicle operations to mitigate road accidents. IoT enables automotive manufacturers to offer automatic emergency detection, diagnostic data for drivers and manufacturers, and connected infrastructure. Furthermore, the ability to offer real-time insights about vehicle performance and driving conditions such as types of roads and weather conditions aids in better control and efficient navigation of vehicles during sharp turns and avoiding obstacles.
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Semi-Autonomous Vehicle Market Segmentation
Grand View Research has segmented the global semi-autonomous vehicle market based on level of automation, vehicle type, and region:
Semi-Autonomous Vehicle Level of Automation Outlook (Volume, Million Units, 2017 – 2028)
- Level 1
- Level 2
- Level 3
Semi-Autonomous Vehicle Type Outlook (Volume, Million Units, 2017 – 2028)
- Passenger Car
- Commercial Vehicle
Semi-Autonomous Vehicle Regional Outlook (Volume, Million Units, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights
- November 2020: BMW AG opened a new R&D center with FIZ Projekthaus Nord, intending to expand its R&D network for future cars.
- October 2020: Daimler AG announced a global strategic agreement with Waymo to advance the technology movement of autonomous vehicles.
Key Companies profiled:
Some of the prominent players operating in the semi-autonomous vehicle market are:
- Audi AG
- BMW AG
- Continental AG
- Daimler AG (Mercedes Benz)
- Ford Motor Company
- General Motors
- Honda Motor Corporation
- Nissan Motor Company
- Toyota Motor Corporation
- Volvo Car Corporation
- Valeo S.A.
- Volkswagen AG
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