The Research and Markets report "Autonomous Vehicle Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023" forecasts that global autonomous vehicles market revenue is expected to grow at a CAGR of 39.6% during the forecast period 2017-2027 reaching $126.8 bilion by 2027.
Globally, automakers are aggressively focusing on autonomous vehicles to satisfy customer demand, to remain competitive and to improve their product portfolio. The autonomous vehicles or driverless vehicles are those that can drive themselves without any human intervention, employing inbuilt software, sensors, and communication systems. The driving capability of the autonomous vehicles differs based on automation levels.
Increased investments by automakers, the changing needs and behaviour of customers, and environment-friendly features of autonomous vehicles are expected to drive market growth. The market is analyzed based on the sensors, hardware, software, services, regions, and autonomous vehicles types.
The trending advanced technology, artificial intelligence (AI), is expected to play a significant role in the global autonomous vehicle market. The automakers and technical vendors are investing in AI to succeed in the era of autonomous vehicles. Furthermore,vehicle shared services such as car sharing/ taxi sharing will reach a higher adoption rate as individuals are most likely to use these types of services due to greater affordability and ease.
The adoption rate of semi-autonomous vehicles is expected to grow at a rapid rate as the consumers and enterprises are investing heavily on autonomous features.
In the next couple of years, fully autonomous vehicles are expected to be launched. Once level 4 and level 5 vehicles are fully launched, the market share of semi-autonomous vehicles is expected to decline.
The region-wise segmentation analysis shows that North America holds the major market share followed by Europe. China, India, and Japan are the leading countries in the autonomous vehicles market. Under segmentation by product type, the software segment contributes a major market share owing to the rising AI implementation in vehicles.
Some of the key players covered in the report are Apple, Google, Nissan Motor, Ford Motor, Intel, Volvo, General Motors, Argus Cyber Security, nuTonomy, Almotive,and Autoliv.