Autonomous Vehicles Market, Size, Global Forecast 2022-2030, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

Autonomous Vehicles Market, Size, Global Forecast 2022-2030, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

Global Autonomous Vehicles Market is expected to be US$ 325.9 Billion by 2030. Over the past decade, autonomous vehicle technology has been the best-adapted megatrends, especially in the case of connected and autonomous vehicles (CAVs), which enable communication between vehicles, infrastructure, and other road users, also known as V2X connectivity. Hence, autonomous vehicles are compiled to be a significant trend in the automotive industry which promises to increase road safety and driver comfort. Substantial advancement has been done in the field of autonomous vehicle technology is gaining more and more attention from vehicle manufacturers, technology companies, decision-makers, and the general public.

Global Autonomous Vehicles Market is expanding at a CAGR of 47.1% during 2021-2030:

Looking at the next generation of cars, many motivations for moving to autonomous vehicles exist. Today, autonomous vehicles offer potentially enormous disruption to life, business, and society, whether for personal transport or freight delivery. Hence, possible benefits are theoretically addressable, and initial demonstrations and experiments are encouraging. The major driving factors stimulating the growth of autonomous vehicles globally are reductions in accidents arising from human error, reduced cost & environmental impact of transport, the liberation of time currently committed to driving, and accessibility to a broader range of users.

Hardware Components, as well as Software Components, Brings the Global Consumers Closer To Autonomous Vehicles:

In our report, we have summarized the market of hardware components and software components by the technology. Recent dynamic changes in vehicle hardware technology include embedded controls, radar, LIDAR, actuators, cameras, embedded modem, passive components, other electronics & architecture, ultrasonic sensors, odometer sensors, mapping hardware, v2x hardware, HMI hardware, e.g., automatic braking, automatic cruise control, intelligent speed assistance, line maintenance assistance systems. These components also bring global consumers closer to increasingly autonomous and independent vehicles, which will use these solutions.

Impact of COVID-19 on the Global Autonomous Vehicles Industry:

The Covid-19 pandemic outbreak has halted the overall performance of the automotive industry. Global company's strategy to stop development of advancement in technology and further investment plan to protect the cost will hinder the mobility solution say autonomous vehicles and economic slowdown across the globe would steadily hamper the growth of this market. According to Renub Research, Worldwide Automotive Vehicles Market Size was US$ 10.1 Billion in 2021. Further, the future of autonomous vehicles is undertaken to canvas the views of a wide range of experts worldwide to create a more precise, informed global perspective on the evolution of automotive over the next decade.

Level 3 Vehicles, Holds The Most Dominant Market Share:

The proficiency of autonomous vehicles to operate without human intervention depends on their level of technological sophistication. Our report covers the autonomous vehicles into Level 3, Level 4, and Level 5. Further, to be precise, Level 3 is conditional automation, Level 4 is high automation, and Level 5 is full automation. Level 3 vehicles will be a turning point for technology testing, opening the gateway to mass-market adoption of an automated technology. Our analysis shows that Level 3 vehicles, also known as conditional driving automation vehicles, hold the dominant market share due to environmental detection capabilities.

American Region Dominates the Autonomous Vehicles Market:

America dominated the autonomous vehicles market. The factors like strong and established automotive company clusters and the American region being the home for the world's biggest technology companies like Google, Microsoft, Apple has been a pioneer with regard to autonomous vehicles. Besides, in the United States, autonomous cars are already being tested and used in California, Texas, Arizona, Washington, Michigan. Nevertheless, their mobility is restricted to specific test areas and driving conditions.

Additionally, the market in the Asia Pacific is anticipated to expand rapidly owing to the increasing adoption of these vehicles and the growing customer preferences for technologically advanced features. In addition, automotive companies plan to expand production units and attain rapid technological improvement in manufacturing facilities in emerging countries, India and China. Additionally, the Government of China is vigorously working to gain a competitive advantage in automotive vehicle technology.

Key Players:

The companies contributing to the growth of the global autonomous vehicles industry include Apple, Google, Mercedes–Benz. The market players contribute considerably to market growth by adopting various strategies, including new product launches, mergers and acquisitions, partnerships with the government, and technological advancements to stay competitive. Further, the companies are likely to continue growing during the forecast period, primarily due to increasing support from governments and private sectors to promote autonomous driving vehicle technology across several countries.

Renub Research report titled ""Autonomous Vehicles Market Global Forecast by Driverless Car Levels (L3, L4, L5), Hardware (Radar, LIDAR, Actuators, Cameras, Embedded Modem, Passive Components, Embedded Controls Hardware, Other Electronics & Architecture, Ultrasonic Sensors, Odometry Sensors, Mapping Hardware, V2X Hardware, HMI Hardware), Software (V2X Software, Mapping Software, Embedded Controls Software, HMI Software, Data Security Software), Regions (Europe, America, Middle East & Africa, Asia Pacific), Companies (Apple, Google, Mercedes–Benz)"" provides a detailed and comprehensive insight of the Global Autonomous Vehicles Industry.

Autonomous Vehicles Market has been studied from 4 Categories in this Report:

1. Market
2. Volume
3. Regions
4. Technology

Numbers – Global Self Driving Car

1. Semi-Autonomous Driving

• (Level 3 Cars)

2. Self-Driving Car

• Level 4: High Automation
• Level 5: Full Automation

Region – Market & Volume breakup from 3 viewpoints:

1. America
2. Europe
3. Middle East and Africa
4. Asia Pacific

Technology – Driverless Cars Technology Market has been divided into two Broad Categories:

1. Hardware Components
2. Software Components

Hardware Components – Market breakup from 13 viewpoints:

1. LIDAR
2. Radar
3. Cameras
4. Actuators
5. Embedded Modem
6. Embedded Controls Hardware
7. Passive Components
8. Other Electronics & Architecture
9. Odometry Sensors
10. Ultrasonic Sensors
11. V2X Hardware
12. Mapping Hardware
13. HMI Hardware

Software Components – Market breakup from 5 viewpoints:

1. V2X Software
2. Embedded Controls Software
3. Mapping Software
4. Data Security Software
5. HMI Software

All companies have been covered from 2 viewpoints:

• Overview
• Recent Developments

Company Analysis:

1. Google
2. Apple
3. Mercedes–Benz