Autonomous vehicle is also known as driverless vehicle or robotic vehicle. It is capable of sensing its surrounding and navigating without human intervention. Increase in the number road accidents due to error by humans offers lucrative opportunities to the autonomous vehicles manufacturers during the forecast period, as autonomous vehicles are comparatively safer than human-controlled vehicles. Autonomous vehicles also help in the reduction of carbon dioxide emission in the environment.
They contribute to the revenue of various industries such as IT, technology, and electronics. Automobile manufacturers are focused on autonomous vehicles in order to meet the demand of customers, and also to secure their position in the market and improve their product portfolio. Autonomous vehicles can drive on their own without any human intervention, employing inbuilt software, sensors, and communication systems.
The driving capability of autonomous vehicles differs based on the levels of automation employed. Rise in investment by automobile manufacturers, changes in needs and behavior of customers, and the environment-friendly features of autonomous vehicles are expected to promote the market during the forecast period.
The global autonomous vehicles market can be segmented based on application, component, technology, and region. In terms of application, the global autonomous vehicles market can be classified into public transportation, passenger vehicles, industrial fleets, construction, mining, and agriculture. Autonomous vehicles are already played important role in the selected application that features controlled environments such as agriculture, construction, and mining.
Some of the benefits of automation in this field include saving in cost of labor and reduction of carbon dioxide emission in the environment through optimized driving. These factors are expected to boost the demand for autonomous vehicles during the forecast period. By component, the global autonomous vehicles market can be divided into long range RADAR system, LIDAR system, camera, short/medium range RADAR system, ultrasound, and GPS.
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Based on technology, the global autonomous vehicles market can be classified into automated park assist technology, adaptive cruise control technology, automated highway driving assistance, autonomous highway driving, and advance technology artificial intelligence. The advanced technology artificial intelligence segment is expected to play a key role in the global autonomous vehicles market during the forecast period. Automobile manufacturers and technical vendors are investing in artificial intelligence in order to gain competitive advantage in the autonomous vehicles market.
Furthermore, vehicle sharing services such as car or taxi sharing are anticipated to reach an optimal adoption rate, as people are expected to use these services more frequently due to affordability and convenience. This, in turn, is projected to boost the demand for autonomous vehicles during the forecast period.
Geographically, the global autonomous vehicles market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, Western Europe constitutes the dominant share of the global autonomous vehicles market, due to the high adoption rate of such vehicles in the region. North America is the second leading market for autonomous vehicles, following Western Europe. China, India, and Japan are the major manufacturing countries of autonomous vehicles.
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Asia Pacific is forecasted to surpass Europe and North America in terms of demand for autonomous vehicles. Adoption of autonomous vehicles in the developing regions such as Latin America and Middle East & Africa is estimated to be lower than that in the other regions. However, the market for autonomous vehicles is expanding rapidly in the emerging countries. This is projected to boost the autonomous vehicles market in the near future, considering the significant advantages of autonomous vehicles over conventional vehicles, and impact on environment.
Key players operating in the global autonomous vehicles market are Nissan Motor, Apple, Google, Ford Motor, Intel, Volvo, General Motors, Argus Cyber Security, Tesla Motors, Audi AG, BMW AG, and Mercedes-Benz.