SAN FRANCISCO, April 6, 2020 /PRNewswire/ -- The global autonomous vehicle market demand is expected to reach 4.2 million units by 2030, expanding at a CAGR of 63.1% over the forecast period, according to a new report by Grand View Research, Inc. An autonomous vehicle is a combination of various networking systems and sensors that assist the computer in driving the vehicle. Several technology providers such as Google LLC and Tesla Motors have also entered the market and are contributing to the research and development of autonomous vehicles.
Key suggestions from the report:
- Demand for autonomous cars is expected to witness a rise in the coming years owing to increasing government regulations in various developed and developing nations
- Based on application, the transportation segment is expected to expand at the highest CAGR of 86.4% over the forecast period
- Countries including U.S., China, and Japan are expected to witness significant growth over the forecast period owing to the large-scale testing and adoption of autonomous cars or trucks in the transportation sector
- Audi AG; BMW AG; Daimler AG; Ford Motor Company; General Motors Company; Google LLC; Honda Motor Co., Ltd.; Nissan Motor Company; Tesla; Toyota Motor Corporation; Uber Technologies, Inc.; Volvo Car Corporation; Volkswagen AG are some of the key players in the self-driving vehicles market.
Read 100 page research report with ToC on "Autonomous Vehicle Market Size, Share & Trends Analysis Report By Application (Transportation, Defense), By Region (North America, Europe, Asia Pacific, South America, MEA), And Segment Forecasts, 2021 - 2030" at: https://www.grandviewresearch.com/industry-analysis/autonomous-vehicles-market
The automobile industry is dynamic as it is undergoing changes with advancements in technologies. Several major players in the industry, such as General Motors Company, Volkswagen AG, Mercedes-Benz, and BMW AG, are making significant investments in the research and development of technologies. Growing trend of autonomous vehicles in the automotive industry is attracting larger investments in the development of these automobiles. Moreover, the U.K. government has granted permission to test self-driving cars on public roads. Furthermore, the Federal Department of Environment, Transport, Energy and Communications (DETEC) in Switzerland has permitted driverless testing on the streets of Zurich.
The market has been segmented on the basis of application into transportation and defense. The transportation segment is expected to account for a significant share in the self-driving car market over the forecast period. The defense segment is expected to witness the highest growth over the forecast period. North America accounted for the largest share of the overall revenue in 2020. Demand for self-driving vehicles is expected to increase over the forecast period in line with rising government regulations and increased acceptance of self-driving vehicles in U.S.
Grand View Research has segmented the global autonomous vehicle market on the basis of application and region:
- Autonomous Vehicles Application Outlook (Volume, Thousand Units, 2020 - 2030)
- Autonomous Vehicles Regional Outlook (Volume, Thousand Units, 2020 - 2030)
- North America
- Asia Pacific
- South America
- Middle East and Africa
Find more research reports on Automotive & Transportation Industry, by Grand View Research:
- Automotive Electronics Market – Global automotive electronics market size was estimated at USD 248.84 billion in 2019 and expand at a CAGR of 9.0% over the forecast period.
- Electric Mobility Market – Global electric mobility market size was valued at USD 125,057.3 million in 2018 and is expected to register a CAGR of 21.6% from 2019 to 2025.
- Smart Parking Systems Market – Global smart parking systems market size was valued at USD 3.9 billion in 2019 and is projected to register a CAGR of 17.4% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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