They are available in different body types such as sedans, hatchbacks, and SUVs. These vehicles provide the dual advantage of enhanced safety, user experience, and performance of the unit. Luxury autonomous vehicles can collect, analyze, and store data in real time for a faster decision-making process. This offers a significant advantage over other classes of vehicles. Such vehicles are utilized for personal transportation or premium shared mobility services. The utilization of this product amongst the consumer base can be studied through customized market research reports provided by Global Market Database. The cloud based market research tool studies the shift in line with changing market trends.
Classification Based on Fuel Type:
Increased research and innovation on battery operation and storage have attracted more attention in this market. The market segmentation for the automotive module can also be analysed through Global Market Database. The prominent growth sectors of this industry can also be studied using this cloud based market research platform. Other segments like hybrid vehicles have also been studied using this market intelligence tool.
Hybrid vehicles are equipped with twin systems, one with electric and one with petrol. These vehicles reduce the emissions by half and provide the advantage to switch between the two systems. Internal Combustion Engine (ICE) vehicles make use of the traditional fossil fuels to operate. These systems are expected to be disrupted by battery electric vehicles. Fuel cell electric vehicles make use of more efficient hydrogen cells. They release warm air and water vapor as emissions. According to the market database, the increased research focus is expected to ignite further innovation in this category.
Supporting Technologies:
The luxury autonomous vehicle market is fueled by innovative technologies to deliver top-class performance. The wide-scale adoption of the Internet of Things (IoT) is expected to support this industry. The market penetration for IoT into the automotive module can be analyzed through Global Market Database. The market research tool studies the shift in line with changing market trends.
According to the market database, the integration of IoT amongst luxury cars has increased due to the rise in demand to exchange data among autonomous vehicles and provide smooth operations. This is supported by the use of Embedded Subscriber Identity Module (eSIM) technology to enable data sharing and storage. Autonomous vehicles are equipped with eSIM to store user identity and provide access to real-time data. According to the free market database from market research tools, the next-generation wireless technology 5G is expected to onboard such autonomous vehicles and allow smooth transfer of information.
Challenges and Hurdles:
According to the market database, the major barrier for luxury autonomous vehicles is the lack of basic infrastructure in developing economies. The absence of well-maintained roads, lane tracking, and advanced GPS navigation hampers the performance of such vehicles. The rise in connected vehicles has raised the concern of data leaks and hacks. The security in such vehicles needs to be updated regularly and enable a secure operational environment. Global Market Database can be used to study the drivers, restraints, and challenges associated with this industry vertical. The growth dynamics and the limitation of a sector can be assessed using this cloud based market research platform.
COVID-19 acted as a restraint for this market. Market research reports state that this is due to lockdowns initiated in several countries which disrupted the manufacturing and research operations. It also led to a muted consumer demand due to the pandemic. In the long-run, the market outlook is expected to remain positive due to increased awareness of personal automotive mobility solutions. The vehicles require a great amount of time and resources to be trained in an optimum manner. According to market research tools, to make the car 95% as safe as an experienced driver, they require 275 million failure-free autonomous miles. The change in market outlook and business recovery solutions can also be developed using market intelligence tools.
The North America Perspective:
The market database states that the region has experienced a greater share in the autonomous luxury vehicles market. The regional competitive mapping for this sector can also be studied through Global Market Database. The market research tool provides free market data across 600+ markets and 12 different industries.
According to Global Market Database, the NA region is expected to drive business recovery in the post-COVID scenario due to the extensive research environment. For instance, a major American automotive company launched an autonomous model in the year 2019. This model can perform 50 trillion operations every second.
Europe Region Analysis:
The region is a major hub for luxury vehicle manufacturers. This has contributed towards increased innovation in the autonomous vehicle category. Improved participation by the regulatory bodies to monitor the quality and safety of such types of vehicles has led to improved vehicle performance. Market research tools can be used to assess the regional market outlook for the EU.
APAC Point of View:
APAC region is expected to be the fastest-growing and has a significant contribution towards the business recovery in automotive market. China has witnessed a greater share in the market due to increased adoption and awareness among consumers. Data from China Passenger Car Association (CPCA) has reported that the luxury car vertical held a share of 13.9% in the total car sales for Q2 2020.
