Global Semi-Autonomous & Autonomous Vehicles Market
The GMI Research stipulates that the Semi-Autonomous & Autonomous Vehicles Market is witnessing an augmentation in demand over the forecast period. This is mainly due to the growing concern towards road safety by transport authorities, increasing integration of advanced technologies like internet of things, and the emphasis on research and development by automotive producers.
Introduction of the Semi-Autonomous & Autonomous Vehicles Market
An autonomous vehicle refers to the vehicle that does not require any human interference. They are basically executed by sensing the environment and navigating. The responsibility of driver depends on the driver and the technology is implemented in the vehicles to ensure the driver-air and safety. These vehicles have the potential to drive with the help of radars, sensors, and artificial intelligence but require humans to counter a situation that they cannot manage.
Leading Players of the Market:
- Continental AG
- Robert Bosch GmbH
- Denso Corporation
- ZF Friedrichshafen AG
- Magna International Inc
- Infineon Technologies AG
- NXP Semiconductor
- Valeo
- Texas Instruments Incorporated
- BorgWarner Inc.
Semi-Autonomous & Autonomous Vehicles Market Dynamics
The prominent drivers contributing to the growth of the global semi-autonomous & autonomous vehicles market include the augmenting demand for secure, effective, and dynamic driving options followed by the enlargement in connected vehicle technology. These vehicles help to reduce traffic obstruction resulting in enhanced delivery of goods & services. In addition, they provide enhanced better fuel efficiency owing to their potential to decelerate and accelerate more intensely than a human driver and capability to operate for a more extended period with little human input, which is further supplementing the market growth. Furthermore, these vehicles have less carbon emission, which is another factor propelling the market. Moreover, the escalating implementation of these vehicles to alter the attention towards completely automated automobiles without human errors is paving the way for market growth.
Furthermore, the sudden spread of the coronavirus has adversely impacted the automotive industry because of the imposition of lockdown across the world. Additionally, automakers had to decrease the production at their production plants owing to the inability to work with total capacity led by social distancing. Several automakers worked intensely on substitutes and countermeasures to curb the pandemic's impact on their business.
Level of Automation Segment Drivers
Based on the level of automation, level 3 is expected to witness faster growth over the coming years. This is mainly because of the growing endorsement of modernized driver assistance systems, which include lane departure warnings, flexible cruise control, and collision identification. Fully mechanized cars fail to allure an extensive customer base as they cannot protect from cyber-attacks, thus fuelling the market growth.
Fuel Type Segment Drivers
On the basis of the fuel type, the hybrid electric vehicle will hold a significant share in the market during the coming years. This is because of the increasing preference of consumers towards their owing to their economic and better mileage capabilities. The strategic norms and subsidies have extensively stimulated the sales of EV, thereby bolstering the market growth. In accordance with the IEA, the worldwide sales of the electric car were nearly 2 million in 2019, exceeding sales in 2018.
Regional Drivers
Based on the regional coverage, North America is contemplated to expand at a higher rate. This is primarily because the nation has a promising market for lavishing autonomous vehicles. Moreover, the high sales of automobiles and issues related to vehicle safety. Furthermore, the ongoing surge in the automotive industry accompanied by the growing demand for mechanized vehicles helps the market attain the highest Semi-Autonomous & Autonomous Vehicles market share.
Semi-Autonomous & Autonomous Vehicles Market Segmentation:
Segmentation by Level of Automation
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
Segmentation by Component
- Camera
- LiDAR
- Radar
- Ultrasonic Sensor
- Others
Segmentation by Fuel Type
- Internal Combustion Engine (ICE)
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
Segmentation by Region:
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- South Africa
- Brazil
- UAE
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI is a market research and consulting company providing business insights and market research reports for small & medium enterprises and large organizations. The team helps clients apprehend the impact of dynamics such as size, share, drivers, growth opportunities, and other aspects. Our team of analysts and industry experts carry out market intelligence studies to certify relevant and fact-based research across various sectors like FMCG, Technology, Energy, and Healthcare.
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According to the new market research report "Semi-Autonomous & Autonomous Truck Market By Level of Automation (Level 1, Level 2 & 3, Level 4, and Level 5), Propulsion (Diesel, Electric, and Hybrid), Application, Truck Class, ADAS Features, Sensor, and Region - Global Forecast to 2030" The global semi-autonomous truck market size is projected to grow from 948 thousand units in 2020 to reach 3,254 thousand units by 2025, at a CAGR of 28.0%The global autonomous truck market size is projected to grow from USD 460 million in 2024 to reach USD 1,550 million by 2030, at a CAGR of 22.4%.The growth of the semi-autonomous truck market can be attributed to the increasing road accidents, the need for efficient truck operations, and demand for ADAS features in the trucks.
Government bodies across the world have started regulating the safety standards in trucks to reduce fatalities in road crashes.Factors such as shortage of drivers, companies eyeing a reduction in delivery & transportation cost, and increasing research and development in technologies such as V2X, 5G, connected trucks, ADAS, and platooning will drive the market for autonomous trucks in the forecast.
The pandemic COVID-19 might benefit the autonomous truck market, as companies will be looking for autonomous options for delivering and shipping to the customers.The global semi-autonomous truck market is dominated by major players such as Continental (Germany) Bosch (Germany), Aptiv (UK), AB Volvo (Sweden), and Denso (Japan).
On the other hand, Embark (US), Tesla (US), TuSimple (US), Caterpillar (US), and Waymo (US) are some of the companies that are focusing on developing autonomous trucks.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=224614273North America is expected to lead the global market during the forecast periodNorth America is the technology leader in autonomous technology.
Tesla will enter the market soon with its ‘Cybertruck’ having all the semi-autonomous features and an optional autonomous driving feature as well.The last-mile delivery truck segment is expected to be the largest market during the forecastUsing autonomous last-mile delivery trucks can help companies save 40% of the total cost.
Also, the shortage of human delivery driver/personnel and increasing e-commerce will be driving the autonomous truck market for last-mile delivery applications.
