Overview and Scope
An autonomous vehicle, often called a driverless vehicle, is a vehicle that operates and executes essential tasks without requiring human intervention. These vehicles rely on a blend of hardware and software technologies that empower them to navigate without direct physical control or supervision from a human operator. They can function in various modes, including autonomous mode, in which the vehicle's autonomous technology handles the driving task, and testing mode, wherein the vehicle is fitted with autonomous technology for evaluation and validation purposes.
Sizing and Forecast
The autonomous vehicle market size has grown exponentially in recent years. It will grow from $54.60 billion in 2023 to $73.53 billion in 2024 at a compound annual growth rate (CAGR) of 34.7%. The growth in the historic period can be attributed to rising aging populations, increasing consumer acceptance, increasing geriatric population, growth in delivery demands, and growing environmental awareness.
The autonomous vehicle market size is expected to see exponential growth in the next few years. It will grow to $221.32 billion in 2028 at a compound annual growth rate (CAGR) of 31.7%.
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Segmentation & Regional Insights
The autonomous vehicle market covered in this report is segmented –
1) By Level of Automation: Driver Assistance, Partial Automation, Conditional Automation, High Automation, Full Automation
2) By Component: Hardware, Software, Service
3) By Application: Transportation and Logistics, Civil, Defense, Other Applications
North America was the largest region in the autonomous vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the autonomous vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for energy-efficient vehicles is expected to propel the growth of the autonomous vehicle market going forward. Energy-efficient vehicles are designed to use less energy to perform the same tasks as their non-efficient counterparts. As governments worldwide intensify efforts to combat climate change and reduce greenhouse gas emissions, autonomous vehicles are predicted to reduce energy consumption. The development of connected and autonomous vehicles is being carried out with a focus on minimizing fuel and energy consumption, and energy-efficient vehicles play a crucial role in shaping the success of the autonomous vehicle market. For instance, according to the International Energy Agency, a France-based intergovernmental organization, in 2022, fuel cell electric vehicles (FCEVs) increased by 40% compared to 2021, reaching over 72,000 vehicles globally. Therefore, the rise in demand for energy-efficient vehicles is driving the growth of the autonomous vehicle market.
Key Industry Players
Major companies operating in the autonomous vehicle market are Volkswagen AG, Google LLC, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., The Hyundai Motor Group, Tesla Inc., Nissan Motor Co. Ltd., Audi AG, Intel Corporation, AB Volvo, Groupe Renault, Denso Corporation, Mercedes-Benz Group AG, Uber Technologies Inc., NVIDIA Corporation, Baidu Inc., Waymo LLC, WeRide Corporation, Aurora Innovation Inc., Cruise LLC, AutoX Inc., Oxbotica Ltd.
The autonomous vehicle market report table of contents includes:
1. Executive Summary
2. Autonomous Vehicle Market Characteristics
3. Autonomous Vehicle Market Trends And Strategies
4. Autonomous Vehicle Market - Macro Economic Scenario
5. Global Autonomous Vehicle Market Size and Growth
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32. Global Autonomous Vehicle Market Competitive Benchmarking
33. Global Autonomous Vehicle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Autonomous Vehicle Market
35. Autonomous Vehicle Market Future Outlook and Potential Analysis
36. Appendix
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Market Scenario Market Research Future (MRFR) reveals that COVID-19 pandemic can impact the Autonomous Vehicle ECU Market Share in different region.
MRFR studied the global autonomous vehicle ECU market 2020 and along with its report, MRFR is providing COVID-19 impact analysis.
Rise in the installation rate of ECU in high number of vehicles to controls automated functions of vehicles related to infotainment system, engines, and advanced driver-assistance systems (ADAS) with the use of components and sensors can underpin the expansion of the worldwide autonomous vehicle ECU market in the years to come.
They are; Hitachi, Ltd. (Japan), Continental AG (Germany), Intel Corporation (U.S.), ZF Friedrichshafen AG (Germany), Nvidia Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), Renesas Electronics Corporation (Japan), Bosch (Germany), Infineon Technologies AG (Germany), and Autoliv Inc. (Sweden) among others.
Autonomous Vehicle ECU Market@ http://www.abnewswire.com/pressreleases/autonomous-vehicle-ecu-market-2020-upcoming-trends-growth-drivers-regional-outlook-competitive-strategies-rising-demand_521305.html Segment Study The world autonomous vehicle ECU market segment study is based on application and vehicle type.
The rise in accidents across the world is a major concern, which can boost the adoption of autonomous vehicles, thus boosting the expansion of the autonomous vehicle ECU market.
