The global autonomous vehicle market demand is projected to account for 4.2 million units by the end of 2030, registering over 63% CAGR, according to a new report by Million Insights. Also known as self-driving vehicles, these are the combination of sensors and several networking systems. Over the past few years, there has been significant development in the field of autonomous driving technology. Further, companies such as Google LLC and Tesla have upped their investment in research & development, thereby, attributing to the growth of the market.
The favorable government initiatives and financial support are some of the major factors attributing to the growth of the self-driving vehicle market. A wide range of systems and products together contribute to the infrastructure of autonomous vehicles. Autonomous vehicles ensure the self-mobility of non-drivers and people with disabilities. Owing to the increasing technical advancements, these vehicles are equipped with a wide range of technologies and comfort systems, thereby, allowing people to read, relax and work while traveling.
In addition, the demand for paid drivers is projected to reduce with the increasing penetration of self-driving vehicles, thereby, offering cost-effective mobility solutions. Further, these vehicles would ensure the safety and effective utilization of road infrastructure.
Market Share Insights
Major players in the market include BMW AG, Ford Motor, Google LLC, Nissan Motor, Uber Technologies, Volkswagen AG, Audi AG, and Daimler AG among others. These players are aggressively investing in developing necessary technologies for autonomous vehicles. Further, these companies are working in a collaboration with other stakeholders to gain a competitive edge in the market. For example, recently, Volkswagen and Ford joined hands to co-operate with each other in the development of autonomous vehicles. The deal between the two was valued billions of dollars and they agreed to share hardware and intellectual properties.
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Regional Insights
Over the forecast duration, it is projected that North America would register significant growth. This is due to the supportive government regulation coupled with suitable road infrastructure. States across the United States are adopting favorable regulations to increase the penetration of autonomous vehicles. In addition, the federal government in the U.S has also invested significantly to develop self-driving vehicles for military application.
On the other hand, Europe is likely to offer huge growth opportunities due to rising preferences among consumers for technically advanced vehicles. In addition, several countries in the region are implementing regulations aimed at boosting the adoption of autonomous vehicles. For example, the Department of Transport in the United Kingdom allowed service providers to operate self-driving vehicles on public roads without any special permission. In addition, the government is working towards introducing autonomous vehicles on roads by 2021.
Impact of COVID-19
The outbreak of COVID-19 has resulted in the imposition of lockdown in countries causing massive disruption and halting businesses operations in the automobile industry. Around 90% of the major automobile firms across North America, Europe, and China have been forced to stop their manufacturing facilities. The pandemic has also delayed the investment in the development of novel technologies in the automotive industry.
However, the effect of the pandemic is for the short term only and several countries have started their manufacturing units with limited restrictions. In addition, governments across the globe are increasingly investing in the development of supportive infrastructure, which, in turn, is likely to bode well for the growth of the self-driving vehicles market.
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