Autonomous Vehicles Market Will Record an Impressive Revenue at CAGR of 41.61% During 2018-2022: Radiant Insights, Inc.
The global Autonomous Vehicles Market is set to grow at a positive CAGR of 41.61% during the period 2017-2021. An autonomous vehicle is a driverless technology for cars and trucks. It can disengage human driving completely or allow a human driver to engage in the other activities while the vehicle is in motion. The technology enables minimal crashes, low consumption of fuel, and absolute zero congestion. There are several levels to understand the function of an autonomous car. In all, there are 0-4 levels. Level 0 leads humans to have a full control over all functions in the car. Levels 1 and 2 have more than one function automated. The only difference being in level two is that only one function is automated and the driver needs to have a constant attention. Levels 3 and 4 determine sufficient driving conditions so that the driver can engage in the other activities whereas in level four the car is capable of self-driving.
Commercially, the autonomous vehicle market gains positive traction, as the market is inclined toward innovation and minimizing traffic conditions at different places around the world. Autonomous vehicle market is driven by rise in investment coupled with advances in digital technology and availability of a wide range of products. Government funding, innovative approach of manufacturers and branding are key features of the autonomous vehicle market in the forecast period. However, regulatory framework and multi-level approvals might hinder the market growth in the forecast period.
Geographical segmentation for autonomous vehicles market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific’s market is driven by rise in adoption for self-driving cars. Manufacturers are now switching to driverless technology as it offers safety features and convenience helping to minimize the collision rate. North American market is expected to gain a significant CAGR during the forecast period due to technological improvements and digitization in cars. High acceptance and substantial demand for driverless cars contribute to the market demand in APAC. The key players in the autonomous vehicles market include Audi AG, BMW, General Motors, Nissan Motor Company, Volkswagen, Fiat Chrysler Automobiles, Ford Motor, Diamler, Delphi, Tesla, Intel, and Alphabet.