Source: Psychic Ventures Ltd. announcement

LONDON — During the last five years, major carmakers, tech giants, and start-ups have invested more than $50bn into autonomous vehicle (AV) technology. Although there have been many financial, practical, and scientific challenges in developing these vehicles, the entire market continues growing, with many autonomous cars expected to be on the roads in the following years.

According to data presented by BuyShares.co.uk, the global AV market is expected to grow by 36 percent in the next two years and hit a $37-billion value by 2023.

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5.4-Million Cars With At least Level 3 Autonomy on the Roads by 2023

Autonomous cars use radar, lidar or GPS technology, and computer vision to sense their environment. The advanced control systems integrated into the car can interpret the sensory inputs to detect signboards or prevent collisions.

Although fully autonomous cars are unlikely to reach wide acceptance any time soon, Level 2 and Level 3 autonomous cars, which use collision detection, lane departure warning, and adaptive cruise control, are expected to witness rapid growth.

In 2019, the global autonomous car industry was worth $24.1bn, revealed the Research and Markets data. Last year, the market shrunk by some three percent due to the economic slowdown caused by the COVID-19. In 2021, however, the market is forecast to recover and start growing, reaching over $27-billion value.

Statistics also showed that in 2019, some 1.4 million vehicles with at least Level 3 autonomy were sold worldwide. This figure is set to reach 2.7 million in 2021 and continue growing to 5.4 million by 2023.

Fully autonomous cars will not reach a wide customer base unless they are completely safe from cyber-attacks. If such concerns are solved, the autonomous car market is estimated to hit 58 million sold units by 2030. To view the entire announcement, click HERE