Source: Market Research Future announcement
NEW YORK — According to a comprehensive research report by Market Research Future (MRFR), Autonomous Vehicles Market Information, By Type, By Sensors, By Hardware and Software and By Region (North America, Europe, Asia Pacific, Rest of the World (RoW)) – Forecast till 2030, the market is anticipated to acquire a valuation of approximately $125.67 billion by the end of 2030.
The reports further predict the market to flourish at a robust compound annual growth rate (CAGR) of more than 22.3 percent during the assessment timeframe.
The rising adoption of advanced safety systems and driver assistance features drive autonomous-vehicles market growth. The awareness of the importance of autonomous driving features is projected to change the automotive game.
Currently, many major players are contributing to the development of semi-autonomous and fully autonomous vehicles. Innovative prototypes are being tested in the R&D centers of various automobile companies and universities.
Autonomous driving is becoming a major buying factor for customers. People in China, Europe, and the United States would switch automotive brands to get a vehicle with better autonomous driving features.
Top companies active in the global autonomous vehicles market include-
General Motors (US), Volkswagen (Germany), Ford Motor Company (US), BMW (Germany), Baidu (China), Tesla (US), Toyota (Japan), Audi (Germany), Jaguar (UK), Google (US), Continental AG (Germany), Intel Corporation (US), Renesas Electronics Corporation (Japan), ZF Friedrichshafen AG (Germany), Nvidia Corporation (US), Infineon Technologies AG (Germany), Hitachi, Ltd. (Japan), Autoliv Inc. (Sweden), NXP Semiconductors NV (Netherlands), Bosch (Germany).
Government norms & regulations related to passenger safety are a major factor responsible for expanding the autonomous vehicles market. Besides, increased demand for in-built driver-assistant systems boosts sales of autonomous vehicles. Vehicle manufacturers are innovating new technologies to improve vehicle safety and intelligent transport systems.
Moreover, increased accidents across the globe foster the demand for autonomous vehicles. However, crucial factors that help the market expansion are increased government mandates for advanced driver-assistance systems (ADAS) features, including basic safety systems like anti-lock braking systems (ABS) and airbags. Collaboration among stakeholders is key to ensuring the highest possible levels of safety in automated vehicles.
However, autonomous vehicles on the market still require a certain level of driver intervention. This shows that the self-driving concept needs more R&D to become completely autonomous, relying more on the technology. Also, software systems of automated vehicles pose significant challenges, such as unexpected malfunction, which increases the possibility of collisions.
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