DUBLIN — The Autonomous Vehicle (AV) Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F Segmented by Vehicle Type (Passenger Car, Commercial Vehicle), By Level of Automation, By Component, By Mobility Type, and By Region report has been added to ResearchAndMarkets.com’s offerings.
The global autonomous vehicle (AV) market is expected to grow significantly by 2028.
With the recent shift in consumer behavior in the transportation industry due to the pandemic and technological advancement, there has been increasing demand for autonomous vehicles. Also, many shared mobility companies are opting for autonomous vehicles, positively impacting the growth of the global autonomous vehicle market.
Recent Developments in Autonomous Vehicles
The venture capital division of General Motors Co. invested in the U.S. startup Oculli Corp in September 2021. It creates radar sensor software for AVs.
With this investment, GM will be able to scale up its partially automated vehicles and completely autonomous vehicles by using Oculli’s affordable software to improve radar resolution. In August 2022, Lyft partnered with Motional to launch its Robo taxi in Las Vegas.
In May 2022, Mercedes Benz opened sales of its S-Class and EQS model vehicles with Level 3 Automation installed. Furthermore, Honda has launched its Legend Sedan Model with Level 3 Automation.
Ford Mustang Mach-E and F-150 come with level 2 automation. Ford has developed a blue cruise system for autonomous driving. Waymo has a fleet of self-driving electric Jaguar I-PACE cars that are now used by the public in Phoenix and being tested by staff members in San Francisco.
These vehicles run entirely on sensors. The public in Phoenix can utilize these vehicles through the Waymo One app without any NDAs or set pickups because there is no driver in the vehicle or operate them remotely. They run entirely on sensors.
GM is developing a self-driving Chevrolet bolt with lidar for self-driving. In 2020, Cruise, which was acquired by GM, launched Origin, which is a fully autonomous car without steering wheels and pedals.
The COVID-19 situation resulted in market uncertainty by slowing down logistics services, impeding corporate growth, and escalating panic across various client sectors. Governments in several countries declared a complete lockdown and temporarily shut down industries, which resulted in border closures that hampered the movement of transportation and logistics services. Following the COVID-19 health catastrophe, the outlook for companies around the world has drastically shifted.
Additionally, market participants’ overall service activities have decreased to reduce the possibility of contamination. With the new regulations and procedures in place and a notable improvement in product sales across the retail sector, the world is currently slowly returning to normal. These elements might exert a favorable influence on the market for autonomous vehicles to boost economic activity in all sectors.
Increasing Demand in Shared Mobility
Autonomous vehicles are escalating at a rapid rate in shared mobility. Many companies are investing in the sensors needed to provide fully autonomous driving experiences to their customers.
Companies like Waymo, Argo AI, and Cruise are investing heavily in autonomous vehicle operations. Consumer behaviors have also shifted towards autonomous shared mobility, which is further impacting the growth of autonomous vehicles.
High Demand for Advanced Technology in Automobiles
There is high demand for new features and technology in the Autonomous Vehicle market. Consumers are also buying vehicles that have new advanced features.
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