Source: Data Bridge Market Research announcement
BERLIN – The semi-autonomous vehicle market is expected to grow by more than $185 million by 2029, according to a report published by Data Bridge Market Research.
Data Bridge Market Research analyses that the semi-autonomous vehicle market was valued at $19.13 million in 2021 and is expected to reach $205.49 million by 2029, registering a compound annual growth rate of (CAGR) of 34.55 percent during the forecast period.
In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Semi-autonomous vehicles are popular due to their operating system because it need minimum manual intervention for a longer period. Furthermore, these semi-autonomous vehicles can change stops, lanes and decelerate or accelerate. Along with that, these vehicles can capable of self-parking and sense the driving conditions and it also allows the driver to retake controls, it offering sufficient transition time and control all the safety always depends on the technology as well as its automation levels.
Even the advanced driver assistance system (ADAS) characteristics functioning is get-together more attraction of the consumers as it can help the human driver in controlling the process of the vehicle.
Market Definition
A semi-autonomous vehicle can decelerate and accelerate and can stop without human intervention. Semi-autonomous vehicles may be capable to keep in lane, and they may also be capable to park themselves without any human intervention, but they are not self-driving. In most cases, in this vehicle, drivers must always keep their hands on the wheel.
Semi-Autonomous Vehicle Market Dynamics
Drivers
Rising demand for safety and security purposes
The rise in concern regarding safety and security has boosted consumers’ demand for semi-autonomous vehicle technologies. The semi-autonomous vehicles have many features such as improved fuel efficiency, Minimal vehicle accidents, and engine productivity. These are some potential benefits expected to increase the demand for the semi-autonomous vehicle and drive the market’s growth.
Reduced fuel consumption
Semi-autonomous vehicles are highly fuel-efficient because they can accelerate and decelerate more efficiently than a human driver, reducing fuel consumption. Due to the fuel-efficient property increase the demand of semi-autonomous vehicle which are expected to increase the revenue growth of the market.
In addition to the observable profits, reductions in fuel use, and less carbon monoxide emissions will contribute to the sustainability and environmental goals.
To view the entire announcement, click HERE.
