Autonomous Vehicle Market Growth 2021

1. Global Autonomous Vehicle Market, By Sensor, Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. Autonomous Vehicle Market- Industry Trends & Forecast Report 2027 A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global autonomous vehicle is projected to reach USD 52.4 billion by 2027, growing at a CAGR of 14.5% during 2021-2027 (forecast period). The growth of the global autonomous vehicle market is driven by several factors. The elimination of accidents (due to manual errors) and the reduction of carbon dioxide emissions from autonomous vehicles are the primary factors contributing to the growth of the market. Furthermore, the lower gas and battery usage by an autonomous vehicle, as well as the high penetration of the automotive industry contribute to the overall growth of the market. However, the low customer acceptance rate and the growing threat of hackers in the driving operation have stifled the market growth.

3. Growth Drivers  Technological Advancements The surging technological advancements aiming at offering enhanced features while reducing costs are a major factor that is expected to drive the autonomous cars’ demand during the forecast period. Advancements in security, driver assistance, convenience & comfort, electrical suspension, power train, instrumentation, braking, and safety are also projected to fuel the adoption of autonomous cars. For example, driver assistance technology offers adaptive headlights, passive cruise control, lane departure warning, night vision, blind-spot detection, and self-parking features, which are boosting the demand for autonomous vehicles around the world.

4. Restraints  Concerns Pertaining to the Adoption and Maintenance Costs The manufacturing costs of self-driving cars are high and unpredictable. They need a variety of advanced sensors, processors, and controls, which can cost tens of thousands of dollars. The price of radar sensors varies depending on the range they cover, which can be short or long. The core component of these cars is called the central processor, which analyzes all the sensor inputs; implements the rules of the road; and controls the steering, accelerator, and brakes, and constitutes 50-200% of the sensor cost. Since system failures could be lethal to car occupants as well as road users, all acute components would need to meet stringent production, repair, installation, testing, and maintenance requirements, which is quite expensive.

5. Impact of COVID-19 The automobile industry is a pillar of the global economy. The automotive sector has already witnessed considerable slowdown due to the COVID-19 pandemic for the last 12-18 months from 2019 to 2020. This can be attributed to several reasons, including factory closures, government sanctions, supply chain disruption, and lockout in many countries, which resulted in a global collapse of vehicle demand. Also, the supply of automotive components all over the world has been disrupted due to restrictions on import-export activities by several countries. 

6.  Regional Insights Geographically, the autonomous vehicle market is analyzed across North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America is the leading region of autonomous vehicles and is projected to lead the overall industry during the forecast period. The growth is mainly driven by the presence of major players, technological advancement, better infrastructure facilities for manufacturing, enhanced economic conditions, and rapid penetration and mass adoption of ADAS by the OEMs and customers. The Asia-Pacific will also be the fastest-growing region over the forecast period owing to the increase in the number of luxury vehicles, technological advancement, and increasing urbanization rate, which is positively influencing the industry outlook.

7. Recent Developments • On 11 January 2021, Aptiv introduced the next-gen ADAS platform for highly automated and electrified vehicles. As part of Aptiv’s Smart Vehicle Architecture, the open and scalable ADAS platform not only supports the software-defined vehicle but also reduces complexity and lowers total system costs. • On 20 January 2021, Honda announced a collaboration with Cruise and General Motors on self-driving vehicles for its autonomous vehicle mobility service (MaaS) business in Japan, based on the development and commercial agreements signed in October 2018.

8. Competitive landscape The presence of leading players in this market space greatly reduces the opportunities for new entrants as matching the high capital requirements is quite difficult. Some of the key market players areAptivPLC,Honda Motor Corporation,Daimler AG (Mercedes Benz), Jaguar, Tesla,  Toyota, General Motors, Volkswagen, BMW, Ford Motor Company, Continental AG, Baidu, Volvo Car Corporation, and other prominent players. In order to improve their production capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers. Sample Copy:https://www.blueweaveconsulting.com/report/global-autonomous-vehicles-market

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