Autonomous Vehicles Market Report | Autonomous Vehicles Market
The global autonomous vehicles market is expected to witness a CAGR of 62.86% to reach USD 41.24 billion by 2024. Huge investments by key players in R&D of autonomous vehicles and increasing incidences of accidents are likely to fuel the market growth over the forecast period. Moreover, high demand for improvement of traffic congestion in urban setup is expected to propel the market growth during 2018 to 2024.
Autonomous vehicles are self-driving vehicles with advanced driver assisting features and the capability to navigate without the intervention of the driver. These vehicles will be commercially available in the coming years and are expected to transform the urban transport infrastructure in the next few decades.
Major companies are signing mergers with major tech companies to develop advanced vehicle automation technology to enter the autonomous vehicle market before its nascent stage. One of the early applications of autonomous vehicles is expected to be public transport. This will likely be achieved by major ridesharing companies merging with key automobile manufacturing companies in the coming years.
Legislations for autonomous vehicles will be a major driving factor of this market over the forecast period. The US has already approved regulatory infrastructure for autonomous vehicles. This will give impetus to the market growth over the early years of the forecast period. However, a harmonized legislation will be required in the later years.
North America is expected to experience the fastest CAGR over the forecast period, and is likely to hold the major share of the market during 2019-2024. This can be attributed to the state-level adoption of self-driving legislations in 24 states of the US via approval by legislators or approval via executive order by governor. Moreover, presence of key players in this region is likely to give impetus to the market over the forecast period.
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Last Update : Sep 14, 2018
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