According to the latest report by Renub Research, titled "Autonomous Vehicles Market by Driverless Car Levels, Hardware, Software, Regions, Companies, Global Forecast" Global Autonomous Vehicles Market will reach USD 325.9 Billion by 2030. The recent decades have seen a rapid advancement in transport technologies. Looking ahead, the advent of autonomous vehicle technology is one of the numerous impressive advancements, which ensures to change the way people and goods are transported across the world. Autonomous or driverless vehicles have the potential to improve transport options further.
Moreover, by removing the need for a human driver, autonomous vehicles are widely expected to increase accessibility for people who cannot drive themselves. In addition, it also reduces the cost of using taxis and delivery services; reduces the demand for on-street parking; increase road safety and capacity; increase the demand for short-stay, on-street parking.
Furthermore, while autonomous vehicles (A.V.s) are an emerging technology in surface transportation, it has enormous potential to transform the way individuals and communities interact with the built environment. Also, the widespread use of A.V.s substantially impacts greenhouse gas emissions of the transportation sector, which is accountable for the largest share of emissions in the global market.
Millennial and Urban population will have more trust on Self Driving Vehicles
Remarkably, the millennial (under 35) and urban/suburban consumers tend to be more favourable than rural areas and small towns. Millennials resemble to have fewer issues trusting autonomous vehicles, explaining the more positive outlook towards self-driving cars. Moreover, millennials are more welcoming of smart tech in their daily routines. Considerably, the vast majority of those transportation emissions are from cars and trucks, many of which could be replaced with A.V.s. Hence, globally, the evolution of A.V.s from their initial testing phase has become a concrete reality for consumers for numerous generations worldwide.
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Furthermore, when talking about autonomous vehicles, each vehicle has a range of autonomous capabilities. The Society of Automotive Engineers (SAE) International instituted its SAE J3016™ "Levels of Automated Driving" standard to classify autonomous vehicles. Its levels range from 0-5, and a higher number designates an increase in autonomous capabilities. As per our analysis by Level of Driving, we have studied (L3, L4 & L5) and Worldwide Driverless Cars Market will be USD 10.1 Billion this year 2021.
Types of Level
· Level 3 - Limited Self-Driving Automation Drivers cede all safety-critical functions following certain conditions and rely on the vehicle to advise when conditions require transition back to driver control.
· Level 4 – Self-Driving Under Specified Conditions: Vehicles can perform all driving functions under specified conditions.
· Level 5 - Full Self-Driving Automation: Vehicles can perform all ambitious tasks on standard road types, speed ranges, and environmental conditions.
Additionally, by technology, the autonomous vehicles market globally is making significant investments in hardware and software capabilities and testing and piloting vehicles. Moreover, the initiatives and the considerable attention that autonomous vehicles have been generating in the media for some time now have also resulted in significant consumer awareness. We expect the Self Driving Cars to grow with a staggering CAGR of 47.1% from 2021 to 2030.
United States & Europe are the Drivers of Self Driving Car Market
Notwithstanding, growth of the mobility as a service sector in regions is expected to provide an impetus to the autonomous car market. Prominently, America expects to witness a significant increase in the years to come owing to reformations in traffic ordinances in the U.S. to incorporate autonomous vehicles on public roads. The code is slowly being adopted across all the U.S. states to make transportation fully autonomous.
Similarly, Europe has also emerged as a potentially lucrative driverless car market in the years to come owing to the growing adoption of innovative technology and increasing consumer preference for technologically advanced products. To be specific, as reported by BBC News in the month of April 2021, the U.K. government is also supporting the adoption of self-driving vehicles which would be allowed on U.K. roads by the end of this year.
Companies working in the Driverless Car Market
The Autonomous Vehicle Market is fragmented, with the top international players like Apple, Google and Mercedes–Benz capturing the overall market. Our analysis suggests that companies studied now better compete with the giants in the A.V. market. Intense global competition also forces critical players to examine their business practices and evaluate means to meet the global challenges in the industry.
The COVID-19 crisis rages: Due to COVID-19, public life in numerous countries is grinding to a halt. The human toll has been enormous, with the patient caseload and deaths increasing exponentially worldwide. The coronavirus has forced the A.V. industry to cease or slow down its operations on the economic side.
Automotive Vehicles and players within the mobility industry are among the hardest hit. Over the long term, COVID-19 impacts mobility as it drives change in the macroeconomic environment, regulatory trends, technology, and consumer behaviours. However, the market trends may vary by region, so responses and outcomes for mobility players will differ by location, with the recovery rates accordingly.
Furthermore, in the coming years' post recovery from the COVID-19 scenario, the market predicts A.V.s to have enormous potential to allow for more productive use of time spent in a vehicle and to reduce crashes, costs of congestion, energy consumption, and pollution. They may also alter vehicle ownership models and land use patterns and create new markets and economic opportunities.
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Numbers– We have covered autonomous vehicles market throughSemi-Autonomous Driving and Self Driving Car. The Self Driving Car is further covered from Level 4: High Automation and Level 5: Full Automation.
Region – This report studies the market of America, Europe, the Middle East and Africa and Asia Pacific from two aspects Semi-Autonomous Driving and Self Driving Car.
Technology– This report covers Hardware Components and Software Components.
Hardware Components – This report covers the hardware components namelyLIDAR, Radar, Camera, Actuators, Embedded Modem, Embedded Controls Hardware, Passive Components, Other Electronics & Architecture, Odometry Sensors, Ultrasonic Sensors, V2X Hardware, Mapping Hardware and HMI Hardware.
Software Components – This report covers the software components namely V2X Software, Embedded Controls Software, Mapping Software, Data Security Softwar and HMI Software
Key Players – We have studied the company by overviews and recent developments of following companies Apple, Google and Mercedes–Benz.
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