High component costs, high software and hardware maintenance updates, increasing incidences of cyber-attacks hacking the operating systems are likely to hamper the market
The Global Autonomous Vehicle Market was valued at $54.21 billion in 2019 and is estimated to garner $2,044.93 billion by 2030, at a CAGR of 39.1 per cent during the forecast period, from 2020 to 2030. The global sale of autonomous vehicles was valued at 1.4 million units in 2019 and is projected to reach 58 million units by 2030, expanding at a CAGR of 40.3 per cent, from 2020 and 2030.
The market in Asia Pacific is expected to gain traction during the forecast period due to the increase in per capita disposable income, improvements in standard of living, developing traffic norms, and increasing investments in the automotive sector.
However, high component costs, high software and hardware maintenance updates, increasing incidences of cyber-attacks hacking the operating systems are likely to hamper the market. On the other hand, increasing investments by regulatory bodies in digitization, adoption of advanced infrastructures in smart cities, high usage of smart gadgets and smart automotive, technological evolution, high standard of living, and increasing per capita income are creating growth opportunities for the autonomous vehicle market.
North America dominated the global autonomous vehicle market in 2019 and this trend is expected to continue during the forecast period due to high adoption of autonomous vehicles in this region, well-established automotive manufacturing infrastructures, presence of key manufacturers, stringent traffic regulations, adoption of advanced technologies, and well-developed systems of road network.
The growth of the automotive vehicles market is attributed to the rising number of benefits offered by unmanned vehicle as compared to traditional vehicles such as reduced road-crash risk, enhanced safety & security, elimination in driver wages, secured mobility for disabled individuals and non-drivers, and increased comfort and flexibility offered by seamless operative systems.
Major players in the global autonomous vehicle market include Daimler AG, General Motors, Ford Motor Company., Volkswagen Group, Tesla Inc., Renault-Nissan-Mitsubishi alliance, Groupe SA, Volvo-Autoliv-Ericsson-Zenuity alliance, AB Volvo, Toyota Motor Corporation, and BMW AG. They employ strategies such as product launches, acquisition, and technical collaboration, to gain stronger position in the market.