An autonomous vehicle is that type of vehicle which can guide itself without the interference of human body. Moreover, an autonomous vehicle is also known as robot car, self-driving vehicle or robot car. From a starting point to a predetermined destination the autopilot mode is using in various vehicles with the adaptive cruise control, anti-lock braking systems, lasers, radar, active steering and GPS navigation technology. Automakers are progressively aiming on autonomous vehicles to placate customer requirement, to endure competitive and to develop their product portfolio. The driving ability of the autonomous vehicles varies based on the automation levels. The autonomous vehicles or driverless vehicles are those which can operate themselves without any human interference, sensors, communication systems and employing inbuilt software. The key players of this market are playing an important role by dominating the highest market share across the globe by adopting the effective strategies and policies after analyzing the key strength of competitors which further proved to be beneficial for leading the fastest market growth in the short span of time.
According to the report analysis, ‘Autonomous Vehicle Market: Global Drivers, Restraints, Opportunities, Trends, And Forecasts To 2023’ it is states that there are several key players which are presently functioning in this sector more significantly during the forecasted period by doing the significant developments in the technology with the developed techniques of doing work includes Apple, Google, Nissan Motor, Ford Motor, Intel, Volvo, General Motors, Argus Cyber Security, nuTonomy, Almotive and Autoliv. In addition, with the active working of the key players the nature of this market is become more competitive and profitable for making the handsome amount of investment and delivers the high return on investment. Not only has this, this will result in an effective market growth during the forecasted period.
Although, according to the research, the global autonomous vehicles market revenue is anticipated to increase at an effective CAGR of 39.6% during the forecast period of 2017-2027 reaching USD 126.8 billion by 2027. The trending developed technology, artificial intelligence (AI), is anticipated to play an effective role in the global autonomous vehicle market. The automakers and technical vendors are investing in AI to thrive in the era of autonomous vehicles. Furthermore, vehicle shared facilities such as car sharing/ taxi sharing will reach a developed adoption rate as individuals are most likely to utilize these kind of services because of the greater affordability and ease.In addition, the region-wise segmentation analysis demonstrated that North America controls the prominent market share followed by Europe. China, India, and Japan are the proficient countries in the autonomous vehicles market. Under the segmentation by product type, the software segment contributes an effective market share due to the growing AI acceptance in vehicles.
The acceptance rate of semi-autonomous vehicles is anticipated to increase at a speedy rate as the consumers and enterprises are investing profoundly on autonomous features. Therefore, in the near future, it is expected that the market of autonomous vehicle will grow more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications