Global Semi-Autonomous & Autonomous Vehicles Market
The GMI Research stipulates that the Semi-Autonomous & Autonomous Vehicles Market is witnessing an augmentation in demand over the forecast period. This is mainly due to the growing concern towards road safety by transport authorities, increasing integration of advanced technologies like internet of things, and the emphasis on research and development by automotive producers.
Introduction of the Semi-Autonomous & Autonomous Vehicles Market
An autonomous vehicle refers to the vehicle that does not require any human interference. They are basically executed by sensing the environment and navigating. The responsibility of driver depends on the driver and the technology is implemented in the vehicles to ensure the driver-air and safety. These vehicles have the potential to drive with the help of radars, sensors, and artificial intelligence but require humans to counter a situation that they cannot manage.
Leading Players of the Market:
- Continental AG
- Robert Bosch GmbH
- Denso Corporation
- ZF Friedrichshafen AG
- Magna International Inc
- Infineon Technologies AG
- NXP Semiconductor
- Texas Instruments Incorporated
- BorgWarner Inc.
Semi-Autonomous & Autonomous Vehicles Market Dynamics
The prominent drivers contributing to the growth of the global semi-autonomous & autonomous vehicles market include the augmenting demand for secure, effective, and dynamic driving options followed by the enlargement in connected vehicle technology. These vehicles help to reduce traffic obstruction resulting in enhanced delivery of goods & services. In addition, they provide enhanced better fuel efficiency owing to their potential to decelerate and accelerate more intensely than a human driver and capability to operate for a more extended period with little human input, which is further supplementing the market growth. Furthermore, these vehicles have less carbon emission, which is another factor propelling the market. Moreover, the escalating implementation of these vehicles to alter the attention towards completely automated automobiles without human errors is paving the way for market growth.
Furthermore, the sudden spread of the coronavirus has adversely impacted the automotive industry because of the imposition of lockdown across the world. Additionally, automakers had to decrease the production at their production plants owing to the inability to work with total capacity led by social distancing. Several automakers worked intensely on substitutes and countermeasures to curb the pandemic's impact on their business.
Level of Automation Segment Drivers
Based on the level of automation, level 3 is expected to witness faster growth over the coming years. This is mainly because of the growing endorsement of modernized driver assistance systems, which include lane departure warnings, flexible cruise control, and collision identification. Fully mechanized cars fail to allure an extensive customer base as they cannot protect from cyber-attacks, thus fuelling the market growth.
Fuel Type Segment Drivers
On the basis of the fuel type, the hybrid electric vehicle will hold a significant share in the market during the coming years. This is because of the increasing preference of consumers towards their owing to their economic and better mileage capabilities. The strategic norms and subsidies have extensively stimulated the sales of EV, thereby bolstering the market growth. In accordance with the IEA, the worldwide sales of the electric car were nearly 2 million in 2019, exceeding sales in 2018.
Based on the regional coverage, North America is contemplated to expand at a higher rate. This is primarily because the nation has a promising market for lavishing autonomous vehicles. Moreover, the high sales of automobiles and issues related to vehicle safety. Furthermore, the ongoing surge in the automotive industry accompanied by the growing demand for mechanized vehicles helps the market attain the highest Semi-Autonomous & Autonomous Vehicles market share.
Semi-Autonomous & Autonomous Vehicles Market Segmentation:
Segmentation by Level of Automation
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
Segmentation by Component
- Ultrasonic Sensor
Segmentation by Fuel Type
- Internal Combustion Engine (ICE)
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
Segmentation by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI is a market research and consulting company providing business insights and market research reports for small & medium enterprises and large organizations. The team helps clients apprehend the impact of dynamics such as size, share, drivers, growth opportunities, and other aspects. Our team of analysts and industry experts carry out market intelligence studies to certify relevant and fact-based research across various sectors like FMCG, Technology, Energy, and Healthcare.
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