The global autonomous vehicle market demand is projected to account for 4.2 million units by the end of 2030, registering over 63% CAGR, according to a new report by Million Insights. Also known as self-driving vehicles, these are the combination of sensors and several networking systems. Over the past few years, there has been significant development in the field of autonomous driving technology. Further, companies such as Google LLC and Tesla have upped their investment in research & development, thereby, attributing to the growth of the market.
Governments across the globe are implementing favorable regulations to support the penetration of autonomous vehicles. For example, the U.K government has granted permission to operate autonomous vehicles on any public roads while the government of the U.S is aiming at the procurement of autonomous vehicles for defense application. Such initiatives are predicted to bolster the growth of the market.
Depending on the application, the market is segregated into defense and transportation. The transportation division is likely to emerge as the highest share in the market over the next ten years. On the other hand, the defense category is likely to witness the maximum growth rate from 2021 to 2030.
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Further key findings from the report suggest:
• The growth of autonomous vehicles market is estimated to gain traction due to supportive government rules globally.
• By application, the defense category is anticipated to grow at over 86.0% CAGR over the next ten years.
• Developed countries are estimated to grow significantly due to better infrastructure development to support the penetration of autonomous vehicles.
• Key players involved in the market are Google LLC, Motor Company; General Motors, Toyota Motor Corporation, Tesla, Inc., BMW AG, and Audi AG among others.
Million Insights has segmented the global autonomous vehicle market on the basis of application and region:
Autonomous Vehicle Application Outlook (Volume, Thousand Units, 2020 - 2030)
Autonomous Vehicle Regional Outlook (Volume, Thousand Units, 2020 - 2030)
• North America
• Asia Pacific
• South America
• Middle East and Africa