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Autonomous Vehicles Market Size is estimated to reach USD 125.67 Billion by 2030 | The rising adoption of advanced safety systems and driver assistance features

Oct 6, 2022 7:45 PM ET

Autonomous Vehicles Market Size is estimated to reach USD 125.67 Billion by 2030 | The rising adoption of advanced safety systems and driver assistance features

Autonomous Vehicles Market Overview

The Autonomous Vehicles Market will obtain a value of USD 125.67 billion and a CAGR of 22.3% between 2020-2030.

Rapid economic expansion ensures that everything from transportation infrastructure to the creation of smart cities will proceed apace. Many nations, including Mexico, Canada, and the United States, are putting in place the digital infrastructure to enable connectivity between automobiles and infrastructures to gather essential data and, as a result, lessen traffic congestion and improve road safety. The Autonomous Vehicles Market is expected to be greatly driven by the growth of smart cities. Due to ongoing technological breakthroughs, autonomous vehicle software needs to be updated to be compatible with the outside world. Additionally, because of the high value of each component, Autonomous Vehicles Market are still a relatively new type of transportation.

By harnessing the internet of things to create smart cities and meet the growing demand for linked cars, these developments assist reduce traffic congestion and impact the market’s growth. Aside from these factors, the Autonomous Vehicles Market is also impacted by the development of the automotive industry, demand for high-end vehicles, government regulation, high cost, and, therefore, the growing threat of hackers to drive operations.

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Report Scope:
  Report Metric   Details
  Market Size in 2030   USD 125.67 Billion
  Growth rate:   CAGR   22.3% from 2022 to 2030
  Forecast Period   2022-2030
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Autonomous Vehicles Market segmentation

The Autonomous Vehicles Market is divided into segments based on components.

In-depth Market Research Report (110 Pages) on Autonomous Vehicles Market:

One of its key benefits is the vast array of potential areas for improvement in LiDAR. Among these are 4-dimensional LiDAR, which monitors an object’s velocity and position in 3-D space; solid-state sensors, which might reduce the cost of sensors; sensor range expansions of up to 200m; and solid-state sensors. Despite these promising developments, LiDAR is still constrained by one significant issue: its expensive price, which enables LiDAR to determine an object’s distance to within a few centimeters at distances of up to 60 meters. As a result, returning vehicles may navigate the area more predictably, which is a significant gain for most self-driving systems.

Autonomous Vehicles Market Regional analysis

North America is anticipated to dominate the market during the anticipated time frame. Due to factors including well-established clusters of automotive companies and some of the biggest technology behemoths in the world, including Google, Microsoft, Apple, and others, the region has been a pioneer in the field of Autonomous Vehicles Market. Self-driving cars have already been tested and operated in several American cities, including California, Texas, Arizona,

The Asia-Pacific market is anticipated to grow due to rising per capita disposable income, rising living standards, changing traffic laws, and higher investments in the automobile industry.

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Autonomous Vehicles Market Recent developments:

With fully developed autonomous vehicles, Tesla is the most reliable brand. According to recent research, Tesla received 32% of the vote to place first. It defeated BMW with 18 percent and Toyota with 19 percent. Tesla has taken the top spot because of its improved safety and dependable features. The Tesla owners will join as volunteers to assist with the level 2 semi-autonomous demo.

Waymo, the self-driving division of Alphabet Inc., declared on Monday that it is prepared to introduce a fully autonomous driving service in San Francisco in March 2022. The company unveiled the Waymo Driver, which claimed it was a significant step toward introducing a fully autonomous commercial service.

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