DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Autonomous Vehicles Market - Analysis & Forecast (2016-2025) (Focus on Major Levels of Technology and Vehicle Types)" report to their offering.
The global autonomous vehicle market is driven by factors such as decline in number of road accidents due to eliminating the dependency on human drivers at critical times. Using autonomous systems permits the vehicles to travel at a much closer range and also enables the vehicles to detect parking spots and park themselves (without the supervision of the drivers). Therefore, this results in smoother traffic flow and leads to better fuel efficiency of the vehicles. Further, using autonomous vehicles lessens the need of human drivers and can be a boon to industries facing manpower shortages. In addition to this, the stringent laws imposed by regulatory bodies to use autonomous systems in the vehicles are some of the major factors leading to high growth rate of the autonomous vehicle industry.
Some of the key players developing and testing the autonomous features include Daimler AG, Audi AG, General Motors Company, Toyota Motor Corporation, Ford Motor Company, Tesla Motors, Bayerische Motoren Werke AG, Navya Tech, Denso Corporation, HERE, EasyMile and Mobileye N.V. These players are testing different autonomous systems on the basis of level of autonomy and the vehicle type (passenger cars and commercial vehicles) to which the systems are to be integrated with.
Passenger cars currently lead the autonomous vehicle market both in terms of value (level 1 market value) and volume (number of vehicles equipped with level 2 automated features). At the same time, there is high expected growth of automated commercial vehicles due to the vast application use of these automated vehicles. Some of the applications of commercial vehicles include taxi services (ride-sharing basis), transportation (goods and passengers) and product delivery.
Europe currently dominates the autonomous vehicle market (in terms of level 1 value and level 2 volume) due the presence of major technology manufacturers, high disposable income, early commercialization of automated vehicles and public organizations supporting the advancement of these vehicles. Europe followed by North America, contributes second most share in the autonomous vehicle market. Furthermore, there is a high market growth potential in APAC region, due to the presence of several key industry players and imminent need of autonomous vehicles to curb the problems arising due to high traffic density.
- Decline in Road Accidents
- Reduction in Traffic Flow
- Reduced Dependency on Human Drivers
- Safety Concerns on the Usage of Autonomous Vehicles
- Substandard Infrastructural Conditions
- Technological Challenges for a Self-driving System
- High Potential of Autonomous Vehicles in the Commercial Sector
- High Anticipated Growth Rate for Component Manufacturers
- New Business Model for OEMs and Insurance Companies
- Audi AG
- Bayerische Motoren Werke AG
- Daimler AG
- Denso Corporation
- Ford Motor Company
- General Motors Company
- Mobileye N.V.
- Tesla Motors
- Toyota Motor Corporation
For more information about this report visit http://www.researchandmarkets.com/research/gkc8x2/global_autonomous