The global autonomous technology market is projected to reach $2,161.79 billion by 2028, between the forecast period of 2022 to 2028. Because of its ability to recognise its surroundings, an autonomous or driverless car can operate and perform critical activities without the need for human interaction. It senses the environment and navigates by generating a dynamic 3D map of that environment using artificial intelligence (AI) software, light detection and ranging (LiDAR), radio detection and range (RADAR), and cameras. The majority of self-driving systems construct and maintain an internal map of their environment using a variety of sensors such as RADAR. Autonomy levels range from semi-autonomous (requiring driver help) to fully autonomous. The Society of Automotive Engineers (SAE) classifies driving automation into six levels, ranging from level 0 (completely manual) to level 5. (fully autonomous).
Factors such as increased safety, reduced traffic congestion, increased linked infrastructure, and the shift from ownership to mobility-as-a-service (MaaS) support global market growth. However, constraints such as high manufacturing costs and data management challenges are impeding global market expansion. On the other hand, factors such as the development of smart cities and favourable government laws present several chances for market growth over the projection period.
Level of automation, component, application, propulsion type, vehicle type, and region are the segments of the global autonomous vehicle market. Levels of automation are divided into level 1, level 2, level 3, level 4, and level 5 automation. It is categorised into civil, defence, transportation & logistics, and construction applications.
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The introduction of self-driving vehicles has brought numerous benefits to existing road infrastructure. These vehicles have various advantages over traditional automobiles, including enhanced safety, reduced fuel consumption, and reduced traffic congestion and pollutants. An autonomous vehicle is outfitted with a variety of sensors, including LiDAR, RADAR, a camera, and GPS, which aids in the rapid processing of traffic data and reduces M2M latency. Furthermore, through smart streets that connect to sensors in autonomous vehicles, improved traffic lights, predictive merging, and slowdowns, this superior connectivity enables and includes powerful AI-based traffic management and navigation services. Vehicles are coordinated by assuring characteristics like vehicle location, battery charge and load in order to provide the most efficient and safe transportation possible. Furthermore, as traffic became more organised and fewer lane transfers occurred, safety improved. As a result of such technological breakthroughs in the automobile sector regarding connectivity and security, the demand for autonomous vehicles has expanded dramatically.
The rapid use of advanced technology in software algorithms, cameras, sensors, CPUs, and maps has improved the ADAS application procedure in autos. Furthermore, as concerns about the safety and security of cars, residents, and pedestrians grow, automobile manufacturers are incorporating ADAS into vehicles, hence boosting the expansion of the autonomous technology market. Furthermore, major vehicle manufacturing companies are quickly adopting Artificial Intelligence (AI) and Machine Learning (ML) technologies and using them in automobile manufacturing.
Automation of everyday jobs is now a notion that many sectors are interested in. As a result of the fast adoption of the Internet of Things (IoT), the global transportation infrastructure is evolving at a rapid pace. Car parks, toll booths, and intelligent street and traffic lights are also part of the connected infrastructure. Furthermore, governments are encouraging the development of connected technologies in mobility, the environment, and public health that might produce additional revenue. It might serve as an example for other countries to emulate, speeding up global acceptance of the technology. As a result, the expansion of linked infrastructure is expected to increase demand for autonomous technology.
Regional Analysis:
North America, United States, Canada, Mexico, Europe, Germany, France, UK, Italy, Rest of Europe, Asia-Pacific, China, Japan, India, South Korea, Rest of Asia-Pacific, LAMEA, Latin America, Middle East Africa
Because of the increasing adoption of self-driving cars and increased client inclinations toward technologically radical elements, Asia Pacific is one of the primary regions dominating the worldwide market. Automobile companies plan to expand their manufacturing divisions and achieve rapid technological growth in manufacturing facilities in developing countries such as India and China. Due to broad investment by critical manufacturers to upgrade sophisticated technology, Europe owns the second-largest proportion of the worldwide market for autonomous technology. For example, the British government is committed to connecting self-driving cars to public transportation. It is also considering making the necessary changes to the regulations to support the spread of self-driving cars in the United Kingdom.
Competitive Analysis:
Volvo, Daimler, BMW, Audi, General Motors, Toyota, Ford, Tesla, Honda, Cisco, Cohda Wireless, Altera, Delphi, Google, Nissan, Fiat Chrysler Automobiles, Hyundai, Mitsubishi, Mazda, and Aisin Seiki among the market’s significant players.
Some of the key questions answered in this report:
1. What will the market growth rate, growth momentum or acceleration market carries during the forecast period?
2. Which are the key factors driving the Autonomous Technology market?
3. What was the size of the emerging Autonomous Technology market by value in 2021?
4. What will be the size of the emerging Autonomous Technology market in 2028?
5. Which region is expected to hold the highest market share in the Autonomous Technology market?
6. What trends, challenges and barriers will impact the development and sizing of the Autonomous Technology market?
7. What are sales volume, revenue, and price analysis of top manufacturers of Autonomous Technology market?
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Table of Contents:
1. Autonomous Technology Market Overview
2. Impact on Autonomous Technology Market Industry
3. Autonomous Technology Market Competition
4. Autonomous Technology Market Production, Revenue by Region
5. Autonomous Technology Market Supply, Consumption, Export and Import by Region
6. Autonomous Technology Market Production, Revenue, Price Trend by Type
7. Autonomous Technology Market Analysis by Application
8. Autonomous Technology Market Manufacturing Cost Analysis
9. Internal Chain, Sourcing Strategy and Downstream Buyers
10. Marketing Strategy Analysis, Distributors/Traders
11. Market Effect Factors Analysis
12. Autonomous Technology Market Forecast (2022-2028)
13. Appendix
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