iCrowdNewswire Feb 19, 2021 5:10 AM ET
According to the latest report by IMARC Group, titled, “Autonomous Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, the global autonomous vehicle market to continue its strong growth during the next five years.
An autonomous vehicle (AV) is a self-driven automobile that can perform necessary functions by sensing and responding to external conditions and surroundings without any human intervention. It consists of advanced sensor technology, smart control systems, advanced driver assistance system (ADAS), complex algorithm processors and actuators to gain information and perform tasks, such as steering, braking, and acceleration. Compared to human-driven vehicles, AVs offer increased safety on the road, minimize human errors and can be driven by individuals with physical disabilities.
Significant growth in the automotive industry, along with rising penetration of digitization trends, is primarily driving the market for autonomous vehicles. Furthermore, the increasing requirement for a safe and efficient mode of transportation is also bolstering the market growth. Besides this, several technological advancements have led to the integration of the Internet of Things (IoT), robotics, artificial intelligence (AI) and machine learning (ML) with autonomous vehicles which will further propel the global market. Additionally, AV manufacturers are also using efficient light detection and ranging (LiDAR) and radio detection and ranging (RADAR) sensing technology for intensive monitoring and generation of 3D maps of the surroundings. Several other factors, like the implementation of favorable government policies supporting auto-tech, along with numerous innovations in connected vehicle technology and dynamic mobility applications, are anticipated to further drive the market for autonomous vehicles in the coming years.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Autonomous Vehicle Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AB Volvo, AUDI Aktiengesellschaft (Volkswagen Group), Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, General Motors, Tesla Inc., Toyota Motor Corporation, Uber Technologies Inc. and Waymo LLC (Alphabet Inc.).
For more information about this report visit: https://www.imarcgroup.com/autonomous-vehicle-market
The report has segmented the market on the basis of Component, Type, Level of Automation, Application and Region.
Segmentation by Component:
- Software and Services
Segmentation by Level of Automation:
- Level 3
- Level 4
- Level 5
Segmentation by Application:
Transportation and Logistics
Military and Defense
Segmentation by Region:
Middle East and Africa
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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Keywords: autonomous vehicle, market size, market share, market growth, market trends, market analysis, market forecast