Marketresearchfuture.com predicts the autonomous vehicle market to reach around USD 65 billion in 2027 from USD 3.5 billion in 2015, to grow at a CAGR of ~26% between 2016 and 2027.
The development in autonomous vehicle industry by major players including Tesla, Mercedes, Google, and Toyota with advance features such as cruise control and collision avoidance is expected to boost the growth in coming years of autonomous vehicles market.
The major contributors are expected to launch their own versions of semi-autonomous and fully autonomous cars by the year 2020.
The Autonomous Vehicles market has tremendous opportunities in the upcoming years as companies are investing millions of dollars in the R&D and for the development of autonomous vehicle. In the same context, a French Company Induct Technology has developed the first commercial autonomous vehicle which is on the roads of France and Switzerland. Driverless cars sense the environment and their sensor guides the control system about the objects in all the directions. It is expected that once the autonomous vehicles hit the road; it will boost the market immensely.
Moreover, Google’s autonomous cars are in testing phase and are been running on roads in California. The driverless cars are completely driven by the software and sensors to take shortest route by monitoring traffic. Also, autonomous vehicles address pedestrians and potential obstacles thereby offering facility to control cars by drivers and passengers whenever needed. These features are expected to show significant growth for the autonomous vehicle industry.
In our market research report, the autonomous vehicle market is segmented by sensor type, hardware and software, type of vehicle, and region. The sensor type comprises of ultrasonic, radar, lidar, image sensor, among others. The vehicle type includes Semi-Autonomous vehicles and Fully Autonomous vehicles. Regional and country level autonomous vehicle market analysis was conducted to derive at a market number. With historical data, secondary & primary research, MRFR analysts came to the conclusion that North America region accounted for the largest market share of global autonomous vehicle market in 2015. North America is followed by Europe and APAC in the growth of autonomous vehicle market.