Luxury Autonomous Vehicle Market Outlook - 2027
With technological advancements, the overall driving experience has improved significantly, making it safer and driver-friendly. Similarly, the luxury autonomous vehicle is one of the technological advancements, which has eased the driving experience. Luxury autonomous vehicle can be termed as robotic vehicle as it can be driven with little or no human intervention. The vehicle is equipped with high-quality sensors for its operation. It uses the GPS for navigation and radar sensors for determining the vehicles in the vicinity. Moreover, all the advanced technologies are integrated together to work efficiently. Besides, the autonomous luxury vehicle enhances the satisfaction level of consumers by increasing the comfort, safety and mobility in vehicle.
COVID-19 scenario analysis:
- Countries around the world have responded to the covid-19 coronavirus with lockdowns, restrictions, and other solution.
- Moreover, the pandemic caused massive disruption in business execution across the automotive industry.
- The investments have been frozen and the advancements toward newer technologies have stopped.
- Although the market of luxury autonomous has great potential future, the market would take a halt due to decreased consumer spending owing to economic regression.
- Besides, possible threat from hackers due to recession would restrict the luxury autonomous vehicle market.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Increase in demand for luxury autonomous vehicles is driving the market growth. Additionally, increasing internet reach and high-speed connectivity is favoring the demand. Likewise, development of smart cities and rising demand for IoTs is proliferating the market. Besides, growing connected vehicle technologies and fleet management application is surging the market. However, high cost of vehicle and burgeoning threat from hackers would affect the luxury autonomous vehicle market. Furthermore, demand for safer and efficient driving experience is fueling the market growth
The Luxury autonomous vehicle market trends are as follows:
Technological developments to nurture the market growth
Automakers are heavily investing in R&D of autonomous vehicles. Moreover, Internet of Things has contributed enormously in the automotive sector. The inbuilt computers are integrated in vehicle to collect, analyze, and store data for making decisions. In 2019, Tesla developed full self-driving computer that works like a human's biological neural network and has the ability to perform 50 trillion operations every second. Tesla has started production of full self-driving computer and it is used in manufacturing of the new Model S and Model X since March 2019.
Future of autonomous vehicle
The technologies are advancing and the human-machine interference has been taken to next level. The future of autonomous vehicles can be seen at various events. The luxury parameters of autonomous car are improving with integration of autonomous vehicles. For instance, BMW revealed the Interaction Ease concept at CES 2020 event. When approaching the i Interaction Ease, the concept recognizes the owner from distance and the car greets. Additionally, the artificial intelligence reads the human facial gestures and the display works accordingly.
Key benefits of the report:
- This study presents the analytical depiction of the luxury autonomous vehicle industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the Luxury autonomous vehicle market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the luxury autonomous vehicle market research report:
- What are the leading market players active in the Luxury autonomous vehicle market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Luxury Autonomous Vehicle Market Report Highlights
By Level of automation
By Sensor type
By End user
By Vehicle type
Key Market Players
Saic Motor Corporation., Tesla, Changan Automobile, BMW, Daimler, Porsche, BYD, Baidu, NIO, Audi