According to a recent report published by Allied Market Research, titled, Global Autonomous Vehicle Market by Level of Automation, Component, and Application: Global Opportunity Analysis and Industry Forecast, 20192026, The global autonomous vehicle market is expected to be valued at $54.23 billion in 2019, and is projected to reach $556.67 billion by 2026, registering a CAGR of 39.47% from 2019 to 2026.
At present, North America dominates the market, followed by Europe. In 2019, the U.S. is expected to remain dominant in the North America market, while the UK is projected to lead the overall market in Europe.
The elimination of accidents caused due to manual errors, reduced carbon dioxide emission from autonomous vehicle fuel the growth of the market. In addition, less battery capacity & less consumption of gas by autonomous vehicle and high penetration in the automotive sector also contribute to the market growth. However, low consumer acceptance ratio and the burgeoning threat from hackers in the driving operation hamper this stated growth.
Key Findings of the Autonomous Vehicle Market:
- The level of automation segment is estimated to generate the highest revenue in the global autonomous vehicle market in 2019
- In 2019, the level 3 segment is projected to be the highest revenue contributor in the level of automation segment
- Europe is anticipated to exhibit the highest CAGR during the forecast period
- In 2019, North America contributed the highest market share, followed by, Europe, Asia Pacific and LAMEA
The key players profiled in the report are General Motors, Daimler AG, Ford Motor Company., Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi alliance, Volvo-Autoliv-Ericsson-Zenuity alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, and Tesla Inc. Other companies in accordance with auto suppliers are Robert Bosch GMBH, Aptiv, Continental AG, and Denso Corporation. Also by technology providers, it includes Waymo, NVDIA Corporation, Intel Corporation, Baidu, and Samsung. And based on AV as service provider, it includes Uber, Lyft, and Didi Chuxing.