Autonomous Vehicle Market Size to Reach USD 888.40 Billion by 2028

Emergence of Advanced Driver Assistance System (ADAS) will be the Key Factor Driving the Industry Growth: SER

Vancouver, Feb 1 (FN Agency) The global autonomous vehicle market is projected to reach a market size of USD 888.40 Billion by 2028 at a rapid and steady CAGR over the forecast period, according to most recent analysis by Emergen Research. Autonomous vehicle uses artificial intelligence software, light detection and ranging (LiDAR), and RADAR sensing technology to enhance the performance of the vehicles and increases its adoption among consumers. IoT helps car drivers improve their performance by receiving real-time feedback inbuilt in connected cars. These inbuilt features help in collecting, analyzing, and storing data, which helps in making decisions.

Development of smart cities in emerging countries and increase in demand for connected cars help in solving the traffic congestion problem across urban areas. Rapid growth in economy ensures robust development from transport infrastructure to development of smart cities. Rise in road accidents and adoption of advanced safety systems is encouraging the growth of the autonomous vehicle market. These vehicles have assistance features such as automatic emergency braking system and blind-spot identification, which add to the growth of market revenue. However, high cost of autonomous vehicles and growing threat of cybersecurity will affect the market adversely. Advancement in technology and increased investment in automotive research & development will provide growth opportunities to autonomous vehicle market.

Key Highlights of Report
In January 2021, Blackberry announced the expansion of its partnership with Baidu to power next-generation autonomous driving technology. According to the agreement, Baidu’s HD maps will be integrated into Blackberry’s QNX Neutrino real-time operating system.

LiDAR or light detection or ranging is used by various autonomous vehicles to navigate environment in real-time. It is used for accurate depth perception, which allows LiDAR to know the distance to an object and is also suitable for 3D mapping, which means that the vehicles can gauge the environment precisely, thereby driving the growth of the component segment.

The growing concern in safety of the road and increase in demand for ride-hailing services is driving the growth of the robo-taxi in application segment. In December 2020, Amazon acquired Zoox unveiled four-person robo-taxi, a compact vehicle designed for dense urban areas. These launches are driving the growth of the segment.

Europe accounted for significant share in 2020 due to high adoption of autonomous vehicles and rise in technologically advanced products. Europe is emerging as a lucrative region contributing to the growth of the autonomous vehicles market. Major companies operating in the global autonomous vehicle market include Honda Motor Corporation, Daimler AG (Mercedes Benz), Ford Motor Company, BMW AG, General Motors, Audi AG, Nissan Motor Company, Tesla, and Toyota Motor Corporation.