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Autonomous Vehicles Market Worth Around 41.25 Billion USD by 2024 | Accelerated CAGR 62.86% In Worldwide Market

Press release   •   Apr 18, 2019 01:45 EDT

Global Autonomous Vehicles Market is expected to witness an accelerated CAGR of 62.86% to reach USD 41.24 billion by 2024.

Huge investments by key players in R&D of autonomous vehicles and increasing incidences of accidents are likely to fuel the market growth over the forecast period. Moreover, high demand for improvement of traffic congestion in urban setup is expected to propel the market growth during Forecast period 2018 to 2024.

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The years used for the assessment are as follows;

Historical year: 2014, 2015, and 2016
Base year: 2017
Forecast period: 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total autonomous vehicles market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the autonomous vehicles market
Finalizing the overall size and share for the global autonomous vehicles market

OBJECTIVES:

To classify the global autonomous vehicles market into segments by type, propulsion, application, level, vehicle type, component type, and region and analyze their growth prospects individually.
To analyze market trends, opportunities, drivers and restraints associated with the autonomous vehicles market.
Profiling key companies operating in the global autonomous vehicles market.
To study market response with respect to the mergers and acquisitions in the industry.

MARKET SCOPE

The research scope for global autonomous vehicles market is as follows:

By Type

Partially Autonomous Vehicles
Fully Autonomous Vehicles

By Propulsion

HEV
PHEV
BEV
FCEV
ICE

By Application

Privately Owned
Commercial
Business Owned

By Level

Level 1
Level 2
Level 3
Level 4
Level 5

By Vehicle Type

Car
Truck
Bike

By Component Type

Artificial Intelligence (AI)
Camera
LiDar
Radar
Ultrasonic Sensor

By Region

North America
Europe
Asia-Pacific (APAC)
Middle East and Africa (MEA)
Central and South America

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FREE ANALYSIS

The global autonomous vehicles market is expected to witness a CAGR of 62.86% to reach USD 41.24 billion by 2024. Huge investments by key players in R&D of autonomous vehicles and increasing incidences of accidents are likely to fuel the market growth over the forecast period. Moreover, high demand for improvement of traffic congestion in urban setup is expected to propel the market growth during 2018 to 2024.

Autonomous vehicles are self-driving vehicles with advanced driver assisting features and the capability to navigate without the intervention of the driver. These vehicles will be commercially available in the coming years and are expected to transform the urban transport infrastructure in the next few decades.

Major companies are signing mergers with major tech companies to develop advanced vehicle automation technology to enter the autonomous vehicle market before its nascent stage. One of the early applications of autonomous vehicles is expected to be public transport. This will likely be achieved by major ridesharing companies merging with key automobile manufacturing companies in the coming years.

Legislations for autonomous vehicles will be a major driving factor of this market over the forecast period. The US has already approved regulatory infrastructure for autonomous vehicles. This will give impetus to the market growth over the early years of the forecast period. However, a harmonized legislation will be required in the later years.

North America is expected to experience the fastest CAGR over the forecast period, and is likely to hold the major share of the market during 2019-2024. This can be attributed to the state-level adoption of self-driving legislations in 24 states of the US via approval by legislators or approval via executive order by governor. Moreover, presence of key players in this region is likely to give impetus to the market over the forecast period.

Some of the key companies operating in the market include Tesla; BMW AG; General Motors;Ford Motor Company;Daimler AG; Lyft; Argo AI LLC; Waymo; Texas Instruments Incorporated; and Intel Corporation, among others.

Major Points From Table Of Contents

Global Autonomous Vehicles Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

CHAPTER 1. Market Scope and Methodology

CHAPTER 2. Market Outlook

CHAPTER 3. Market Entry Strategy

CHAPTER 4. Global Autonomous Vehicles Market Size and Forecast (2018 – 2024)

CHAPTER 5. Global Autonomous Vehicles Market, By Region

CHAPTER 6. Key Players and Strategic Developments

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