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Autonomous Vehicle System Market 2022 Global Size, Industry Shares, Revenue, Innovative Technologies, Recent and Future Demand, Growth Statistics, Status, Business Opportunities and Forecast till 2030

Report Ocean publicize new report on the Autonomous Vehicle System Market. The Autonomous Vehicle System Market report contains numerous information about factors, such as market restraints, drivers, and opportunities. In addition, the report provides an in-depth review of industry developments and trends in the market that are influencing the Autonomous Vehicle System Market growth. Additionally, the database analyzes and estimates the Autonomous Vehicle System Market both globally and regionally.

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The global autonomous vehicle system market size was US$ 82 billion in 2021. The global autonomous vehicle system market is forecast to grow to US$ 770 billion by 2030, registering a compound annual growth rate (CAGR) of 39.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market Growth

The increasing penetration of IoT across various verticals is driving the growth of the global autonomous vehicle system market. The integration of advanced technology in automotive can help drivers improve their performance and receive real-time feedback. In addition, it can also enable connected cars, while built-in computers will collect data, perform analysis, decisions making which will ultimately help the automotive owners. All of these advantages are forecast to benefit the global autonomous vehicle system market.

The growing initiatives towards the construction of smart cities are forecast to boost the market growth. Governments of various countries are highly focused on establishing smart city infrastructure and looking over at the growth of transportation and other aspects. Governments of Mexico, Canada, and the United States are working on digital infrastructure to establish communication between automobiles and infrastructures. Thus, it will benefit the market during the study period.

Rising demand to reduce traffic congestion and enhance road safety is forecast to accelerate the market growth in the coming years. Furthermore, increasing urbanization in emerging countries is forecast to offer ample growth opportunities for the global autonomous vehicle system market during the study period.

High costs associated with the autonomous vehicle may hamper the growth of the global autonomous vehicle system market during the study period.

Regional Analysis

The European market for autonomous vehicle systems is forecast to hold dominance in terms of revenue. The growth of the region is associated with the rising adoption of autonomous vehicles and technologically advanced products. In addition, favorable government laws are forecast to benefit the regional market. For instance, The Department of Transport in the United Kingdom established a jurisdiction, enabling autonomous vehicles to drive on any public road, eliminating additional insurance or licenses. Moreover, the country also introduced the Centre for Connected and Autonomous Vehicles in 2018. Thus, these initiatives will help the market grow significantly in Europe.

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COVID-19 Impact Analysis

The global COVID-19 pandemic has affected various verticals, and one of them is the automobile industry. Governments all across the world banned travel activities, mandating the lockdown restriction. The autonomous vehicle system industry also suffered a major loss, owing to these restrictions and job losses. Moreover, various working people lost their jobs and had their salaries deducted by a significant percentage. Due to this, the working population stopped buying luxury products and services. Thus, it ultimately impacted the revenue contribution of the market players in the global autonomous vehicle system market.

Competitors in the Market

Toyota Motor Corporation

Audi AG

BMW AG

Daimler AG (Mercedes Benz)

Ford Motor Company

General Motors

Google LLC

Honda Motor Corporation

Nissan Motor Company

Tesla, Inc

Other Prominent Players

Market Segmentation

By ADAS Feature type

Adaptive Cruise Control

Lane Change Assist

Intelligent Park Assist

Cross-Traffic Alert

Traffic Jam Assist

Others

By Application

Transportation

defense

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By Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

Key questions answered in the Autonomous Vehicle System Market report are:

How does a global company acquire markets?

What are its core strategies and policies?

What factors will influence the Autonomous Vehicle System Market over the forecast period?

What are the factors driving and restraining the market for Autonomous Vehicle System Market?

What are the leading competitors in the global market?

Which region is growing at a higher pace in the global market?

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Updated : 2022-05-24 17:41 GMT+08:00