Autonomous Vehicle Market Share & Industry Forecast Report, 2020-2027

Global Autonomous Vehicle Market

The GMI Research conjectures a huge augmentation in the Autonomous Vehicle Market over the forecast period. This is because of the continuous technological modernisations and the increasing agitation towards greenhouse discharge.

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Autonomous Vehicle Market Dynamics

The ongoing technological modernisation and various research and development activities attributed to the development of electric vehicles have captivated a huge number of customers towards the global Autonomous Vehicle market. Also, the robust demand for dependable transportation system, increasing application of advanced technology, and the drift towards comprehensive trends like the conversion from car possession to mobility as a service will generate huge opportunities for the market. In parallel, the intensified investment by the OEMs to innovate self-driving technology in order to improve the driving experience of users and develop digital infrastructure has strengthened the market growth. Besides this, the autonomous vehicles proffer several remarkable advantages, such as enhanced security, less carbon dioxide discharge, better safety level, decrease in traffic jam, and a cut in transportation costs which are responsible for the market boom. The growing investment for connected vehicle technology will further elevate the market size. However, the lack of proper infrastructure in emerging economies and the agitation towards cyber crime are the main forces projected to restrain the market growth.  Moreover, the evolution of the coronavirus has negatively influenced the Autonomous Vehicle market size. This is because the detainment in the self-driving development programs and less investment in R&D activities in 2020.

Regional Drivers

Based on the regional analysis, the North America region is projected to witness a significant growth with a faster CAGR over the coming years. This is because of the increasing adoption of autonomous automotive and intensified investment by the automotive producers in the auto technology. In parallel, as per the Autonomous Vehicle market analysis, the ongoing Technological advancement attributed to the development of autonomous vehicles and the continuous product innovation will strengthen the market growth.

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