Autonomous Cars Market to Reach USD 11.03 Billion by 2028, with 31.3% CAGR; Rapid Development of Sensor-processing Technologies to Boost Growth, says Fortune Business Insights™

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Pune, India, Aug. 23, 2021 (GLOBE NEWSWIRE) — The global autonomous cars market size was USD 1.45 billion in 2020. The market is projected to grow from USD 1.64 billion in 2021 to USD 11.03 billion in 2028 at a CAGR of 31.3% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Autonomous Cars Market, 2021-2028.” As per our researchers, the speedy development in sensor-processing technologies, adaptive algorithms, high-definition mapping, and the placement of infrastructure-to-vehicle and vehicle-to-vehicle communication technologies are reassuring numerous corporations to magnify their manufacturing capabilities and navigate vehicle automation to an elevated level.

Furthermore, giant businesses associated with automobile manufacturing are promptly adopting Artificial Intelligence (AI) and Machine Learning (ML) technologies and implementing them in automobile manufacturing. For instance, according to Washington Post, Tesla cars, which have been introduced as self-driving cars, are loaded with the latest technologies such as progressive hardware capability of offering autopilot programs, and completely self-driving abilities, via the software updates intended to augment operations as time passes.

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Industry Development

February 2020: Pony.ai, which is an autonomous driving corporation, raised nearly USD 400 million from Toyota Motor Corporation in order to extend their collaboration in mobility services. The alliance is estimated to enhance self-directed driving technology, along with install mobility services.

COVID-19 Pandemic Augmented Implementation of Self-directed Automobiles

The COVID-19-persuaded health issues have substantially impacted the mobility and transportation sector owing to the factor that travelers are inclined towards private transport modes. Furthermore, shifting shopping practices owing to COVID-19 has further instigated logistics and marketing to regulate according to the fluctuating scenarios on account of the surging prominence of e-commerce. These aspects are sturdily swaying the demand for autonomous vehicles amongst industries and customers.

Numerous customers have moved to e-commerce on account of lockdown norms and other associated issues. For example, as per the Voice of the Industry, COVID-19 analysis directed by Euromonitor International in 2020 stated that 54% of the assessed population specified a strategy to eternally upsurge online expenditure, whereas 28% have decided to permanently decline visits to shops and stores physically.

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Report Coverage

The report offers valued insights attained by a detailed study conducted by our researchers. Wide-ranging research was directed to provide the estimated size of this market. The data used to project the shares for multiple segments at the country, regional, and global levels are acquired from in-depth interviews with numerous investors. Furthermore, we have gained admission to numerous global and regional funded databases to provide precise material to make business investment judgments easy for stakeholders

Drivers and Restraints

Extensive Implementation of ADAS to Enhance Market Growth

Advanced driver assistance systems (ADAS) aid drivers via their artificial intelligence (AI) and various other innovative characteristics, thus evading interruptions and plummeting the burden on the driver. The prompt acceptance of progressive technologies in software algorithms, cameras, sensors, processors, and mapping has upgraded the application process of ADAS in automobiles. Additionally, increasing issues of the protection and security of cars, inhabitants, and walkers and to decrease the rate of road mortalities, automobile producers are integrating ADAS in cars, therefore stimulating the autonomous cars market growth.

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Key Player Focus on Widespread Research & Development Activities

Crucial players are often seen applying effective schemes and strategies in order to conquer the market and set a prominent footprint in their respective industries.

For instance, Robert Bosch GmbH is an international player in the sector of autonomous car technology. The disposition of a wider variety of advanced driver-aiding solutions and the expansion of self-driving vehicles for the smart and secure age of movement are the main ideas of the company. Likewise, the endless R&D struggles by the corporation are resulting in the formation of advanced technologies, which are a few of the substantial aspects accountable for the supremacy of the company.

Segmentation

On the basis of type, the market is separated into semi-autonomous and fully autonomous. The semi-autonomous car segment held 21.9% in 2020 in terms of the autonomous cars market share. The semi-automatic and self-driving car markets have been sectioned according to the degree of automation (at levels 1, 2, and 3, respectively).

List of Key Players Covered in this Market Report

  • Autoliv Inc.  (Stockholm, Sweden)
  • Aptiv (Dublin, Ireland)
  • Waymo LLC ( California, United States)
  • Robert Bosch GmbH ( Gerlingen, Germany)
  • Daimler AG  ( Stuttgart, Germany)
  • Baidu (Beijing, China)
  • AutoX,  Inc. (California, United States)
  • Pony.ai (Fremont, California, United States)
  • Ford Motor Company (Michigan, United States)
  • HYUNDAI MOTOR GROUP (Seoul, South Korea)
  • Volvo (Gothenburg, Sweden)

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Merger, Acquisitions, and Partnerships
    • Distributor Analysis – For Major Players
    • Growth and Penetration Analysis
    • Porter’s Five Forces Analysis
    • PEST Analysis
  • 4.6 COVID-19 Impact
  • Global Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Vehicle Type
      • Passenger Cars
      • Commercial Vehicles
    • Market Analysis, Insights and Forecast – By Type
      • Fully Autonomous
      • Semi-Autonomous
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia pacific
      • Rest of the World
  • North America Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis – By Vehicle Type
      • Passenger Cars
      • Commercial Vehicles
    • Market Analysis – By Type
      • Fully Autonomous
      • Semi-Autonomous
    • Market Analysis – By Country
      • U.S.
      • Canada
      • Mexico
  • Europe Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis – By Vehicle Type
      • Passenger Cars
      • Commercial Vehicles
    • Market Analysis – By Type
      • Fully Autonomous
      • Semi-Autonomous
    • Market Analysis – By Country
      • U.K.
      • Germany
      • France
      • Rest of Europe

TOC Continued…….!!!!!!!!!!!

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