Autonomous Vehicle Market Growth in Business Future Scenarios and Brief Analysis of Top Key Player

While recent surveys reveal a fear of driving or riding in self-driving vehicles is on the rise, a new study predicts the value of the global autonomous vehicle market will grow more than tenfold from 2019 to 2026.

The key market players analyzed in the global autonomous vehicle market report include Daimler AG, Ford Motor Company., Volkswagen Group, General Motors, Renault-Nissan-Mitsubishi alliance, AB Volvo, Volvo-Autoliv-Ericsson-Zenuity alliance, Groupe SA, Tesla Inc, BMW AG, and Toyota Motor Corporation. These market players have incorporated a number of exclusive strategies to heighten their stand in the market.

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The global autonomous vehicle market was estimated at $54.23 billion in 2019, and is expected to hit $556.67 billion by 2026, registering a CAGR of 39.47% from 2019 to 2026. The report provides a detailed analysis of the market, including top investment pockets, industry drivers and restraints, market size & forecast, market classification, and competitive landscape.

The main drivers of the expected boom, according to the report, are "elimination of accidents caused due to manual errors, reduced carbon dioxide emission from the autonomous vehicle less battery capacity & less consumption of gas by an autonomous vehicle and high penetration in the automotive sector also contribute to market growth."

On the other hand, the public is growing more wary of riding or driving vehicles that drive themselves--a fact the study points out stating, "low consumer acceptance ratio and the burgeoning threat from hackers in the driving operation hamper this stated growth."

Indeed, a rash of incidents involving autonomous vehicles has added to that fear. One of the most notorious was the death of a pedestrian in Tempe, Ariz. in March when she was struck by an Uber test vehicle. It was later revealed by the National Transportation Safety Board the car's technology actually detected the woman six seconds before it hit her but failed to stop the vehicle in time.

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A study released last May by the AAA shows just how quickly consumer confidence in self-driving vehicles has eroded, with 73% of U.S. adults surveyed saying they would be too afraid to ride in a fully self-driving vehicle, up from 63% in a similar survey taken in late 2017. Its most recent study also reveals a majority of U.S adults surveyed aren't thrilled about sharing the road with self-driving cars or trucks with 63% saying "they would actually feel less safe sharing the road with a self-driving vehicle while walking or riding a bicycle."

Allied Market Research takes such consumer reticence into account as a possible factor hampering the market growth it had predicted, but balances it against moves by local and national governments to develop so-called "smart cities" with electronic sensing and mapping infrastructures that work in concert with autonomous vehicles' onboard sensors, aimed at preventing collisions, injuries and traffic congestion, saying "rise in the development of smart cities is expected to significantly drive the autonomous vehicle market."

In the short term, the study predicts Level 3 autonomous vehicles will provide the highest level of revenue starting in 2019. Level 3 vehicles are defined as "conditional automation" where the car can manage most situations but will prompt the driver to intervene when it encounters one its technology can't handle, meaning the driver needs to be attentive and available.

Where is all this growth expected to take place? The study looks at North America leading the way with the U.S. dominating the market. Europe would be the next highest with the United Kingdom the top market, followed by the Asia-Pacific and Latin America-Middle East-Africa regions.

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Driving factors for the market
1. Improved safety along with a reduction in traffic congestion
2. Growth of connected infrastructure
3. The transition from ownership to mobility-as-a-service (MaaS)

Market Restraints and Opportunities:
1. High manufacturing cost
2. Data management challenges
3. Development of smart cities
4. Supportive government regulations

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