Autonomous Vehicle Market: Global and Regional Analysis with Forecast till 2028, Business Opportunities, Post COVID Scenario

The global Autonomous Vehicle market size was valued at $48.21 Billion in 2020 and is expected to reach $518.33 Billion by 2028 growing at the CAGR of 35.28% from 2021 to 2028.

This growth is attributed to:
● The Internet of Things as drivers of cars are able to improve their performance by allowing real-time feedback from computers that are built into their vehicles. These PCs can offer features such as collecting data and analyzing it, helping with making decisions about what else alerts the driver should be paying attention to on the road.
● A massive rise in economic growth directly benefits transport infrastructures. Mexico, the United States, and Canada are on top of the game when it comes to digital infrastructures by investing in various ways that would improve safety on roads allowing drivers/vehicles to communicate with each other. This new tech is making heads turn around not only by improving traffic control but rising up the development of what is known as smart cities where information is readily accessible.

Autonomous vehicles’ costs fluctuate based on the rising costs of technical components and sensors which are frequently updated to keep pace with technological advancements. For instance, a single autonomous car’s cost is higher than an ordinary one.

Moreover, the ratio of premium consumers who can pay for high-end cars versus economic ones who cannot afford premium brands is very low globally because it is difficult for common people to buy advanced models which come at a high price that not everyone can afford. Therefore, high initial cost coupled with maintenance costs greatly decreases the adoption rates of autonomous vehicles.

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Key Players
Some of the major Autonomous Vehicle players holding high market share include Audi AG, BMW AG, and Daimler AG. These players use acquisition and expansion as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
● Audi AG
● BMW AG
● Daimler AG
● Ford Motor Company
● GENERAL MOTORS
● Google
● Honda Motor Corporation
● Nissan Motor Company
● Tesla
● Toyota Motor Corporation.

The recently published research report on Global Autonomous Vehicle Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Autonomous Vehicle market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal
As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Autonomous Vehicle market report also includes the following data points:
● COVID19 Impact on Autonomous Vehicle market size
● End-User/Industry/Application Trend, and Preferences
● Government Policies/Regulatory Framework
● Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
● Opportunity in the Autonomous Vehicle market

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Segmental Analysis
Market Segment By Level of Automation with focus on market share, consumption trend, and growth rate of Autonomous Vehicle Market:
o Level 3
o Level 4
o Level 5

Market Segment By Component with focus on market share, consumption trend, and growth rate of Autonomous Vehicle Market:
o Hardware
o Software
o Services

Market Segment By Application with a focus on market share, consumption trend, and growth rate of Autonomous Vehicle Market:
o Civil
o Robo taxi
o Ride hail

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Key Region/ Countries Covered
● North America (US, Canada, Mexico)
● Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
● Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
● Rest of the World (the Middle East & Africa and South America)

The North America semi-autonomous vehicles market is estimated to be the largest in terms of value owing to the technologically advanced countries in this region, such as the US and Canada. This in turn will lead to a demand for semi-autonomous vehicles across a number of applications in a number of geographic regions in the next decade.
Gradually, the Asia Pacific is likely to be the largest market in terms of values, globally. This growth will be propelled by key regional factors such as China’s growing emphasis on autonomous technologies and heavy investment from Asia Pacific nations into R & D activities related to autonomous vehicles, making the Asia Pacific a global leader in technological development.

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