Autonomous Vehicle System Market Size, Research Report with Fastest Growing Countries Data 2030 | (CAGR) of 38%

The global autonomous vehicle system market size was US$ 62 billion in 2021. The global autonomous vehicle system market is forecast to grow to US$ 772.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 38% during the forecast period from 2022 to 2030.

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Autonomous vehicles work by detecting their surroundings. These vehicles operate without any human intervention. Moreover, a fully automated driving structure in an autonomous vehicle allows the vehicle to react to external conditions exactly like a human driver.

Factors Influencing the Market

Growing penetration of advanced technology, such as IoT, will fuel the growth of the global autonomous vehicle system market during the study period. Furthermore, the fact that car drivers can improve their performance through real-time feedback will contribute to the growth of the autonomous vehicle system market.

Moreover, the efficient functions of autonomous vehicle systems, such as data collection, analysis, and storage, will drive the autonomous vehicle system market forward during the study period.

The construction of smart cities will also escalate the demand for autonomous vehicle systems during the analysis period. Moreover, other factors like rapid economic growth, improving transportation infrastructure, etc., will contribute to the growth of the autonomous vehicle system market during the study period.

Growing efforts towards digital infrastructure to enable communication between automobiles intending to gather crucial information, and improve road safety, will escalate the growth of the market. In addition to that, the rising employment rate, together with the growing purchasing power of people, will benefit the autonomous vehicle system market during the study period. On the contrary, the high cost associated with autonomous vehicle systems may limit the growth of the market.

Regional Analysis

Europe is forecast to hold the largest market share in the autonomous vehicle system market, majorly due to the growing adoption of autonomous vehicles across the region. Furthermore, rising consumer demand for technologically advanced products will bring lucrative growth opportunities for the autonomous vehicle system market. Furthermore, favorable initiatives by government bodies are expected to develop lucrative growth opportunities for the autonomous vehicle system market. For instance, the United Kingdom's Department of Transport introduced a jurisdiction in 2018, allowing autonomous vehicles to drive on any public road without the requirement for licenses. Thus, such initiatives will bring lucrative growth opportunities for the autonomous vehicle system market during the study period.

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COVID-19 Impact Analysis

The COVID-19 pandemic affected various sectors, including automotive, which hampered the growth of the autonomous vehicle system market. The pandemic also affected the purchasing power of the people, which in turn reduced the demand for autonomous vehicle systems.

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

The global autonomous vehicle system market segmentation focus on ADAS feature type, Application, and Region.

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
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America

What is the goal of the report?

? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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This release was published on openPR.