India Autonomous Vehicle Market Expected to Rise at 21.5% CAGR during 2023-2028 | IMARC Group

According to the latest report by IMARC Group "India Autonomous Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The India autonomous vehicle market is expected to exhibit a growth rate (CAGR) of 21.5% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Autonomous vehicles, also called self-driving cars or driverless cars, can operate by themselves and perform necessary functions by sensing and analyzing their surroundings with minimal to no human intervention. They are equipped with light detection and ranging (LiDAR), artificial intelligence (AI) software, radio detection and ranging (RADAR), sensor-integrated cameras, etc.

Autonomous vehicles can create active 3D maps that track the motion sequences of 3D structures based on corresponding points in images, as well as assist them in continuously monitoring the surrounding environment and maneuver independently. In line with this, they use connected technology to facilitate infrastructure-to-vehicle and vehicle-to-vehicle communication, which results in effective traffic management. Autonomous vehicles offer several other benefits, including less battery operation costs, enhanced safety features, reduced fuel consumption and emissions, etc.

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Market Trends:

Continuous technological advancements in the automotive sector are propelling the adoption of the Internet of Things (IoT), machine learning (ML), and artificial intelligence (AI), which is primarily driving the India autonomous vehicle market. Additionally, the growing utilization of smart traffic lights and connected infrastructures in car parks and toll booths to minimize traffic congestion is further catalyzing market growth. Besides this, the launch of numerous favorable policies by government bodies in India for increasing road safety is acting as another significant growth-inducing factor. Moreover, the inflating disposable income levels of individuals and extensive R&D activities are also bolstering market growth across the country. Apart from this, the introduction of advanced features, such as lane departure warning (LDW) and automatic emergency braking (AEB), that augment self-driving capabilities in cars while ensuring low risks of accidents is anticipated to fuel the India autonomous vehicle market over the forecasted period.

Breakup by Component:

Hardware
Software and Services

Breakup by Level of Automation:

Level 3
Level 4
Level 5

Breakup by Application:

Transportation and Logistics
Military and Defense

Breakup by Region:

North India
West and Central India
South India
East India
Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key Highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

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This release was published on openPR.