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Autonomous Vehicle Development Platform Market: A Detailed Overview, Market Trends, and Future Projections
Autonomous Vehicle Development Platform Market
Autonomous Vehicle Development Platform Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $92.03 billion In 2028 At A CAGR Of 31.9%.
The autonomous vehicle development platform market size has grown exponentially in recent years. It will grow from $22.58 billion in 2023 to $30.44 billion in 2024 at a compound annual growth rate (CAGR) of 34.8%. The growth in the historic period can be attributed to evolution of connected vehicle technologies, expansion of electric and hybrid vehicle market, rise of ride-sharing and mobility-as-a-service (maas), increase in awareness of road safety concerns, adoption of 5g and v2x communication technologies
.
The autonomous vehicle development platform market size is expected to see exponential growth in the next few years. It will grow to $92.03 billion in 2028 at a compound annual growth rate (CAGR) of 31.9%. The growth in the forecast period can be attributed to integration of advanced driver-assistance systems, expansion of testing and validation infrastructure, rise in demand for autonomous delivery vehicles, adoption of simulation tools for autonomous vehicle testing, increasing focus on user experience (ux) in av design, rise of subscription-based models for autonomous vehicle platforms. Major trends in the forecast period include technological advancements in radar and lidar systems, collaboration between automakers and technology companies, development of advanced sensor technologies, growth of artificial intelligence and machine learning, development of high-definition mapping technologies, integration of virtual reality (vr) in autonomous vehicle simulation, development of edge ai processors for onboard computing.
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Autonomous Vehicle Development Platform Market Major Segments
The autonomous vehicle development platform market covered in this report is segmented -
1) By Component: Software, Service
2) By Vehicle Type: Passenger Car, Commercial Vehicle
3) By Functionality: Sensor Simulation, Data Collection And Analysis, Simulation And Testing
4) By End-User: Automotive Manufacturers, Technology Companies, Research Institutions And Universities
Key Driver - Rising Autonomous Vehicle Production Fuels Expansion Of Autonomous Vehicle Development Platforms
Growing autonomous vehicle production is expected to propel the growth of the autonomous vehicle development platform going forward. An autonomous vehicle, also known as a driverless car, can run and execute critical activities without human involvement due to its capacity to recognize its environment. Autonomous vehicle development platforms offer a reliable and robust solution for developing and deploying automated driving applications. Growing production will increase the need for complex software and hardware systems, resulting in a larger market for autonomous vehicle development platforms. For instance, in August 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization for road safety, there will be 3.5 million self-driving automobiles on American highways by 2025 and 4.5 million by 2030. Therefore, the growing production of autonomous vehicles is driving the growth of the autonomous vehicle development platform market.
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Prominent Trend - Tech Advancements Drive Evolution In The Autonomous Vehicle Development Platform Market
Technological advancements are a key trend gaining popularity in the autonomous vehicle development platform market. Major companies operating in the autonomous vehicle development platform market are focused on developing technological solutions to strengthen their position in the market. For instance, in October 2022, Clearpath Robotics, a Canada-based manufacturer of mobile robotics platforms for research and development, launched OutdoorNav, an autonomous navigation software platform designed for vehicle developers to build autonomous vehicles faster. OutdoorNav offers dependable GPS-based navigation for quicker, more effective autonomous vehicle development. It is compatible with Clearpath's outdoor mobile platforms and industrial vehicles from other manufacturers. Off-road vehicles can move independently between waypoints without colliding using the software's integrated obstacle detection and avoidance, continuous path planning, and compatible hardware.
Autonomous Vehicle Development Platform Market Players
Major companies operating in the autonomous vehicle development platform market report are Ford Motor Company, General Motors Co., BMW AG, Hyundai Motor Group, Honda Motor Co. Ltd., Hitachi Ltd., Siemens AG, DENSO Corporation, Qualcomm Inc., NVIDIA Corporation, Thales Group, Porsche Automobil Holding SE, Hexagon AB, Garmin Ltd., Ansys Inc., Transcore LP, Cubic Corp., Nuance Communications Inc., Teledyne FLIR LLC, Agero Inc., Kapsch TrafficCom AG, TomTom International BV, Ricardo Plc, Lanner Electronics Inc., Telenav Inc., Iteris Inc., Green Hills Software LLC, FiveAI Ltd., Sensys Networks Inc., Q-Free ASA.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the autonomous vehicle development platform market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the autonomous vehicle development platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Autonomous Vehicle Development Platform Market Report Structure
3. Autonomous Vehicle Development Platform Market Trends And Strategies
4. Autonomous Vehicle Development Platform Market - Macro Economic Scenario
5. Autonomous Vehicle Development Platform Market Size And Growth
…..
27. Autonomous Vehicle Development Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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