The global Autonomous Vehicle Market is expected to reach USD 172.3 billion by 2024, according to the reports. Autonomous vehicles are poised to revolutionize the automotive industry of public transportation systems, vehicle leasing and ownership, car rental and sharing systems, industrial transportation, and automotive insurance practices and systems.
The market is segment into autonomy level, power training type, components, and supporting technologies. The market research report analyzed the impact of key technologies on the autonomous vehicle market like Artificial Intelligence, 5G, IoT, Mobile Edge Computing, Data Analytics, and smart building integration. It also evaluated the autonomous vehicle market’s leading vendors, strategies, and product and service offerings. Autonomous vehicles are projected to become the foundation of transportation as a service across the globe. Based on general consumer adoption, the report predicted that end-users will not fully embrace driverless vehicles during the projected timeframe. Additionally, to overcoming public trust regarding safety, the autonomous vehicle market is also focused on the major user upsides to autonomous vehicles, including less expensive transport, opportunities for sharing the rides and fractional ownership, and in due course reduced outright leasing and ownership of cars, vans, and trucks.
The automotive space is also disrupted owing to electric vehicles (EV) that have totally converted supply chain economics at the vehicle component level, in addition to consumer value perception and lifecycle management. Advancements in battery cost and their performance with a reduction in the cost of power-train components for electric vehicles will lead to lower the overall purchase cost, which is more analogous with traditional internal combustion engine (ICE) vehicles. The autonomous market will also be in troublesome with respect to the consumer segment regarding the traditional production and sales cycle.