$373+ Billion Autonomous Vehicle Market Size to Grow at 18% CAGR, Globally, by 2028 - Rise in Engineering Innovation, Implementation of LiDAR Sensors | The Insight Partners

NEW YORK, Oct. 6, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Autonomous Vehicle Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028," the global autonomous vehicle market size is expected to grow from $130 Billion in 2021 to $373.16 Billion by 2028 at a CAGR of 18.0% between 2022 and 2028.

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Global Autonomous Vehicle Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 150 pages with list of tables & list of figures from the report, "Autonomous Vehicle Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Autonomy Level (Level-3, Level-4, Level-5); Application (Consumer, Robo Taxi, Self-driving Bus, Ride Hail, Ride Share) and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/autonomous-vehicle-market

Engineering innovation is assisting autonomous vehicle makers to understand the intellectual property and technology strengths of their competitors and enable differentiation. Countries across the world are adopting advanced engineering solutions such as objective third-party analysis at component, circuit, and system levels and are also understanding components' underlying cost structure that can assist them in price negotiations. Extensive R&D and partnerships and collaborations with industry experts is anticipated to boost the global autonomous vehicle market growth.

The global autonomous vehicle market is segmented into component, mobility type, and electric vehicle type. Based on component, the market is segmented as camera unit, LiDAR, radar sensor, ultrasonic sensor, and infrared sensor. By mobility type, the market is segmented as shared mobility and personal mobility. In terms of electric vehicle type, the market is segmented as battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV).

Automotive innovation is augmenting the growth of the mobility and transportation sectors. Automakers are designing and developing safe, efficient, and convenient autonomous vehicles by including cloud computing, edge computing, electrification, and autonomous driving systems, among others. Autonomous vehicles are designed to perceive the vehicle's surroundings and determine precise localization by detecting and measuring the distance to objects in its vicinity. To achieve this, autonomous vehicles employ a combination of sensing and perception systems, such as vision systems, radar, and LiDAR sensors.

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Impact of COVID-19 Pandemic on Autonomous Vehicle Market Growth:

The COVID-19 outbreak drastically impacted the global economy during its peak in 2020 in its initial days. The crisis hampered business activities in IT and other industries. Small and medium-scale companies are the backbone of advanced technology providers, which witnessed a steep drop in revenue since the outbreak in 2020. It affected the value chain analysis and financially impacted certain companies. Before the COVID-19 outbreak, the autonomous vehicle market was experiencing substantial growth, owing to the increase in disposable income and a rise in the sale of automotive vehicles. Further, there were significant investment initiatives in the development of electric vehicles, which helped strengthen the demand for autonomous vehicles. However, the onset of the COVID-19 pandemic slowed down the investment and production units, hampering the business dynamics of the autonomous vehicle market. The COVID-19 pandemic negatively influenced the autonomous vehicle market, owing to disruption in the supply chain, the shutdown of production units, and declining demand from end users. During the initial days of the pandemic, all business deals, collaborations, and partnerships were significantly restricted.

Innovative sensing technologies can be integrated with different components equipped in the vehicles to produce very high-resolution mapping of objects. LiDARs are anticipated to witness a significant growth in the autonomous vehicles market due to the abilities of detecting reflected light energy and calculating the distance to the object. Many autonomous vehicles are using scanning LiDAR systems with a rotating mirror assembly to direct the laser pulse. Further, the advancement of innovative technologies, automotive technical intelligence, and intellectual-property management is enabling auto manufacturers to identify additional revenue streams. Thus, the growing deployment of autonomous vehicles with high-fidelity multiphysics simulation solution from the component to the system to ensure driver and pedestrian safety is propelling the growth of the autonomous vehicle market.

The report includes the profiles of key autonomous vehicle market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of few companies engaged in the autonomous vehicle market.

• Audi AG
• BMW AG
• Daimler AG
• Ford Motor Company
• General Motors Company
• Google LLC
• Honda Motor Co., Ltd.
• Nissan Motor Company
• Tesla
• Toyota Motor Corporation

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