Autonomous/Self Driving Vehicle Market: Key Legislative Changes Driving Growth to USD 677.23 Billion by 2031 | SkyQuest Technology

WESTFORD, Mass., July 17, 2024 /PRNewswire/ -- According to SkyQuest, the global Autonomous/Self Driving Vehicle Market size was valued at USD 37.8 Billion in 2022 and is poised to grow from USD 52.09 Billion in 2023 to USD 677.23 Billion by 2031, at a CAGR of 37.8% during the forecast period (2024-2031).

During the projection period, it is anticipated that government funding, a legislative environment that is favorable, and investments in digital infrastructure would all favorably promote the demand for autonomous cars. Additionally, it enables both non-drivers and those with disabilities to have independent mobility. They provide a great deal of comfort and flexibility so that you can work, read, or even rest while travelling, which increases productivity. Autonomous automobiles have also been introduced by growing technological innovation and diversity in the automotive sector. In the automotive sector, autonomous vehicles are a significant technological advancement after the launch of electric and hybrid vehicles.

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Autonomous/Self Driving Vehicle Market Overview:

Segments covered in Autonomous/Self Driving Vehicle Market are as follows:

• Autonomous Type
  • Semi-autonomous (Level 1, Level 2, Level 3), Fully Autonomous (Level 4, Level 5)

• Vehicle Type
  • Passenger Vehicle (Hatchbacks, Coupe & Sports Car, Sedan, SUV, Others), Commercial Vehicle (Bus, Trucks, Others)

• Component
  • LIDAR, RADAR, Ultrasonic Sensors, Infrared Sensors, Others

• Mobility Type
  • Personal Mobility, Shared Mobility

• Fuel Type
  • Battery Electric Vehicle, Hybrid Vehicle, Internal Combustion Engine, Fuel Cell Electric Vehicle

• Stack Level
  • Sensor technology, Vehicle Computing Platform, Perception Engine

• Application
  • Robotaxi, Individual Use, Military & Defense, Others

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Exploring the Spectrum from Level 0 to Level 5 in the Global Autonomous Vehicle Market

Levels of automation, from Level 0 (no automation) to Level 5 (complete automation), are used to segment the global market for autonomous and self-driving vehicles. Autonomous cars, or Level 5, are essential for fully autonomous mobility and for improving accessibility, safety, and efficiency in transportation systems around the world. They operate without the need for human involvement.

Semi-autonomous cars combine advanced driver assistance systems with human control to improve driving safety and convenience. Equipped with Level 2 and 3 automations, these vehicles are indispensable as they put consumers on the road to complete autonomy by introducing them to self-driving technologies and building trust in global self-driving car markets.

Fully autonomous cars, or Level 5 automation, transform transportation by improving accessibility, efficiency, and safety while operating without human interference. They are expected to reduce crash rates, alleviate traffic congestion, and provide mobility solutions to non-drivers and people with disabilities, so it stands to reason that the global autonomous vehicle industry cannot do without these cars.

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Rise of Body Electronics in the Automotive Semiconductor Industry and Its Implications

Self-driving and autonomous cars are used in several industries, such as public transportation, logistics, and passenger transportation. Everywhere, they help reduce road accidents, minimize traffic jams and upgrade operational efficiency. The next thing is that they present top-notch means of movement, twixt underprivileged categories as well as urban centres consequently prompting industry growth.

In the worldwide automotive semiconductor industry, the body electronics category is crucial since it includes systems like keyless entry, lighting, and climate control. These semiconductors make cars more convenient, safe, and comfortable. This is why their market is continually developing because they are increasingly integrated into modern cars which in turn has led to a higher demand for advanced car or automotive electronics.

In the military sector, autonomous vehicles are critical since they perform intricate combat functions, support logistics and increase awareness which consequently alters defence strategies and encourages growth in autonomous technology. In military and defence industries, autonomous vehicles boost mission accomplishment rates, decrease risks to human life and optimize performance.

Automotive Innovation Unleashed by Autonomous Mobility, Semiconductor Excellence and Military Advancements

The transition of autonomous vehicles from Level 0 to Level 5 automation represents a paradigm shift in international transportation. Autonomous vehicles promise improved mobility for people without drivers' licences and those with disabilities, increasing productivity and safety, thanks to government investments in digital infrastructure and the creation of supportive regulatory settings. The automotive industry's technological advancements, in conjunction with the emergence of advanced semiconductor technologies in body electronics, highlight their crucial purpose in augmenting vehicle comfort and functionality. Furthermore, autonomous vehicles rethink operating techniques in military and defence applications, minimising human danger and guaranteeing mission success.

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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 

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