NEW YORK , Dec. 3, 2021 /PRNewswire/ -- The autonomous vehicles market is expected to be driven by North America during the forecast period. The market value is estimated to grow by 20.22 mn units from 2020 to 2025. The growth momentum of the market is expected to decelerate at a CAGR of 22.12% during the forecast period.
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Factors such as increasing demand for autonomy of vehicles by OEMs and the increasing popularity of semi-autonomous vehicles will be crucial in driving the growth of the autonomous vehicles market. However, high driver distraction with rise in vehicle automation and system reliability and uncertainty in user acceptance of autonomous features will restrict the market growth.
Some of the companies covered in this report are AB Volvo, Alphabet Inc., Baidu Inc., BMW Group, Daimler AG, Continental AG, Ford Motor Co., General Motors Co., Hyundai Motor Group, and Robert Bosch GmbH, etc.
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The competitive scenario provided in the autonomous vehicles market report examines, assesses, and positions companies based on various performance indicators. Some of the factors that have been considered for this analysis include the financial performance of companies over the past few years, new product launches, product innovations, growth strategies, investments, growth in market share, etc.
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By type, the market is classified into passenger cars and commercial vehicles. The passenger cars segment contributes the highest share of the market.
By geography, the market has been classified into North America , Europe , APAC, South America , and MEA. North America is expected to account for the highest share of the market.
This market forecast report by Technavio provides detailed information on the competitive intelligence, marketing gaps, and regional opportunities for vendors to support organizations in making efficient business plans. According to our analysis, 39% of the market's growth will originate from North America during the forecast period. The US is the key market for autonomous vehicles market in the region. Moreover, market growth in North America will be faster than the growth of the market in Europe , South America , and MEA. Most of the major vehicle makers are shifting their manufacturing facilities to Mexico to take advantage of labor arbitrage and low production costs. This has raised vehicle production in the country and the demand for autonomous tech. Car manufacturers in North America are investing heavily in developing the technology for driverless cars. These factors are expected to propel the growth of the autonomous vehicles market in North America during the forecast period.
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Decelerate at a CAGR of 22.12%
North America, Europe, APAC, South America, and MEA
US, Germany, China, Japan, and France
Leading companies, competitive strategies, consumer engagement scope
AB Volvo, Alphabet Inc., Baidu Inc., BMW Group, Continental AG, Daimler AG, Ford Motor Co., General Motors Co., Hyundai Motor Group, and Robert Bosch GmbH
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
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