NEW YORK, March 31, 2021 /PRNewswire/ --
Technavio estimates the global autonomous vehicles market to grow by 5.64 million units, progressing at a CAGR of over 21% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by the increasing demand for autonomy of vehicles. In addition, the development of autonomous vehicles for cab and parcel delivery services will positively influence the growth of the autonomous vehicles market.
Autonomous Vehicles Market: Type Landscape
Based on the type, the market witnessed maximum growth in the passenger cars segment. This can be attributed to the growing demand for luxury vehicles. The market growth in the segment will be significant over the forecast period.
Autonomous Vehicles Market: Geographic Landscape
40% of the market's growth originated from North America in 2019. Factors such as the development of self-driving semi-autonomous vehicles and the growing consumer demand for safety and convenience are fueling the growth of the autonomous vehicles market in North America.
The US and Canada are the key markets for autonomous vehicles in North America. Market growth in this region will be slower than the growth of the market in APAC.
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Major Five Autonomous Vehicles Market Vendors:
Alphabet Inc.: The company offers Waymo One, a self-driving ride-hailing service.
BMW AG: The company offers the BMW Personal CoPilot Technology for autonomous driving.
Daimler AG: The company offers a line of technologies such as Software-Defined computing architecture, DRIVE PILOT, and SaFAD among others to implement automated driving.
Ford Motor Co.: The company is testing and offering self-driving vehicles in partnership with Argo.AI.
General Motors Co.: The company is offering electric-only self-driving vehicles to eliminate human driver errors.
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Related Reports on Consumer Discretionary Include:
Global Autonomous Bus Market – Global autonomous bus market is segmented by type (fully autonomous and semi-autonomous) and geography (Europe, APAC, North America, MEA, and South America).
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Global Autonomous Vehicle Sensors Market – Global autonomous vehicle sensors market is segmented by product (radar sensors, image sensors, LiDAR sensors, and other sensors) and geography (APAC, Europe, MEA, North America, and South America).
Get a Free Sample Report to know more
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.
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Website: www.technavio.com/
Report: www.technavio.com/report/autonomous-vehicles-market-industry-analysis
SOURCE Technavio
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