New Study from StrategyR Highlights a 110.1 Thousand Units Global Market for Autonomous Vehicles by 2026

SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Autonomous Vehicles - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 6; Released: February 2022
Executive Pool: 691
Companies: 47 - Players covered include Audi AG; BMW AG; Daimler AG (Mercedes Benz); Ford Motor Company; General Motors Company; Google LLC; Honda Motor Corporation; Nissan Motor Company; Tesla; Toyota Motor Corporation and Others.
Coverage: All major geographies and key segments
Segments: Application (Transportation, Defense)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Autonomous Vehicles Market to Reach 110.1 Thousand Units by the Year 2026
An autonomous or driverless vehicle operates itself to perform all necessary functions devoid of human intervention, by way of its ability to appropriately sense its operating environment. Ongoing efforts to automate manufacturing facilities and leveraging automation to improve fuel efficiency and safety of vehicles are anticipated to benefit automotive software. Rising automobile consumer focus on efficiency and connectivity is driving automakers to scale up technology adoption in line with these requirements and to stay competitive. The increasing development and adoption of new electric car models is expected to further drive gains for the automotive software market. In addition, the market growth is poised to be augmented by trends such as digital dealerships and automation. Various companies are partnering with software developers for enhancing vehicle performance and improving safety and driving experience. These developments are anticipated to garner more traction in the coming years. These collaborations are set to support encouraging activities associated with autonomous vehicles, emerging technologies, mobility and electrification while allowing players to ensure availability of sophisticated software solutions for upcoming vehicle models. While current challenges have derailed and delayed innovations and developments scheduled for the year 2020, the future nevertheless remains more promising than the pre-pandemic outlook. Although the year 2020, which was earlier touted to be prime time for autonomous cars, unfortunately went down into history as the year of disruptions, missed targets, economic devastation, the pandemic paradoxically has also eliminated long-term obstacles for self-driving and advanced automotive technologies.

Amid the COVID-19 crisis, the global market for Autonomous Vehicles estimated at 13.8 Thousand Units in the year 2022, is projected to reach a revised size of 110.1 Thousand Units by 2026, growing at a CAGR of 60.6% over the analysis period. Transportation, one of the segments analyzed in the report, is projected to grow at a 60.2% CAGR to reach 149.4 Thousand Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Defense segment is readjusted to a revised 63.7% CAGR for the next 7-year period. This segment currently accounts for a 10.2% share of the global Autonomous Vehicles market. Autonomous vehicles (AVs) are anticipated to find increasing uptake in the military sector due to the unabated increase in global military spending over the short- to medium-term.

The U.S. Market is Estimated at 5.4 Thousand Units in 2022, While China is Forecast to Reach 17.3 Thousand Units by 2026
The Autonomous Vehicles market in the U.S. is estimated at 5.4 Thousand Units in the year 2022. The country currently accounts for a 40% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of 17.3 Thousand Units in the year 2026 trailing a CAGR of 74.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 53.3% and 58% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 49.9% CAGR while Rest of European market (as defined in the study) will reach 26.1 Thousand Units by the end of the analysis period.

Safety of Autonomous Vehicles Comes Under the Scanner
As autonomous technology advances, there are numerous concerns about the safety of fully autonomous vehicles. One of the biggest disadvantages of autonomous vehicle technology is security concerns. Autonomous vehicles are vulnerable to cyberattacks that could compromise the proper functioning of the vehicle. This is further complicated by the increased uptake of AI technologies. Autonomous vehicles could be the next major target of the hackers as such vehicles continuously track and monitor details of the owner. This may lead to the possible collection of personal data. A hacker could take control of a vehicle's steering or acceleration which can compromise the safety of the riders in a variety of ways. Even a small hack could wreak significant damage on busy roads by causing collisions and gridlock traffic. Self-driving vehicles may also be more susceptible to computer viruses. Autonomous vehicles have been shown to have difficulty operating in certain types of weather.

As fully autonomous cars depend on the functioning of a wide range of sensors that can detect objects with accuracy in every possible condition, factors such as bad weather, dense traffic, weathered road signs, or damaged markings can significantly impact sensors' capabilities. For truly autonomous vehicles to succeed, the sensors need to be highly adaptive and strong enough to understand signals in a range of environments. Also, current road infrastructure has not been optimized for the use of autonomous vehicles and may, therefore, cause accidents. The number of situations that present themselves when driving are extensive, including other drivers, unexpected obstacles on the road, or missing street markings among others. While humans have the ability to react quickly to such unexpected situations, machines have not yet reached that stage. This is another major reason why self-driving vehicles are not yet widely available. Additionally, self-driving cars may give drivers a false sense of security. Drivers tend to become complacent, resulting in an increased reaction time to change the driving situation. On the other hand, on a regular car, it takes drivers less than a second to react to an unexpected event. Also, with the wide range of electronic components on board like remote controls, GPS, power accessories, Wi-Fi, Bluetooth, radio and music systems, drivers will be increasingly exposed to higher levels of electromagnetic field radiation which can cause a myriad of serious health problems such as headaches, migraines, chronic exhaustion, sleeplessness, and susceptibility to infection. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.