What is Consumer Autonomous Vehicles Market Scope?
A self-driving car, also known as an autonomous vehicle. It is a vehicle that can move and guide itself without human input via using a combination of various sensors such as Ultrasonic Sensors and others. Some of the major advantages of consumer autonomous vehicle are may reduce crash risks and insurance costs, may reduce high-risk driving, increased road capacity and reduced costs, reduced energy consumption and pollution, reduces demand for parking at destinations and others.
The Consumer Autonomous Vehicles market study is being classified by Type (Semi-Autonomous Vehicles and Fully-Autonomous Vehicles), by Application (Self-Driving Bus, Ride Share, Self-driving Truck, Ride Hail and Others) and major geographies with country level break-up.
Analysts at AMA predicts that Vendors from Sweden will contribute to the maximum growth of Global Consumer Autonomous Vehicles market throughout the predicted period.
Toyota Motor Corporation (Japan), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Hyundai Motor Company (South Korea), General Motors Company (United States), The Volvo Group (Sweden), Daimler AG (Germany), Ford Motor Company (United States), Volkswagen Group (Germany), Bayerische Motoren Werke AG (Germany) and Renault-Nissan-Mitsubishi Alliance (Netherlands) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Tesla Inc. (United States), Autoliv Inc. (Sweden), Zenuity (Sweden) and AB Volvo (Sweden).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Consumer Autonomous Vehicles market by Type, Application and Region.
On the basis of geography, the market of Consumer Autonomous Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In 2017, the Keolis and NAVYA Company has entered into a partnership to launch the first autonomous, fully electric shuttle to be deployed on a public roadway. Hence, this partnership will affect the growth of the market.
According to National Highway Traffic Safety Administration (United States), “within the Department of Transportation specifies minimum safety performance requirements for motor vehicles and equipment. Automakers must certify compliance before selling vehicles”.
Influencing Market Trend
- Technology Advancement in Consumer Autonomous Vehicles
Market Drivers
- Increasing cases of road accidents across the globe due to human error. For instance, according to an article published by PRSIndia (Indian non-profit organisation), in 2015, there were more than 5 lakh road accidents in India, which killed more than 1.5 lakh people & injured around 5 lakh people. Hence, it will enhance market growth.
Opportunities
- In recent years, Asia Pacific is anticipated to significant growth, due to the increasing demand for advanced safety features in cars to reduce the chances of accidents. Hence, it will create opportunities for market expansion.
Restraints
- Cyber Security and Safety Concerns are hindering the Market Growth
- Federal Regulation of Autonomous Vehicles
Challenges
- Some of the major challenges of autonomous vehicles are aware of the surrounding environment, danger prediction, whether it is right or wrong to drive on public roads and responsibility in case of an accident.
Key Target Audience
Consumer Autonomous Vehicles Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
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