Autonomous Vehicle Market Share, Size and Growth Analysis (2018–2028)
Autonomous vehicles have experienced widespread consumer usage since a long while and the market for these vehicles have seen an exponential growth in the past few years. Autonomous vehicles are classified as semi-autonomous and fully-autonomous vehicles, on the basis of level of autonomy. At present, most of the fully autonomous vehicles are in their testing phase. Several automobile industry giants like BMW AG, Daimler, Volkswagen Group and Volvo, among others are testing their self-driving vehicles.
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Additionally, autonomous vehicle technology providers such as Wamyo, Lyft, Uber, among others are also testing level 4 and level 5 vehicles. With the integration of system components such as LiDAR, cameras, ultrasonic sensors, radars, and GPS, among others, the initial cost of these automated vehicles is expected to be very high. However, with the increase in production and growing demand of driverless technology in vehicles, the manufacturing cost of these vehicles is expected to decrease in future years.
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With the changing global economic activity, the world is changing rapidly with various urban areas rising-up in both developing as well as developed countries. According to the United Nations, the global population is expected to reach around 9.8 billion by 2050 from 7.6 billion in 2017. Out of the total population increase, an estimated 90% population growth is expected to occur in the emerging economies such as China, India, Brazil, South Korea, and South Africa, among others; various urban areas are expected to develop with the emergence of large middle-class population in these economies. With this rise in middle-class population and rapid urbanization, there has been a rapid increase in the transportation activity, giving rise to extremely dense traffic on roads leading to an increase in the number of accidents. This has given rise to the need for efficient driving mechanism which is safe for occupants inside the vehicles.
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