The Global Autonomous Vehicle Market is Expected to Reach ~$30 Billion by 2023: Key Analyses & Forecasts - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 27, 2018--The “Global Autonomous Vehicle Market - by Product Type, Distribution, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2017- 2023)” report has been added to ResearchAndMarkets.com’s offering.
The global autonomous vehicle market was USD 4.74 billion in 2017 and is estimated to reach USD 29.98 billion by 2023 at a CAGR of 35.99% during the forecast period.
The driving factors and the merits behind the high demand for autonomous vehicle globally are the increased fuel efficiency, safety and reduced CO2 emissions when compared to conventional or manually operated vehicles which are run by fuel causing high pollution to the environment. Also, human errors such as driver fatigue and stress leading to disastrous accidents can be reduced, which is also one of the driving factors.
However, apart from the aforementioned factors, one of the major constraints that hamper the growth of autonomous vehicles is the high risk of cyber security issues and legal challenges that the autonomous vehicle market faces, where the vehicle’s controlling software can be hacked and misused.
SoftBank Vision Fund, a global conglomerate based in Tokyo has invested a lump sum of USD 2.25 billion in General Motors’ autonomous vehicle operation. This hefty deal will provide SoftBank with a 19.6% stake in GM cruise, which also includes two other companies LiDar and Strobe Incorporation, which GM has acquired.
On the other side, Ford Autonomous Vehicles LLC, a part of Ford Motors and a new organization founded by the company has planned to invest USD 4 billion by 2023, which also includes USD 1 billion investment in an AI company named Argo AI, mainly done to capitalize on the market opportunities and accelerate the growth of autonomous vehicle industry globally.
Companies ProfiledAlphabet Inc. Apple Inc. Audi AG Baidu Inc. BMW AG Ford Motor Company General Motors Intel Corporation Mercedes-Benz Nissan Motor Company Ltd. Tesla Motors The Volvo Group Toyota Motor Corporation Volvo Car Corporation
Key Topics Covered1. Research Methodology
2. Executive Summary
3. Market Overview
4. Market Dynamics
5. Global Autonomous Vehicle Market Segmentation, Forecasts and Trends - by Product Type
6. Global Autonomous Vehicle Market Segmentation, Forecasts and Trends - by Distribution
7. Global Autonomous Vehicle Market Segmentation, Forecasts and Trends - by Region
8. Company Market Share Analysis
9. Company Profiles
10. Industry Structure
11. Global Autonomous Vehicle Market - The Road Ahead
For more information about this report visit https://www.researchandmarkets.com/research/hhnssr/the_global?w=4
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SOURCE: Research and Markets
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PUB: 12/27/2018 05:37 AM/DISC: 12/27/2018 05:37 AM