Autonomous vehicle is also known as driverless vehicle or robotic vehicle. It is capable of sensing its surrounding and navigating without human intervention. Increase in the number road accidents due to error by humans offers lucrative opportunities to the autonomous vehicles manufacturers during the forecast period, as autonomous vehicles are comparatively safer than human-controlled vehicles. Autonomous vehicles also help in the reduction of carbon dioxide emission in the environment. They contribute to the revenue of various industries such as IT, technology, and electronics. Automobile manufacturers are focused on autonomous vehicles in order to meet the demand of customers, and also to secure their position in the market and improve their product portfolio. Autonomous vehicles can drive on their own without any human intervention, employing inbuilt software, sensors, and communication systems. The driving capability of autonomous vehicles differs based on the levels of automation employed. Rise in investment by automobile manufacturers, changes in needs and behavior of customers, and the environment-friendly features of autonomous vehicles are expected to promote the market during the forecast period.
The global autonomous vehicles market can be segmented based on application, component, technology, and region. In terms of application, the global autonomous vehicles market can be classified into public transportation, passenger vehicles, industrial fleets, construction, mining, and agriculture. Autonomous vehicles are already played important role in the selected application that features controlled environments such as agriculture, construction, and mining. Some of the benefits of automation in this field include saving in cost of labor and reduction of carbon dioxide emission in the environment through optimized driving. These factors are expected to boost the demand for autonomous vehicles during the forecast period. By component, the global autonomous vehicles market can be divided into long range RADAR system, LIDAR system, camera, short/medium range RADAR system, ultrasound, and GPS. Based on technology, the global autonomous vehicles market can be classified into automated park assist technology, adaptive cruise control technology, automated highway driving assistance, autonomous highway driving, and advance technology artificial intelligence.
The advanced technology artificial intelligence segment is expected to play a key role in the global autonomous vehicles market during the forecast period. Automobile manufacturers and technical vendors are investing in artificial intelligence in order to gain competitive advantage in the autonomous vehicles market. Furthermore, vehicle sharing services such as car or taxi sharing are anticipated to reach an optimal adoption rate, as people are expected to use these services more frequently due to affordability and convenience. This, in turn, is projected to boost the demand for autonomous vehicles during the forecast period.
Geographically, the global autonomous vehicles market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, Western Europe constitutes the dominant share of the global autonomous vehicles market, due to the high adoption rate of such vehicles in the region. North America is the second leading market for autonomous vehicles, following Western Europe. China, India, and Japan are the major manufacturing countries of autonomous vehicles. Asia Pacific is forecasted to surpass Europe and North America in terms of demand for autonomous vehicles. Adoption of autonomous vehicles in the developing regions such as Latin America and Middle East & Africa is estimated to be lower than that in the other regions. However, the market for autonomous vehicles is expanding rapidly in the emerging countries. This is projected to boost the autonomous vehicles market in the near future, considering the significant advantages of autonomous vehicles over conventional vehicles, and impact on environment.
Key players operating in the global autonomous vehicles market are Nissan Motor, Apple, Google, Ford Motor, Intel, Volvo, General Motors, Argus Cyber Security, Tesla Motors, Audi AG, BMW AG, and Mercedes-Benz.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.