Report: Semi-Autonomous, Autonomous Vehicle Forecasts Through 2030
June 1, 2017—Research and Markets forecasts that the semi-autonomous vehicles market is projected to grow at a CAGR of 19.85 percent from 2016 to 2021, whereas the autonomous vehicles market is projected to grow at a CAGR of 41.26 percent from 2025 to 2030.
The semi-autonomous vehicles market volume is estimated to be 3.17 million units in 2016, and is projected to reach 7.84 million units by 2021. The autonomous vehicles market is estimated to be 0.18 million units in 2025 and is projected to reach 1.01 million units by 2030. This increase is triggered by certain factors, which covers aspects unlike the need for mitigating accidents due to human errors, ease in driving coupled with the safety and security concerns raised by consumer (customers) that leads to demand for high end technology leading to increased demand of semi-autonomous and autonomous vehicles.
The adaptive front light segment of the semi-autonomous vehicle market is estimated to account for the largest market share, in terms of volume, in 2016, whereas in autonomous vehicle market, RADAR segment account for the largest market share comparative to LIDAR in terms of volume, in 2025, owing to the utilization of LIDAR alternatives unlike Cameras and RADAR by automotive OEMs like Tesla. The park assist leads the semi-autonomous vehicle market, owing to its high usage mostly due to safety standards practiced in most of the nations across the globe in semi-autonomous vehicles, the second largest segment is lane keep assist with largest market share, in terms of volume, in 2016.
Asia Pacific is estimated to dominate the semi-autonomous vehicles market, in terms of volume, in 2021, taking into consideration the voluminous production in countries unlike China, Japan, Singapore, Thailand, South Korea and Malaysia. An increase in semi-autonomous vehicles volumes in recent years has been witnessed, as the OEMs are catering not only to the domestic demand but to overseas demand as well. Asia Pacific region is followed by Europe and North America in terms of volume.
Autonomous vehicles are anticipated to be highly priced chiefly due to the introduction of new commercialized technological systems into the vehicles. Most of the advanced technologies are embedded in the luxury and premium car segments that have a limited customer base owing to their high price, hence high vehicle cost is likely to dampen the market growth.
Volkswagen AG, a global automobile manufacturing group is headquartered at Wolfsburg, Germany. The group comprises of twelve brands from seven European countries. The company operates 121 production plants and has 610,076 employees across the world. It has a strong presence chiefly in Europe, the U.S., and Asia-Pacific region.