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Autonomous vehicle market projected to grow by 40 percent a year

The global autonomous vehicle market is expected to be valued at $54.23 billion in 2019, and is projected to reach $556.67 billion by 2026, registering annual growth of 39.47 percent from 2019 to 2026.

This is according to a recent report published by Allied Market Research, titled, Global Autonomous Vehicle Market by Level of Automation, Component, and Application: Global Opportunity Analysis and Industry Forecast.

The predicted elimination of accidents caused due to manual errors and reduced carbon dioxide emission from autonomous vehicles are expected to fuel the growth of the market. 

In addition, less battery capacity and less consumption of gas by autonomous vehicles and high penetration in the automotive sector also contribute to the market growth.

However, low consumer acceptance ratio and the burgeoning threat from hackers in the driving operation hamper this stated growth.

Some of the key findings of the report include:

  • The level of automation segment is estimated to generate the highest revenue in the global autonomous vehicle market in 2019
  • In 2019, the level 3 segment is projected to be the highest revenue contributor in the level of automation segment
  • Europe is anticipated to exhibit the highest annual growth during the forecast period
  • In 2019, North America contributed the highest market share, followed by, Europe, Asia Pacific and LAMEA

The vehicle manufacturers profiled in the report are:

  • General Motors
  • Daimler
  • Volkswagen
  • BMW
  • Renault-Nissan-Mitsubishi alliance
  • Volvo-Autoliv-Ericsson-Zenuity alliance
  • Groupe SA
  • Volvo
  • Toyota

Components and systems suppliers highlighted in the report include Bosch, Aptiv, Continental, and Denso.

Technology providers mentioned include Waymo, Nvidia, Intel Corporation, Baidu, and Samsung.

Also, autonomous vehicles as a service – or carsharing – providers looked at include Uber, Lyft, and Didi Chuxing.

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