The market for autonomous vehicles is anticipated to generate US$35,282.8 million in 2022. Government funding, the development of supportive legislative frameworks, and investments in digital infrastructure are expected to significantly boost market expansion during the projection period. By 2032, the number of autonomous vehicles sold worldwide is projected to reach 99,451 million, expanding at a CAGR of 10.9% from 2022 to 2032.
These autonomous, computer-driven vehicles, commonly referred to as “robot cars,” have not yet entered the market for commercial use. Autonomous vehicles are equipped with sensors that use radar, GPS, lasers, and computer vision to recognize the objects around them and then determine the best course and direction.
Due to their relative safety compared to manually operated cars, autonomous vehicles will have attractive potential due to the rising number of traffic incidents caused by driver error during the anticipated period.
The environment’s CO2 emissions will be reduced with the assistance of autonomous automobiles. The commercialization of autonomous vehicles will also help other companies, such as IT, technology, and electronics, increase their revenue. Automobiles are not the only applications for autonomous vehicles; they can also be utilized in construction, public transportation, agriculture, and industrial fleets. Among other benefits over humanly controlled vehicles, an autonomous vehicle has higher fuel efficiency, safety, and reduced pollutants.
Some of the key players identified in the global autonomous vehicles market are Google, BMW AG, Mercedes-Benz, Tesla Motors, and Audi AG among others.