Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) — The Autonomous vehicles market valuation is predicted to cross USD 6 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The industry growth is driven by the advancements in artificial intelligence (AI) and machine learning technologies. These technological advancements have instilled confidence in the feasibility and safety of autonomous driving, propelling adoption by both consumers and businesses. In February 2024, Plus unveiled Open Platform for Autonomy (OPA), powered by the latest AI models.
The open platform leveraged the latest AI-based technology to allow groundbreaking next-generation safety systems for highly programed and fully autonomous driving solutions. Additionally, the potential for autonomous vehicles to revolutionize transportation by improving safety, reducing traffic congestion, and enhancing mobility access spurs investment and innovations. Moreover, government initiatives and regulations aimed at promoting autonomous vehicle development & deployment, further promotes the industry growth.
Consumers are increasingly seeking alternatives to traditional car ownership. These alternatives include ridesharing and mobility-as-a-service (MaaS) platforms, which leverage autonomous vehicles to provide on-demand transportation services. These platforms offer cost-effective and eco-friendly alternatives to private car ownership. They appeal to urban residents and businesses looking to optimize transportation efficiency and reduce reliance on personal vehicles. Additionally, the potential to enhance accessibility for elderly and disabled individuals further drives the product demand.
The commercial segment will likely sustain demand through 2032. Businesses across various industries, including logistics, e-commerce, and delivery services, increasingly recognize the potential of autonomous vehicles to optimize operations and reduce costs. Autonomous vehicles offer efficient and reliable transportation solutions. They enable businesses to streamline logistics processes, improve delivery times, and enhance overall supply chain management. Additionally, the commercial segment benefits from the scalability & flexibility of autonomous vehicle fleets.
The autonomous vehicles market from the industrial segment expects to grow at a substantial rate during 2024-2032. Autonomous vehicles across manufacturing, mining, agriculture, and construction sectors contribute to this growth. They offer precise navigation and operation capabilities, allowing industries to automate tasks that were previously labor-intensive or hazardous. For instance, AVs can streamline material handling and logistics processes in manufacturing, optimizing production workflows and reducing downtime. In mining and agriculture, they enable autonomous drilling, excavation, and harvesting, increasing operational efficiency, and minimizing environmental impact. Additionally, the innovation and technological advancements in autonomous vehicle systems lead to the development of specialized solutions tailored to industry-specific requirements.
Europe AV market is touted to expand at a rapid pace through 2032. Stringent regulations and safety standards set by the European Commission and the European Union Aviation Safety Agency (EASA) attribute to this. These regulations ensure that autonomous vehicles adhere to rigorous safety requirements. They instill confidence in consumers and foster trust in autonomous technologies. Additionally, robust infrastructure, including advanced road networks and supportive government initiatives, accelerates the adoption of autonomous vehicles. Achieve this by providing the necessary infrastructure and incentives for testing & deployment, stimulating the expansion of the regional industry.
