Autonomous vehicle market to witness CAGR exceeding 63% by 2030 due to supportive government rules globally | Million Insights

The global autonomous vehicle market demand is projected to account for 4.2 million units by the end of 2030, registering over 63% CAGR, according to a new report by Million Insights. Also known as self-driving vehicles, these are the combination of sensors and several networking systems. Over the past few years, there has been significant development in the field of autonomous driving technology. Further, companies such as Google LLC and Tesla have upped their investment in research & development, thereby, attributing to the growth of the market.

Governments across the globe are implementing favorable regulations to support the penetration of autonomous vehicles. For example, the U.K government has granted permission to operate autonomous vehicles on any public roads while the government of the U.S is aiming at the procurement of autonomous vehicles for defense application. Such initiatives are predicted to bolster the growth of the market.

Depending on the application, the market is segregated into defense and transportation. The transportation division is likely to emerge as the highest share in the market over the next ten years. On the other hand, the defense category is likely to witness the maximum growth rate from 2021 to 2030.

Further key findings from the report suggest:

• The growth of autonomous vehicles market is estimated to gain traction due to supportive government rules globally.
• By application, the defense category is anticipated to grow at over 86.0% CAGR over the next ten years.
• Developed countries are estimated to grow significantly due to better infrastructure development to support the penetration of autonomous vehicles.
• Key players involved in the market are Google LLC, Motor Company; General Motors, Toyota Motor Corporation, Tesla, Inc., BMW AG, and Audi AG among others.

Million Insights has segmented the global autonomous vehicle market on the basis of application and region:

• Autonomous Vehicle Application Outlook (Volume, Thousand Units, 2020 – 2030)
  • Transportation
  • Industrial
  • Commercial
  • Defense
• Autonomous Vehicle Regional Outlook (Volume, Thousand Units, 2020 – 2030)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Netherlands
    • Sweden
  • Asia Pacific
    • China
    • Japan
    • Singapore
    • Australia
  • South America
    • Brazil
  • Middle East and Africa

Explore the latest market research reports by Million Insights:

• Smart Cities Market – The global smart cities market size was accounted for USD 83.9 billion in 2019. The market is projected to witness 24.7% CAGR over the forecast period, 2020 to 2027. Owing to the increasing awareness for “smart everything”, the smart cities concept is gaining traction.
• Flexible Display Market – The global flexible display market size was accounted for USD 6.98 billion in 2018 and expected to grow with a CAGR of 28.1% over the forecast period, from 2019 to 2025. Factors such as growing adoption of display-based consumer electronic devices and increasing demand for light-weight, flexible, and energy-efficient gadgets are driving the market growth.
• Hydroponics Market – The global hydroponics market size was worth USD 1.33 billion in 2018 and expected to grow with a CAGR of 22.52% during the forecast period, from 2019 to 2025. Growing adoption of hydroponics for indoor vegetables farming is a major factor driving the market growth.
• Computer Aided Engineering Market – The global computer aided engineering market size was worth USD 7.3 billion in 2019. It is projected that the market is market would register 9.3% CAGR from 2020 to 2027. The rise in the outsourcing of manufacturing processes in developing countries such as China, India, Russia and Brazil is attributing to the growth of the market.