The Autonomous Vehicle Development Platform (AVDP) market is experiencing rapid growth, fueled by the increasing demand for self-driving cars. According to The Business Research Company, the market size is expected to reach $30.44 billion in 2024, with a CAGR of 34.8% from 2023 to 2033. The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033.
It will grow from $22.58 billion in 2023 to $30.44 billion in 2024 at a compound annual growth rate (CAGR) of 34.8%. The growth in the historic period can be attributed to evolution of connected vehicle technologies, expansion of electric and hybrid vehicle market, rise of ride-sharing and mobility-as-a-service (maas), increase in awareness of road safety concerns, adoption of 5g and v2x communication technologies.
The autonomous vehicle development platform market size is expected to see exponential growth in the next few years. It will grow to $92.03 billion in 2028 at a compound annual growth rate (CAGR) of 31.9%. Moreover, the growth in the forecast period can attribute to the integration of advanced driver-assistance systems. There is also expansion of testing and validation infrastructure, and a rise in demand for autonomous delivery vehicles. Additionally, there is adoption of simulation tools for autonomous vehicle testing. There is also increasing focus on user experience (UX) in AV design and the rise of subscription-based models for autonomous vehicle platforms.
Major trends in the forecast period include technological advancements in radar and lidar systems. Collaboration between automakers and technology companies is also a significant trend. Furthermore, the development of advanced sensor technologies and the growth of artificial intelligence and machine learning are key factors shaping the industry. Additionally, there is a focus on the development of high-definition mapping technologies. Emphasis is placed on integrating virtual reality (VR) into autonomous vehicle simulation, alongside developing edge AI processors for onboard computing.
The autonomous vehicle development platform market covered in this report is segmented –
1) By Component: Software, Service
2) By Vehicle Type: Passenger Car, Commercial Vehicle
3) By Functionality: Sensor Simulation, Data Collection And Analysis, Simulation And Testing
4) By End-User: Automotive Manufacturers, Technology Companies, Research Institutions And Universities
Rising Autonomous Vehicle Production Fuels Expansion Of AV Development Platforms
Growing autonomous vehicle production is expects to propel the growth of the autonomous vehicle development platform going forward. An autonomous vehicle, also known as a driverless car, can run and execute critical activities without human involvement. This is due to its capacity to recognize its environment. Autonomous vehicle development platforms offer a reliable and robust solution for developing and deploying automated driving applications. Growing production will increase the need for complex software and hardware systems, resulting in a larger market for autonomous vehicle development platforms. According to a report published by the Insurance Institute for Highway Safety in August 2022, there will be 3.5 million self-driving automobiles on American highways by 2025. Additionally, the report predicts that the number will increase to 4.5 million by 2030. Therefore, the growing production of autonomous vehicles is driving the growth of the autonomous vehicle development platform market.
Competitive Landscape:
Major companies operating in the autonomous vehicle development platform market report are Ford Motor Company, General Motors Co., BMW AG, Hyundai Motor Group, Honda Motor Co. Ltd., Hitachi Ltd., Siemens AG, DENSO Corporation, Qualcomm Inc., NVIDIA Corporation, Thales Group, Porsche Automobil Holding SE, Hexagon AB, Garmin Ltd., Ansys Inc., Transcore LP, Cubic Corp., Nuance Communications Inc., Teledyne FLIR LLC, Agero Inc., Kapsch TrafficCom AG, TomTom International BV, Ricardo Plc, Lanner Electronics Inc., Telenav Inc., Iteris Inc., Green Hills Software LLC, FiveAI Ltd., Sensys Networks Inc., Q-Free ASA.
Tech Advancements Drive Evolution In The Autonomous Vehicle Development Platform Market
Technological advancements are a key trend gaining popularity in the autonomous vehicle development platform market. Major companies in the autonomous vehicle development platform market focus on developing technological solutions. They also aim to strengthen their position in the market. In October 2022, Clearpath Robotics, a Canada-based manufacturer of mobile robotics platforms for research and development, launched OutdoorNav. The software platform autonomously navigates vehicles, enabling vehicle developers to expedite the creation of autonomous vehicles. OutdoorNav offers dependable GPS-based navigation for quicker, more effective autonomous vehicle development. Moreover, it is compatible with Clearpath’s outdoor mobile platforms and industrial vehicles from other manufacturers. Off-road vehicles can move independently between waypoints without colliding. Furthermore, the software achieves this through integrated obstacle detection and avoidance, continuous path planning, and compatible hardware.
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