Semi-Autonomous Vehicle Market to register 48.3% CAGR through 2027- Report by Market Research Future (MRFR)
/EIN News/ — New York, June 28, 2021 (GLOBE NEWSWIRE) — Semi-Autonomous Vehicle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Semi-Autonomous Vehicle Market – by Component, ADAS Features, Automation Level, Propulsion and by Region – Forecast till 2027” market is projected to register 48.3% CAGR in the forecast period (2020-2027).
Developments in automation levels can drive the demand for semi-autonomous vehicles. Integration of advanced driver assistance systems (ADAS) for assisting drivers to navigate through traffic and offering control back to the driver can attract a new breed of drivers.
The huge focus on safety on highways and regulations enforced to lower death rates caused by accidents can drive the market demand significantly. Integration of new technologies such as machine learning and demand for fuel efficiency and safe driving experience can facilitate market demand.
Rise of vehicle automation to reduce travel times and alleviate traffic in congested areas can lead to faster rollout of SAVs in urban areas. The technology can improve fuel-efficiency and use shorter routes to navigate through intersections. Technological advances to aid drivers with impairments can be used in launching these cars with much gusto.
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The use of semi-autonomous vehicles in the logistics industry to save on transportation costs can be a viable opportunity for the market. This is supported by legislative framework proposed by at least 33 states in the U.S. Companies such as Ford, Mercedes, and BMW have increased their investment capital to improve fleet capabilities. Semi-autonomous trucks are emerging as an option to ply on highways and long-haul routes. The conditional controls integrated in the vehicles transfers the driving power back to the driver in event of sub-par weather or instances with frequent stopping and starting.
The Prominent Players Profiled in the Global Semi-Autonomous Vehicle Market Report are:
- Continental AG (Germany)
- Daimler AG (Germany)
- NXP Semiconductor (the Netherland)
- Valeo (France)
- ZF Friedrichshafen AG (Germany)
- Magna International (Canada)
- Tesla (US)
- BMW (Germany)
- Waymo LLC (US)
- Texas Instruments (US)
- General Motors (US)
- Mercedes-Benz (Germany), and
- Audi AG (Germany)., among others.
Browse In-depth Market Research Report (125 Pages) on Semi-Autonomous Vehicle
The large number of geriatric drivers owing to improved healthcare infrastructure and large lifespan of individuals can be a prime opportunity for the semi-autonomous vehicle market. Awareness of decline of cognitive levels in the elderly and development of SAVs to cater to these customers can do wonders for the market. Integration of sensors in cars to gauge vehicle proximity, people, steering angle, traffic signs, weather, and drowsiness can favor the market demand. For instance, BMW is planning to incorporate sensors in steering wheels to assess stress levels of drivers.
Awareness campaigns of safety technologies such as SAVs among the populace has been known to garner interest. Standardization of emergency braking systems by various countries in the European Union (EU) can favor market growth. Changes in logistics schemes owing to abilities of SAVs and support from human-intelligence interface can create new opportunities for the market.
By component, the radar segment is expected to display a strong growth rate during the assessment period. This is attributed to its ability to enhance the capacity of advanced driving assistance systems (ADAS). Integration of these sensors for detecting weather anomalies such as fog, dust, and smoke and dynamic targets can bode well for the segment.
By ADAS features, the emergency braking segment can display the fastest CAGR over the assessment period. This is attributed to huge demand for preventive systems and large rate of road accidents. On the other hand, the adaptive cruise control (ACC) segment can create massive demand owing to its ability to help cars maintain a safe distance from other vehicles in traffic.
By automation level, level 3 can generate immense revenues for the global SAV market owing to technological advances in limited self-driving.
By propulsion, the electric segment is poised to gain more ground in the coming years owing to increasing electrification of vehicles and steps taken by governments to curb emission levels.
North America is estimated to lead the global semi-autonomous vehicle market owing to high purchasing power of individuals and demand for fuel-efficient cars. Investments in research and development by domestic and international automotive manufacturers can drive the market demand. Drivers with disabilities have been given permission to travel on roads with SAVs. A popular instance includes Sam Schmidt, an Indy car driver, has gained permission to drive the SAM car, made with the help of Arrow Electronics.
On the other hand, Asia-Pacific can register a strong growth rate during the forecast period owing to focus of manufacturers on testing, improving, and commoditizing the technology. Awareness of driver safety can garner significant demand for the semi-autonomous vehicle market growth.
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New product launches with advanced driving features that guarantee safety of the driver are on the agenda of these players. Improvements in ADAS and other safety parameters in new technologies can be included in latest variants of SAVs.
Toyota Motor Corporation has launched semi-autonomous capabilities in new versions of Lexus LS and Toyota Mirai. It can monitor traffic patterns and gain over-the-air (OTA) updates through deep learning to provide driver assistance.
Global Semi-autonomous Vehicle Market Demand Fueled by Improvements in Driver Assistance Systems
The global semi-autonomous vehicle market is poised to gain immense demand owing to investments in R&D by automotive manufacturers. Focus on a safe driving experience and changes in ADAS to inculcate features such as lane tracking, cruise control, and emergency braking can attract new customers. Changes in emission laws can also lead to higher production of SAVs in the coming years. Liability of accidents by SAVs in the near future can be a question of contention among insurers and car owners.
Segmentation of Market covered in the research:
Information by Component (Camera, LiDAR, Radar, Ultrasonic Sensor and others), ADAS Features (Lane Assist, Crash Warning System, Adaptive Cruise Control, Smart Park Assist, Cross Traffic Alert, Automatic Emergency Braking and others), Automation Level (Level 1, Level 2 and Level 3), Propulsion (ICE and Electric) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2027
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