Autonomous Vehicle Market by Global Outlook 2022-2030

The Global Autonomous Vehicle Market size was valued at USD 54.21 billion in 2019 and is predicted to reach USD 2,044.93 billion by 2030, with a CAGR of 39.1% from 2020-2030.
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An autonomous vehicle or a driverless vehicle can operate itself and execute necessary functions without the need for any human intervention, owing to its ability to sense its surroundings. It primarily uses artificial intelligence (AI) software, light detection & ranging (LiDAR), radio detection and ranging (RADAR), and cameras to sense the environment and navigate by forming an active 3D map of that environment. Most self-driving systems create and maintain an internal map of their surroundings based on a wide array of sensors, such as RADAR. Different levels of autonomy include semi-autonomous that requires driver assistance to fully autonomous. The Society of Automotive Engineers (SAE) defines 6 levels of driving automation ranging from level 0 (fully manual) to level 5 (fully autonomous). These levels have been adopted by the U.S. Department of Transportation. Presently, many automobile manufacturers, such as Ford, Volvo, and Tesla, have made dives and boundaries with self-driving technology, and many newer cars have come up with many autonomous systems. Furthermore, these vehicles have several advantages over conventional vehicles, including improved safety, limited use of fuel, and reduced traffic congestion & emissions by consuming less gas & less battery capacity, which result in less pollution. These factors are advantageous to make it environmentally friendly.
According to the report, some the key players in the autonomous vehicle market are: Daimler AG, General Motors, Ford Motor Company, Volkswagen Group, Tesla Inc., Renault-Nissan-Mitsubishi alliance, Groupe SA, Volvo-Autoliv-Ericsson-Zenuity alliance, AB Volvo, Toyota Motor Corporation and BMW AG among others.