The global Autonomous Vehicle market size was valued at US$ 6.8 thousand units in 2020 and is anticipated to grow at a CAGR of 63.2% during forecast period 2021 to 2028.
Growth Factors
An autonomous vehicle is a combination of various networking systems and sensors that assist the computer in driving the vehicle. Several technology providers such as Google LLC and Tesla Motors have also entered the market and are contributing to the research and development of autonomous vehicles.
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The automobile industry is dynamic as it is undergoing changes with advancements in technologies. Several major players in the industry, such as General Motors Company, Volkswagen AG, Mercedes-Benz, and BMW AG, are making significant investments in the research and development of technologies. Growing trend of autonomous vehicles in the automotive industry is attracting larger investments in the development of these automobiles.
Moreover, the U.K. government has granted permission to test self-driving cars on public roads. Furthermore, the Federal Department of Environment, Transport, Energy and Communications (DETEC) in Switzerland has permitted driverless testing on the streets of Zurich.
Report Highlights
Based on the application, the autonomous vehicle market is categorized into transportation and defense. The transportation segment is further bifurcated into industrial and commercial applications. The...
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