Semi-Autonomous Vehicle Market Study Report has released a new research study on Semi-Autonomous Vehicle market Analysis 2021-2027 inclusive of one or more factors covering regional opportunities, application landscape, product demand trends, and end-use portfolio of the industry over the forecast timeframe. The report also outlines the competitive framework of the Semi-Autonomous Vehicle industry detailing the SWOT analysis and market share dominance of the prominent players.
Semi-Autonomous Vehicle Market Size:
The global Semi-Autonomous Vehicle market gathered revenue around USD 14.15 Million units in 2020 and market is set to grow USD 62.1 Million units by the end of 2027 and is estimated to expand at a modest CAGR of 21.7% during the prediction period 2021 to 2027.
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The rapid growth can be attributed to the rising adoption of driver-assisted technologies, thereby enhancing the driving experience. The confluence of abilities such as electronic braking, adaptive cruise control, and obstacle detection; and continuous technological innovations happening in driving technologies offer an impetus to market growth. Semi-autonomous cars also promise drivers the ability to practice safer driving over the forecast period, thus driving higher adoption. The availability of forwarding collision and lane assistance and progressive learning models in cars helps to remove human error, thus reducing accidents.
The rising technological development of semi-autonomous cars has increased integration with connected technologies, thus increasing efficiency by minimizing human error. Semi-autonomous vehicles can increase the efficiency of vehicles as they would offer real-time traffic updates, enhanced driving assistance systems, and connected cars. Semi-automatic cars also offer the ability to indulge in intelligent driving, thus helping in changing routes accordingly. Thus, the vehicles would be more efficient and secure as they would not result in the wastage of fuel in traffic jams and ensure passenger safety.
Artificial Intelligence (AI) offers promising growth opportunities to the semi-autonomous cars market due to its applications in several use cases within automotive. The implementation of Ai-models aids in pattern and obstacle recognition, which helps understand verbal sounds, non-verbal cues, and gestures. There has been an increasing trend in the adoption of AI for steering mechanism which simplifies driving effort, enhances engine performance, and increase fuel efficiency.
The Asia Pacific region is expected to witness the fastest CAGR of 22.5%, followed by the Middle East and Africa and South America. The high growth rate can be attributed to a strong AI hub in China, Japan, Singapore, and India, enabling automotive players to gain easy access to automotive-specific AI programs and services. The rising economy of Middle Eastern countries also offers promising growth opportunities to the MEA region. This can be accredited to the rising disposable income of people in the region, increasing interest of people to leverage semi-autonomous vehicles for commercial and personal uses, and favorable government regulations which help in regulating market growth.
Report Scope of the Semi-Autonomous Vehicle Market
Highlights of the Report:
- The level 3 automation segment is expected to emerge as the fastest-growing segment over the forecast period. Level 3 automation offers technological advancement with environmental detection capabilities, capable of making informed decisions such as overtake slow-moving vehicles, traffic maneuverability, and smart obstacle detection
- The commercial vehicle segment is expected to register the highest CAGR over the forecast period. The deployment of semi-autonomous driving solution in commercial vehicles ensures safe movement of products and goods, thus allowing the driver to maintain good health and posture
- The Asia Pacific region is expected to dominate the market over the forecast period. This can be attributed to the presence of the AI hubs in countries such as China, Japan, Singapore, and India; which offers a conducive environment for the semi-autonomous market
COVID-19 Impact on Semi-Autonomous Vehicle Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Semi-Autonomous Vehicle market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Semi-Autonomous Vehicle market 2021 onwards. This trend will however continue through the course of the report’s assessment period
North America dominated the global market in 2020 with a volume share of 31.1%. The high share can be attributed to the penetration of advanced technologies such as the Internet of Things (IoT) and Machine Learning (ML). The presence of a significant IoT market due to companies such as Google, Inc.; Cisco Systems, Inc.; and IBM Corporation creates a strong ecosystem for IoT-based applications, thus resulting in the growth of the market. Moreover, stringent government regulations and rising demand for safer and more fuel-efficient vehicles in the U.S. promote automakers to integrate these technologies and produce semi-autonomous vehicles.
Europe captured a volume share of 28.4% in 2020 and is expected to witness substantial growth over the forecast period. A significant automotive industry in countries such as Germany, France, the U.K., and Italy has resulted in the growth of the market. Favorable regulatory mandates regarding the deployment of the 5G delivery system offers growth opportunities to the market, owing to enhanced data transfer capability. The EU has also laid down plans to deploy truck platooning practices, which helps in linking multiple trucks in convoy, thus offering promising growth prospects for semi-autonomous commercial vehicles.
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Recent report on the Semi-Autonomous Vehicle market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Semi-Autonomous Vehicle market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Semi-Autonomous Vehicle market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Semi-Autonomous Vehicle market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Semi-Autonomous Vehicle market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Semi-Autonomous Vehicle market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Semi-Autonomous Vehicle market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Semi-Autonomous Vehicle market is analyzed at both regional and country levels.
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Some of the prominent players in the Semi-Autonomous Vehicle Market include: Audi AG; BMW AG; Continental AG; Daimler AG (Mercedes Benz); Ford Motor Company; General Motors; Honda Motor Corporation; Nissan Motor Company; Toyota Motor Corporation; Volvo Car Corporation; Valeo S.A.; Volkswagen AG
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- By Level of Automation Type
- Level 1
- Level 2
- Level 3
- By Vehicle Type
- Passenger Car
- Commercial Vehicle
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Semi-Autonomous Vehicle market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Semi-Autonomous Vehicle market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Semi-Autonomous Vehicle market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Semi-Autonomous Vehicle market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Semi-Autonomous Vehicle are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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