Semi – autonomous vehicles are increasingly gaining popularity as these offer a pragmatic, realistic, and quick solution to the requirement for mobility on-demand. Also, increased security and safety concerns have boosted customers’ demand for semi-autonomous vehicle technologies as these offer potential benefits of engine productivity, improved fuel efficiency, and minimal vehicle accidents. Such vehicles need minimum human intervention as these makes use of advanced driver assist technologies like adaptive cruise control, lane keep assist, intelligent park assist, adaptive front lights, and others which enables reduction in the efforts that are required to manoeuvre the vehicle.
Growing inclination towards minimizing human efforts, increased use of upgraded technologies, and growing consumer spending on lavish vehicles are some of the factors that are expected to significantly contribute towards the growth of global semi-autonomous vehicle market during the forecast period. In addition, technological advancements, and deployment of 5G network provides lucrative growth opportunities to the market. However, lack of supporting infrastructure is expected to hamper the growth of global semi-autonomous vehicle market during the forecast years.
With increase in the traffic congestion and road traffic injuries and deaths, the need for such vehicles with semi – autonomous capabilities is expected to increase owing to the need to minimize human efforts. This is likely to boost the market growth during the forecast period. According to the report published by the World Health Organization in 2021, nearly 1.3 million people die per year, due to road traffic crashes across the globe. The United Nations General Assembly has set targets to half the worldwide number of injuries and deaths from road traffic crashes by 2030. Hence, this would demand proliferate the demand and adoption of semi-autonomous vehicles.
According to a market report published by Bizwit Research & Consulting, LLP, global semi-autonomous vehicle market is valued approximately USD 17.03 billion in 2020 and is anticipated to grow with a healthy growth rate of nearly 20.87% over the forecast period 2021-2027. Key market players in the global semi-autonomous vehicle market include Audi AG, BMW AG, Valeo SA, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Honda Motor Corporation, Nissan Motor Company, Toyota Motor Corporation, and Volvo Car Corporation.
Global Semi-Autonomous Vehicle Market Size study, by Level of Automation (Level 1, Level 2, Level 3), by type (Passenger Cars, Commercial Vehicle), and Regional Forecasts 2021-2027
Global semi-autonomous vehicle market is segmented on the basis of level of automation and type. The total market revenue is calculated on the basis of revenue generated through sales of the semi-autonomous vehicle. However, any revenue generated through the resale, maintenance and repair are excluded from the report. Major companies covered under the report include Audi AG, BMW AG, Valeo SA, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Honda Motor Corporation, Nissan Motor Company, Toyota Motor Corporation, and Volvo Car Corporation. Other popular regional players across various countries are also considered for revenue calculation.