The Connected And Autonomous Mobility Vehicles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033)
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According to The Business Research Company’s Connected And Autonomous Mobility Vehicles Global Market Report 2024, The connected and autonomous mobility vehicles market size has grown exponentially in recent years. It will grow from $133.03 billion in 2023 to $197.56 billion in 2024 at a compound annual growth rate (CAGR) of 48.5%. The growth in the historic period can be attributed to emergence of advanced driver assistance systems (adas), development of gps and navigation systems, early research and development in autonomy, pioneering autonomous vehicle projects, shift towards mobility as a service (maas)
The connected and autonomous mobility vehicles market size is expected to see exponential growth in the next few years. It will grow to $824.41 billion in 2028 at a compound annual growth rate (CAGR) of 42.9%. The growth in the forecast period can be attributed to consumer trust and adoption, urban mobility solutions integration, continued regulatory developments, increased adoption of on-demand services, evolution of v2x communication, growth in electric and hybrid vehicles.. Major trends in the forecast period include consumer acceptance and adoption, urban mobility solutions, enhancements in sensor technologies, regulatory support and standards, rise in on-demand mobility services, development of v2x communication.
The rising number of road accidents is expected to propel the growth of the connected and autonomous mobility vehicles market going forward. A road accident is an incident that resulted in property damage or personal injury and occurred at a location intended for public transportation, or that is often used for transportation and in which at least one of the involved parties was a moving vehicle. Connected and autonomous vehicles (CAVs) can use their connectivity and automation to help prevent and mitigate road accidents by performing evasive maneuvers, monitoring the driver’s attention, and taking over control of the vehicle if the driver is not paying attention. For instance, in May 2022, according to The National Highway Traffic Safety Administration, US-based government agency focused on transportation safety, it is estimated that in the US around 42,915 people died in motor vehicle traffic crashes in 2021, an increase of 10% from 38,824 fatalities in 2020. Further, in the US there were 5,250,837 police-reported traffic crashes in 2020. Therefore, the rising number of road accidents is driving the growth of the connected and autonomous mobility vehicle market.
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The connected and autonomous mobility vehicles market covered in this report is segmented –
1) By Level Of Automation: Level 1, Level 2, Level 3, Level 4, Level 5
2) By Propulsion Type: Semi-Autonomous, Fully Autonomous
3) By Vehicle Type: Passenger Car, Commercial Vehicle
4) By Application: Civil, Defense, Transportation And Logistics, Construction
Major companies operating in the connected and autonomous mobility vehicles market are increasing their focus on introducing third-generation autonomous driving systems to gain a competitive edge. Third-generation autonomous driving systems refer to autonomous driving systems in which the vehicle can perform all aspects of driving autonomously under specific conditions and in a defined environment, such as highway driving. For instance, in March 2023, May Mobility, a US-based autonomous vehicle (AV) technology company, launched its third-generation autonomous driving system. This system is equipped with advanced sensors such as cameras, radars, and lidars, which help it detect objects in its surroundings more clearly and accurately than previous generations. It also has an improved communication system to collaborate with human operators to ensure vehicle and passenger safety in challenging situations. May Mobility’s third-generation autonomous driving system includes its third-generation vision stack, next-generation pedestrian modeling, tele-assist, on-vehicle traffic light detection, and other enhancements that help the car move through various encounters and circumstances without incident. Furthermore, the system incorporates multiple safety features, including automatic emergency braking and lane departure warning, to reduce the risk of accidents.
The connected and autonomous mobility vehicles market report table of contents includes:
1. Executive Summary
2. Connected And Autonomous Mobility Vehicles Market Characteristics
3. Connected And Autonomous Mobility Vehicles Market Trends And Strategies
4. Connected And Autonomous Mobility Vehicles Market – Macro Economic Scenario
5. Global Connected And Autonomous Mobility Vehicles Market Size and Growth
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26. South America Connected And Autonomous Mobility Vehicles Market
27. Brazil Connected And Autonomous Mobility Vehicles Market
28. Middle East Connected And Autonomous Mobility Vehicles Market
29. Africa Connected And Autonomous Mobility Vehicles Market
30. Connected And Autonomous Mobility Vehicles Market Competitive Landscape And Company Profiles
Top Major Players:
- Microsoft Corporation
- General Motors (GM)
- Mercedes-Benz Group AG
- Ford Motor Company
- Bayerische Motoren Werke AG
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