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Autonomous Vehicle Market Analysis by Trends, Size, Share, Growth Opportunities, and Emerging Technologies

The increasing prevalence of road accidents is fueling the demand for fully autonomous and semi-autonomous vehicles. According to the World Health Organization (WHO), around 1.35 million deaths are recorded every year because of road crashes. Furthermore, the organization also found that between 20 and 50 million more people suffer various non-fatal injuries due to road accidents. In the U.S., there were nearly 34,200 fatal vehicle crashes in 2017, which caused the deaths of around 37,000 people.

As the adoption of autonomous vehicles can greatly improve road safety and reduce the prevalence of road accidents, the increasing concerns being raised over vehicle safety are driving the sales of these vehicles across the world. Additionally, the governments of many countries, in response to the rising incidence of road accidents, are implementing favorable policies regarding the adoption of autonomous technologies in vehicles, which is also fueling the demand for autonomous vehicles. For instance, the U.S. Transportation Department has recently announced that the Federal Motor Carrier Safety Administration will no longer assume that commercial vehicles are operated by human drivers.

Get More Insights: Autonomous Vehicle Market Revenue Estimation and Growth Forecast Report

Geographically, the demand for autonomous vehicles was the highest in North America during the last few years, as per the observations of P&S Intelligence, a market research company based in India. This was due to the huge investments made in research and development (R&D) projects in autonomous technologies by leading technological innovators such as Aptiv PLC, Google LLC, and Microsoft Corporation, in the region. Moreover, these companies invested heavily in the testing and commercialization of autonomous vehicle technologies in the region.

Hence, it is safe to say that the deployment of autonomous vehicles will surge sharply in the upcoming years, mainly because of the growing incidence of road accidents and the increasing implementation of favorable government policies in several countries.

 

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