According to a new report published by UnivDatos Markets Insights, the semi-autonomous vehicle market was valued at USD 412 million in 2022 & is expected to grow at a CAGR of 39.94% from 2023-2030. The analysis has been segmented into Automation Level (Level 1, Level 2, and Level 3), Component (camera, LiDAR, radar, and others), Propulsion Type (ICE and Electric), ADAS Features (lane assist, crash warning system, adaptive cruise control, smart park, others), and Region/Country.
The semi-autonomous vehicle market reports have been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the semi-autonomous vehicle market. The semi-autonomous vehicle market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the semi-autonomous vehicle market at the global and regional levels.
Request for Sample Pages - https://univdatos.com/get-a-free-sample-form-php/?product_id=46639
Key Market Opportunities
The advent of autonomous vehicles (AVs) has opened immense possibilities for the ride-hailing sector. As the world population continues to grow, specifically in the Asia Pacific region, the demand for personal mobility has increased significantly in the last couple of years. Semi-autonomous vehicles have the potential to significantly enhance passenger safety and comfort. By leveraging advanced driver assistance systems (ADAS) and artificial intelligence (AI), these vehicles can detect and respond to hazards more quickly than human drivers, resulting in lower accident rates. Moreover, SAVs can optimize routes and journey times, offering passengers quicker and more convenient transportation options. Additionally, companies operating in the ride-hailing sector are making a substantial investment in the development and deployment of semi-autonomous vehicles. For instance, On April 26, 2021, Lyft, a US-based and North America's second-largest ride-sharing platform provider announced its intention to sell its self-driving division, Level 5, to a subsidiary of Toyota for USD 550 million. This move followed Uber’s decision in December 2020 to sell off its self-driving division to autonomous driving start-up Aurora for USD 4 billion.[i] Therefore, the adoption of semi-autonomous vehicles in the ride-hailing sector has immense opportunity in the forecast period.
Segmentation Details:
· By automation level, the market is divided into level 1, level 2, and level 3. Among these, the level 3 segment is predicted to generate the highest revenue in the forecast period.
· By components, the market is segmented into cameras, LiDAR, radar, and others. The cameras segment is currently dominating the market in terms of revenue generation and is expected to dominate in the forecast period.
· By propulsion type, the market is bifurcated into ICE and electric. The electric segment is currently the leading and is expected to dominate the segment in the forecast period.
· By ADAS features, the market is divided into lane assist, crash warning system, adaptive cruise control, smart park, and others. The adaptive cruise control segment holds the most significant market share in 2022.
Related Reports-
Electric Forklift Market: Current Analysis and Forecast (2023-2030)
Automotive Solenoid Market: Current Analysis and Forecast (2023-2030)
Semi-Autonomous Vehicle Market Geographical Segmentation Includes:
· North America (U.S., Canada, Mexico, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, and Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
· Rest of the World
The Asia Pacific region is home to more than half of the world's population, making it one of the most densely populated areas around the globe. Unfortunately, this dense population has resulted in a significant number of road accidents, leading to countless fatalities and injuries every year. However, with the rapid development and integration of semi-autonomous vehicles (SAVs), there is a glimmer of hope for improving road safety in the region.
Reducing Human Error: The Prime Cause of Most Accidents
The majority of road accidents are caused by human error, such as distracted driving, drowsiness, and reckless behavior. According to the World Health Organization (WHO), approximately 90% of all accidents are the result of human mistakes. Semi-autonomous vehicles have the potential to reduce these errors by taking control of certain aspects of driving, such as steering, acceleration, and braking.
For instance, Tesla's Autopilot system, a type of SAV, can detect and respond to obstacles much faster than a human driver. In a study conducted by the National Highway Traffic Safety Administration (NHTSA), Autopilot was found to reduce the risk of crashes by 35%. Moreover, SAVs can also monitor drivers' vital signs and alert them if they show signs of fatigue or distraction.
Improved Visibility and Perception: Another key factor in reducing accidents is improved visibility and perception. SAVs are equipped with multiple sensors, including cameras, radars, and lidar, which enable them to detect objects and events around them more accurately than human drivers. This allows them to react quickly and avoid potential hazards.
Enhancing Connectivity and Communication: SAVs can also communicate with other vehicles and infrastructure through dedicated short-range communication (DSRC) technology. This allows them to exchange crucial statistics, which include traffic situations, street closures, and incidents ahead, allowing them to adapt their direction and riding style as a result.
Government Regulations and Policies:
While the potential benefits of SAVs are substantial, their widespread adoption faces several regulatory hurdles. Governments must establish guidelines and frameworks for the testing and deployment of SAVs on public roads. Some of the key considerations include:
Safety Standards: Ensuring that SAVs meet strict safety standards is crucial for public trust and confidence. Governments must establish rigorous safety protocols and conduct regular tests to certify compliance.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the semi-autonomous vehicle market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In March 2023, General Motors unveiled a new semi-autonomous driving system with a USD 300K price tag. The system is designed to work in conjunction with GM's OnStar subscription service, which provides real-time traffic updates and other data to improve the driving experience. Moreover, GM claims that Super Cruise is the most advanced semi-autonomous driving system currently available, thanks to its ability to adjust speed based on road conditions and traffic patterns.
· In June 2023, Tesla is planning to license its Autopilot and Full Self-Driving (FSD) technologies to other companies. This move marks a shift in Tesla's approach to autonomous driving, as the company had previously focused on developing and improving its own self-driving software. Tesla has already begun reaching out to potential partners, including ride-hailing services and automakers, to discuss licensing opportunities. The goal is to expand the reach of Tesla's autonomous driving technology beyond its own vehicles, potentially making it available to a wider range of customers.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the semi-autonomous vehicle market?
• Which factors are influencing the semi-autonomous vehicle market over the forecast period?
• What are the global challenges, threats, and risks in the semi-autonomous vehicle market?
• Which factors are propelling and restraining the semi-autonomous vehicle market?
• What are the demanding global regions of the semi-autonomous vehicle market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
We understand the requirements of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
