Global Autonomous Vehicle Market to Hit $172.3 Billion by 2024

by Ruth Seeley

Research and Markets examined the smart vehicle market, analyzing autonomous, connected, and smart city infrastructure. The company assessed leading vendors, strategies, product and service offerings. Autonomous vehicles are evaluated by autonomy level, powertrain type, components, and supporting technologies.

Key Findings:

  • The global autonomous vehicle market will reach $172.3B USD by 2024
  • The global Automotive System on Chip (SoC) market will reach $1.6B by 2024
  • AI, IoT, and 5G (AIoT5G) will be the most influential technologies for smart cities
  • Smart transportation will be the top smart cities market application area through 2023
  • Significant transportation solution areas include Freight, Traffic, Parking, and Passenger Management

Research and Markets published these findings, among others, in a report that looks at the impact of major technologies on autonomous vehicle markets such as 5G, AI, Mobile Edge Computing, IoT, data analytics, and smart building integration, while providing global and regional forecasts for the autonomous vehicle market including hardware, software, and services along with emerging technologies from 2019 to 2024. It covers major consumer and commercial categories including personal vehicles, shared vehicles (ride sharing and shared vehicles/partial ownership and looks at autonomous control in ICE vehicles, EV, and ICE/EV hybrids.

Here’s what we learned:

Smart cities represent a combination of solutions deployed in an urban environment to transform the administration and support of living and working environments. Accordingly, Information and Communications Technologies (ICT) are transforming at a rapid rate, driven by urbanization, the industrialization of emerging economies, and the specific needs of various smart city initiatives. Smart city development is emerging as a focal point for growth drivers in several key ICT areas including Artificial Intelligence, Internet of Things, Connected Devices, Broadband Wireless, Cloud Computing, Big Data, and Analytics.

Sustainable smart city technology deployments depend upon careful planning and execution as well as monitoring and adjustments as necessary. For example, feature/functionality must be blended to work efficiently across many different industry verticals as a smart city address the needs of disparate market segments with multiple overlapping and sometimes mutually exclusive requirements. This will stimulate the need for both cross-industry coordination as well as orchestration of many different capabilities across several important technologies.

Autonomous vehicles are poised to invoke a revolution in the automobile industry including public transportation systems, car rental and sharing systems, vehicle leasing and ownership, industrial transportation, and automotive insurance practices and systems. The degree of autonomy in vehicles is measured in levels from zero (fully human-operated) to five (fully automated system) with the evolution from levels one through four consisting of an autopilot system combined with some level of human control or intervention capability. Autonomous vehicles are anticipated to become the foundation of transportation as a service globally.

Market leading autonomous vehicle use cases will be found primarily within the business realm, with an emphasis on shipping and commercial fleets. Kroger is already using unmanned autonomous vehicles to deliver groceries in Scottsdale, Arizona, while the market-leading human transport companies like Uber and Lyft look towards commercial operation of self-driving cabs or robo taxis. Autonomous vehicles will significantly reduce the cost per mile for personnel transport. The evolution of self-driving vehicles for the fleet market will be human controlled fleets to machine/human controlled fleets to completely autonomous vehicles that leverage various technologies including sensors, AI, cognitive computing, geo-fencing, GIS/mapping, and more.

Vehicle-to-Vehicle (V2V) communications is a very important aspect of connected vehicle solutions. While V2V communications are largely focused on public and personal safety, supporting technologies and solutions are rapidly evolving to encompass Vehicle-to-Infrastructure (V2I), Vehicle-to-Device (V2D), and Vehicle-to-Pedestrian (V2P) signaling and communications. Furthermore, industry verticals other than the automobile sector are keenly interested in integration with non-vehicle industry vertical applications and services, which are realized through various Vehicle-to-Home (V2H), Vehicle-to-Device (V2D), and Vehicle-to-Grid (V2G) solutions.

Collectively speaking, the term Vehicle-to-Everything (V2X) encompasses all of the aforementioned technologies, use cases, applications, and services. For example, V2I technology allows connected cars to interact with surrounding infrastructure such as traffic signals, buildings, kiosks/billboards, parking lots, and even humans. It is important to understand that V2X technologies and solutions also provide a foundation upon which commercial services and applications will be developed and supported. There will be a wide range of communications, applications, commerce, and digital content services resulting from V2X.

This research also evaluates the V2X market including technologies, solutions, and major players. It provides analysis of market challenges, opportunities, and overall business outlook. It analyzes the market for V2X across platforms (hardware, software, services), major automobile control units, and solution type. It assesses the deployment of V2X across communications and computing infrastructure including LTE, 5G, and Mobile Edge Computing. It also evaluates technology and solution convergence including Artificial Intelligence, Big Data, and Cloud Computing in V2X. It includes detailed forecasts for V2V, V2I, V2P, V2H, and V2D market from 2019 to 2024.

In addition, the report covers the smart cities market including leading vendors and strategies (such as a single vendor-centric approach), infrastructure, solutions, applications, and services. The report analyzes market factors driving solution adoption, technology readiness and fitness for use, and other considerations. The report assesses the aforementioned factors to derive penetration and revenue to forecast market value for the period of 2019 to 2024. The report also analyses the role of technology accelerating digital transformation including AI, edge processing, 5G deployment and usage, and advanced data analytics.

The full report, “Smart Vehicle Market: Autonomous, Connected, and Smart City Infrastructure Integrated 2019-2024,” is available here.

Source:  Research and Markets  


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