increasing popularity of semi-autonomous vehicles is driving the Near Autonomous Passenger Car Market
Technavio analyzes that the Near Autonomous Passenger Car Market is expected to grow at a CAGR of 60.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 962.1 billion.There are various factors that contribute to the growth of the market. The near autonomous passenger car market is experiencing significant growth due to the increasing popularity of semi-autonomous vehicles. These vehicles offer enhanced safety features and improved driving experiences, making them an attractive option for consumers. The integration of advanced technologies such as LiDAR, radar, and camera systems enables vehicles to detect and respond to their environment in real-time, reducing the risk of accidents. Additionally, the convenience and time-saving benefits of semi-autonomous driving are driving demand in the market. As technology continues to advance, we can expect to see fully autonomous vehicles becoming increasingly common on the roads in the near future.
Advanced Driver-Assistance Systems (ADAS) represent a significant advancement in the automotive industry, integrating emission-free battery electric vehicles into the market. These systems employ sophisticated technologies, such as sensors and cameras, to ensure automotive safety and reduce road accidents. By enhancing vehicle autonomy, ADAS enables features like parking assistance, blind spot detection, and automated driving up to level 1. This level allows vehicles to independently steer, accelerate, and brake under most environmental conditions, ensuring a safer and more efficient driving experience. Fossil fuel price fluctuations underscore the importance of these systems, as they enable vehicles to adapt to various road conditions and traffic scenarios, ultimately improving overall road safety.
Know which region is leading the market growth by requesting a sample report
Near Autonomous Passenger Car Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
The Near Autonomous Passenger Car Market encompasses self-driving, driverless, and autonomous cars, fueled by advanced technologies such as sensors, cameras, radar, LiDAR, GPS, software algorithms, V2V communication, V2I communication, semiconductor chips, and automated driving systems. These vehicles offer mobility and accessibility, independent transport, and energy-efficient, emission-free operation. However, safety concerns persist due to human error and the need for cybersecurity and technological challenges. Level 3 systems represent the current state of the market, with AI systems and battery management systems playing crucial roles. Ride hailing services are a significant application area.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue of automotive components and equipment manufacturers. Key growth drivers in this sector include the escalating demand for advanced technologies, such as autonomous cars, driverless cars, and self-driving cars, which necessitate the integration of sensors, cameras, radar, and LiDAR systems. Additionally, the surge in sales of electric vehicles, motorcycles, and passenger cars has significantly boosted the demand for electronic control units (ECUs) and other electrical components in the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
