Autonomous Vehicles Market Size will grow with a CAGR of 47.1% from 2021 to 2030

According to Renub Research, Global Autonomous Vehicles Market is Forecasted to be more than USD 325.9 Billion by the end of year 2030.
By: Renub Research
ROSWELL, Ga. - Oct. 13, 2021 - PRLog -- According to the latest report by Renub Research, titled "Autonomous Vehicles Market by Driverless Car Levels, Hardware, Software, Regions, Companies, Global Forecast" Global Autonomous Vehicles Market will reach USD 325.9 Billion by 2030. The recent decades have seen a rapid advancement in transport technologies. Looking ahead, the advent of autonomous vehicle technology is one of the numerous impressive advancements, which ensures to change the way people and goods are transported across the world. Autonomous or driverless vehicles have the potential to improve transport options further.

Moreover, by removing the need for a human driver, autonomous vehicles are widely expected to increase accessibility for people who cannot drive themselves. In addition, it also reduces the cost of using taxis and delivery services; reduces the demand for on-street parking; increase road safety and capacity; increase the demand for short-stay, on-street parking.

Furthermore, while autonomous vehicles (A.V.s) are an emerging technology in surface transportation, it has enormous potential to transform the way individuals and communities interact with the built environment. Also, the widespread use of A.V.s substantially impacts greenhouse gas emissions of the transportation sector, which is accountable for the largest share of emissions in the global market.

Millennial and Urban population will have more trust on Self Driving Vehicles

Remarkably, the millennial (under 35) and urban/suburban consumers tend to be more favourable than rural areas and small towns. Millennials resemble to have fewer issues trusting autonomous vehicles, explaining the more positive outlook towards self-driving cars. Moreover, millennials are more welcoming of smart tech in their daily routines. Considerably, the vast majority of those transportation emissions are from cars and trucks, many of which could be replaced with A.V.s. Hence, globally, the evolution of A.V.s from their initial testing phase has become a concrete reality for consumers for numerous generations worldwide.

Furthermore, when talking about autonomous vehicles, each vehicle has a range of autonomous capabilities. The Society of Automotive Engineers (SAE) International instituted its SAE J3016™ "Levels of Automated Driving" standard to classify autonomous vehicles. Its levels range from 0-5, and a higher number designates an increase in autonomous capabilities. As per our analysis by Level of Driving, we have studied (L3, L4 & L5) and Worldwide Driverless Cars Market will be USD 10.1 Billion this year 2021.

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