North America Semi & Fully Autonomous Vehicle Market to reach USD 28.76 Billion by 2029
Increasing focus of government on development of
autonomous vehicle industry coupled with rising need for vehicle safety to
drive North America Semi & fully autonomous vehicle market through the
forecast period.
According to TechSci Research report, “North America Semi
& Fully Autonomous Vehicle Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029F”, North
America Semi & Fully Autonomous Vehicle Market was valued at USD 17.02
Billion in 2023 and is projected to reach USD 28.76 Billion by 2029, growing
with a CAGR of 9.13%, fueled by technological advancements, increased
investment from automotive and tech sectors, and growing consumer interest in
enhanced safety and convenience. Innovations in artificial intelligence,
machine learning, and sophisticated sensor technology are improving vehicle
performance and reliability, leading to heightened consumer awareness of the
benefits that autonomous vehicles can provide, such as reduced driving anxiety
and enhanced safety features.
However, the market is not without its challenges, which
could hinder growth. Regulatory complexities and the absence of unified
legislation regarding the testing and rollout of autonomous vehicles present
uncertainties for manufacturers. Consumer perceptions of self-driving
technology remain varied, with safety concerns affecting acceptance levels.
Additionally, the high costs involved in developing and deploying autonomous
systems may dissuade smaller companies from participating in the market. Despite
these obstacles, there are numerous opportunities for businesses capable of
overcoming these challenges, particularly in fostering partnerships, driving
technological innovation, and addressing consumer hesitations through effective
education and outreach.
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In the North America Semi & Fully Autonomous Vehicle
Market, passenger cars are the leading category. This dominance is driven by
several key factors and trends. The rising consumer interest in advanced
driver-assistance systems (ADAS) and full autonomy is a significant driver.
Features like adaptive cruise control, lane-keeping assistance, and
self-parking are becoming standard in new passenger car models, appealing to
tech-savvy consumers who prioritize safety and convenience. The rapid
advancements in sensor technology, artificial intelligence, and machine
learning are more readily integrated into passenger cars. These technologies
are crucial for developing and enhancing autonomous driving capabilities,
making passenger cars the primary platform for innovation. Government
regulations and policies supporting the development and testing of autonomous
vehicles primarily target passenger cars. Initiatives aimed at improving road
safety and reducing traffic accidents are driving the adoption of autonomous technologies
in this segment. Major automotive manufacturers and tech companies are heavily
investing in the passenger car segment to develop and refine autonomous driving
technologies. Collaborations between automakers and technology firms are
accelerating the progress and commercialization of autonomous passenger cars.
The gradual consumer acceptance and trust in autonomous technology are more
evident in the passenger car market. Pilot programs and ride-sharing services
utilizing autonomous passenger vehicles are contributing to increased consumer
confidence and market growth. Passenger cars lead the North America Semi &
Fully Autonomous Vehicle Market, driven by consumer demand, technological
advancements, regulatory support, and strategic collaborations. This trend is
expected to continue as innovation and adoption of autonomous technologies
progress.
Major companies operating in Global Light Attack
Reconnaissance Aircraft Market are:
- Hyundai
Motor Company
- Daimler
Truck AG
- Waymo
LLC
- Toyota
Motor Corporation
- Nissan
Motor Corporation
- AB
Volvo
- General
Motors Company
- Volkswagen
AG
- Tesla
Inc.
- BMW
AG
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“Several automobile manufacturers as well as technology
giants are continuously expanding their research and developments to develop
more efficient and safer autonomous vehicles, which is anticipated to push
demand for semi & fully autonomous vehicles across North America. Moreover,
rising use of autonomous vehicles in agriculture along with increasing
penetration of commercial autonomous vehicles is further likely to positively
influence North America semi & fully autonomous vehicle market in the
coming years.” said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“North America Semi & Fully Autonomous Vehicle Market Industry
Size, Share, Trends, Opportunity, and Forecast, By Automation Level (L0, L1,
L2, L3, L4, L5), By Component (Embedded System, Camera, others), By Vehicle
Type (Passenger Car, Commercial Vehicle), Competition, Forecast &
Opportunities 2019-2029F.” has analyzed the potential of autonomous vehicle
market across the region, and provides statistics and information on market
sizes, shares and trends. The report will suffice in providing the intending
clients with cutting-edge market intelligence and help them in taking sound
investment decisions. Besides, the report also identifies and analyzes emerging
trends along with essential drivers and key challenges faced by North America
semi & fully autonomous vehicle market.
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