Autonomous Vehicle Testing Market Projected to Register an Impressive Growth Through 2027
Rising
carbon footprints across the globe and the growing incidences of road accidents
are driving the global market for autonomous vehicle testing over the forecast
period.
According
to TechSci Research report on, “Autonomous
vehicle testing Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2017-2027”,
the global
autonomous vehicle testing market is anticipated to witness robust CAGR
over the forecast period 2023-2027. The significant growth in the
automotive industry is fueling the growth of the autonomous vehicle testing
market. Moreover, with the increasing purchasing power of consumers, the sales
of autonomous vehicles are rising at a rapid rate. This has eventually
increased the demand for autonomous vehicle testing across the globe.
Furthermore, the rising incidences of road accidents have pushed the demand for
testing the automated components of vehicles. For instance, nearly 1.3 million
people die as a result of road traffic crashes annually. In addition, 20 to 50
million people suffer severe injuries from road accidents, which can cause
permanent disabilities. Besides, rising levels of carbon emissions from
vehicles is acting as an alarming concern for the environment. Vehicles are the
primary contributor to air pollution as they generate significant amounts of
particulate matter, nitrogen oxide, and carbon monoxide. Vehicle testing helps monitor
carbon emissions with a series of tests such as acceleration simulation mode
(ASM) test, on-board diagnostic (OBD) inspection, and testing excessive HC or
CO levels. Besides, emergence of numerous leading companies, particularly in
emerging economies are expected to propel the market growth. Moreover, increasing
autonomous vehicle production is anticipated to eventually fuel the demand for
autonomous vehicle testing to ensure that the vehicle meets the regulatory
standards associated with performance, technical safety, fuel efficiency, etc. Hence,
the global market for autonomous vehicle testing holds a huge potential and is
anticipated to grow at a rapid pace in the coming years.
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Pages and an in-depth TOC on "GLOBAL AUTONOMOUS VEHICLE TESTING MARKET"
The global autonomous vehicle testing
market is segmented on the basis of test type, vehicle type, vehicle autonomy,
competitive landscape, and regional distribution. Based on test type, the
market is differentiated between software testing, simulation testing, driving
testing, and others. The simulation testing segment is expected to hold a
considerable market share over the forecast period, owing to rising production
and sales of autonomous vehicles. Autonomous vehicles require large-scale
testing and have to undergo a series of assessments before they can be
deployed. Testing the vehicle on road is capital intensive while simulation
testing enables engineers to deliver innovations faster by anticipating
validation through digital prototyping. Hence, the greater advantages of
simulation testing over physical testing are boosting the segment growth.
By vehicle type, the market
is bifurcated into passenger car and commercial vehicle. The passenger car
segment is anticipated to hold a significant market share over the coming
years. This is primarily due to the growing purchasing power of the consumers,
which are encouraging buyers to opt for autonomous vehicles. As a result, the
demand for vehicle testing in autonomous passenger cars has increased over the
time.
Based
on vehicle autonomy, the market is divided between Level 1, Level 2, Level 3,
and Level 4/5. Among these, the Level 3 segment is anticipated to hold the
largest market share over the forecast period. Since Level 1 and Level 2 cars
have very less automated components, they do not require to be frequently
tested via certain assessments. The level 4/5 cars are highly autonomous so they
do not require any human intervention. However, Level 4/5 autonomous cars are
less available in the market compared to Level 3 autonomous cars in the market.
Hence, emerging number of automotive players launching Level 3 autonomous cars
and their growing adoption are expected to boost the segment growth.
A list of major market players of the global
autonomous vehicle testing market includes:
- Intertek Group plc
- AB Dynamics
- Google (Waymo)
- Tesla Inc
- Toyota Motor Corporation
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“Europe is
estimated to hold the largest market share during the forecast period. This can
be attributed to the economic growth in the region, rising working population,
and introduction of favorable government policies attracting several leading
autonomous automotive players such as Tesla, AB Dynamics, and Google to
establish their plants. The widespread availability of autonomous vehicles and
the growing purchasing power of consumers are eventually increasing the demand
for autonomous vehicle testing in the region. Furthermore, the rising demand
for autonomous and luxury vehicles for enhanced convenience and connectivity is
supporting the market growth. Besides, growing innovations in autonomous
automotive testing and introduction of the best-in-class testing solutions such
as cloud-based service in vehicle testing are contributing to the market growth.
With cloud-based tools, testers can carry out mobile and web testing in
different environments and machines without the need to set up any
infrastructure, which makes automotive testing scalable and cost-efficient.”
said Mr. Karan Chechi, Research Director, TechSci Research, a research based
global management consulting firm.
“Autonomous Vehicle Testing Market – Global Industry
Size, Share, Trends, Opportunity and Forecast, 2023-2027 Segmented By Test Type
(Software Testing, Simulation Testing, Driving Testing, Others), By Vehicle Type
(Passenger Car, Commercial Vehicle), By Vehicle Autonomy (Level 1, Level 2,
Level 3, Level 4/5) and By Region” has evaluated the future growth potential of global
autonomous vehicle testing market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global
autonomous vehicle testing market.
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