Global Shared Autonomous Vehicle Market Size is valued at USD 77.73 Billion in 2021 and expected to reach USD 1069.61 Billion by 2028 with a CAGR of 38.78% over the forecast period.
The future of transportation is in the hands of autonomous vehicles. As technology around the vehicles is evolving rapidly, many industry leaders are interested in the development of passenger vehicles. Shared Autonomous Vehicles or SAV or shared AV is one Such Solutions for driving people across the places. The technology is different from Robo Taxis, Self-driving cars or driverless cars as its main purpose is to serve multiple users at a time. The development of SAVs can yield various benefits for urban mobility solutions including less traffic congestion, increased safety, difficulty in finding parking areas will be minimized, attract visitors from downtown areas, improve walkability and environmental friendly. According to KPMG Autonomous Vehicle Readiness Index (AVRI) 2019, resulted the positive growth towards autonomous vehicles by all countries and different organizations and governments are taking initiatives in modernization of transport system towards automated cars and trucks.
The COVID-19 pandemic has negatively affected the several industries but few of them has also experienced the growth. The pandemic has affected the travelling behavior in the urban cities as citizens are hesitating to use public transport due to social distancing reforms. Across the globe, automobile industry has seen uncertainty in the market due to demand,supply chain and new projects around autonomous vehicles are on hold. Now companies are changing their policies and ready for new future post COVID. Flexible features like disinfected vehicles & automated methods for passenger temperature checking, goods delivery and other hybrid safety features is expected to support the market and help to build the trust among consumers.
Global Shared Autonomous Vehicle Market report is segmented on the basis of Type, Components, Technology and Region & country level. Based upon Type, Global Shared Autonomous Vehicle market is classified as Light Vehicle and Heavy Vehicle. The market is classified on the basis of components are Radar, Lidar, Ultrasonic sensors and Camera. On the basis of Technology, market is divided as Electric, Fuel Cell and Hybrid.
The regions covered in this Global Shared Autonomous Vehicle Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Language Learning is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Some major key players for Global Shared Autonomous Vehicle Market are
March 03, 2021; Elon Musk announced in April, 2020 about launching of shared autonomous vehicles (S.A.V) by the end of 2020 but approval is pending by the regulators. Jeff Brown claims that Tesla and Elon Musk will launch car for S.A.V for $50,000. The S.A.V can fulfill all the normal purpose like taking trips, picking up groceries and commuting to work. The S.A.V mode in Tesla cars can earn money for owner during car’s idle hours.
February 25, 2021; Mobileye has announced the partnership with Lohr group and Transdev ATS for the development of shared autonomous vehicle transportation systems. The plan involves the integration of Mobileye’s driverless system into i-Cristal shuttle by Lohr. The autonomous public transportation of self-driving shuttles is planned to launch in Europe and then internationally. The three companies first test the self-driving shuttles on the roads of France and Israel. The production aims to start in 2022 and launch for commercial purpose will be by 2023.
The major factors driving the growth of Global Shared Autonomous Vehicle Market are Demand for Autonomous, Safe and Environmental Friendly Vehicles. Reduced number of accidents, time saving and easy accessibility to transportation are the supporting factors for the market growth. According to WHO report on road traffic crashes, approx 1.35 million people die each year. Hence, in order to reduce the traffic crashes government and organizations are collaborating with industry leaders to integrate technology with vehicles to improve safety. Furthermore, surge in R&D activities along with rising investment in automotive industry is also expected to contribute the market growth. However, high cost of autonomous vehicle and its maintenance followed by lack of infrastructure in developing economies are likely to hamper the market growth. On the other hand, rise in IoT, Big Data, 5G like technologies and their hybrid functionality will open new opportunities in Shared Autonomous Vehicle Market over the forecast period.
Europe is expected to dominate the global shared autonomous vehicle marker in terms of market share owing to the presence of major market players in the region. Furthermore, presence of developed infrastructure along with supportive government initiatives. Asia-Pacific is expected to dominate the Global Shared Autonomous Vehicle Market in terms of growth rate attributed to the adoption of autonomous vehicle very early and presence of prominent companies in this region. As per the report by KPMG Autonomous Vehicle Readiness Index (AVRI) 2020, among top 30 countries Singapore ranked first with the Score of 25.45 with other Asia-Pacific countries. In the same list U.S ranked fourth with score of 23.99. North America is also expected to grow in the market due to the upcoming projects by prominent leaders in the industry.
|Historical data||2015 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 77.73 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||38.78%|
|Market Size Expected in 2028:||USD 1069.61 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Google Cars, Tesla, Audi, Volvo, Renault, Mercedes-Benz, Continental, Nissan, General Motors, Bosch, Uber and others|
|Segments Covered||By Type, By Technology, By Component|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|