Emobility Controls and Autonomous Vehicles Market size is expected to grow at a CAGR of 21.4% from 2022 to 2030
According to the Market Statsville Group (MSG) , the?global emobility controls and autonomous vehicles market?size is expected to grow at a?CAGR of 21.4%?from 2022 to 2030. Global #regulators are setting more stringent emissions targets. The #European #Union unveiled its "Fit for 55" program, which aims to align climate, energy, land use, transportation, and taxation policies in order to minimize the greenhouse #gas emissions by at least 55% by 2030, while the #Biden #administration (US) set a 50% #electric #vehicle (EV) target for 2030. In addition to such mandates, most governments are providing EV subsidies. #Cities are working to reduce private vehicle use and congestion by providing more support for alternative modes of transportation, such as bicycles. Paris has announced a $300 million investment in updating its bicycle network and converting 50 kilometers of car lanes to bicycle lanes. Many cities are also implementing car access regulations. Indeed, over 150 European cities have already developed access regulations for low-emissions and pollution @emergencies.
Technological advancements such as adaptive algorithms, sensor processing, high-definition mapping, and improved infrastructure are prompting various companies to ramp up the production of autonomous vehicles. The market offers a diverse #range of products and systems that comprise the infrastructure for autonomous vehicles. Autonomous vehicles allow #non-drivers and people with certain disabilities to travel independently. It enables travelers to #travel in greater comfort and flexibility, allowing them to read, rest, or even work while on the #road, increasing their efficiency along with the satisfaction of sustainability. It will also lower the cost of paid drivers for commercial vehicles and taxis. Other advantages, such as increased safety with lower crash risks and increased road capacity with lower costs, will drive market adoption of these vehicles.
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COVID-19 Impact on the Global Emobility Controls and Autonomous Vehicles Market
The COVID-19 crisis is causing market uncertainty by slowing logistics services, impeding business growth, and increasing panic?among?customer segments. Governments in various regions declared total lockdown and the temporary shutdown of industries, resulting in border closures that hampered the movement of transportation and logistics services. Following the COVID-19 health crisis, the global business outlook has shifted dramatically. Furthermore, market participants' overall service activities have decreased to a significant drop in demand for cash usage to avoid the risk of contamination.
COVID-19 is also changing consumer attitudes toward public transportation, which may benefit AV technology in the long run. As?the?pandemic spread worldwide, consumers largely stayed at home, either by choice or local mandate. As a result, transit ridership has plummeted except for the essential workers. As COVID-19 highlights the human side of goods transportation, logistic companies recognize the need to implement sustainable self-driving systems in real-time. While cost savings and non-stop transit of goods are important factors, COVID-19's ability to pause the shipment of goods has highlighted the human factor of transporting goods as a?weak?link in the national supply chain for goods. Unlike humans, AV systems can operate 24 hours a day, seven days a week, and are not subject to 14-day quarantines or driver shortages due to illness. In times of emergency, the ability to transport goods efficiently and reliably throughout the supply chain is more important than ever, especially in times of panic buying and supply constraints. At the moment, the world is slowly getting back on track with new restrictions and policies, as well as a witnessing recovery in product sales across the retail sector. These elements may positively impact the emobility controls and autonomous vehicle market.
Global Emobility Controls and Autonomous Vehicles Market Dynamics
Drivers:?Environmental impact owing to the traditional vehicles
Since their inception, automobiles have contributed to the deterioration of the environment in the form of carbon dioxide. Carbon dioxide emissions into the atmosphere contribute to global-mean surface warming, and road traffic accounts for approximately 20% of total CO2 emissions. Cities now house more than half of the world's population. By 2050, an additional 2.5 billion people will live in cities, increasing energy demand and the need for people and goods transportation. Cities and suburbs will become more noisy, congested, and prone to smog as a result. This is especially true in densely populated metropolitan areas in developing countries like Beijing, Delhi, and Mexico City. They are all affected by traffic congestion and poor air quality. However, the internal combustion engine and electric vehicle technology are constantly evolving, with year-to-year changes in fuel economy and emissions. With the growing consumer awareness towards sustainability, the demand for emobility controls and the autonomous vehicle market boosts.
Restraints:?Non-availability of infrastructure in developing countries
Over the forecast years, the lack of standardized charging infrastructure will stymie the growth of the emobility control and autonomous vehicle market. Gas stations can be found every few miles in urban and suburban areas, whereas public infrastructure for electric vehicles is concentrated in major metropolitan areas. Plug-in hybrid vehicles have a shorter range than gasoline vehicles and?necessitate?a dense charging infrastructure that can assist in both long and short-distance travel. However, a lack of space and affordable renewable energy puts a strain on the coal-powered electricity grid.
Opportunities:?Government initiatives for sustainable and autonomous mobility
Cities focus on making their environments more liveable by implementing the visions and goals outlined in their Sustainable Urban Mobility Plans (SUMPs). In order to coordinate the proactive efforts of various operators and authorities around the world, the International Association of Public Transport (UITP) initiated the SPACE project (Shared Personalised Automated Connected Vehicles) in 2018 - a global initiative to help place public transportation at the center of the AV revolution and build a combined transport ecosystem.
Moreover, National Electric Mobility Mission Plan 2020 is among the most important initiatives implemented by the Government of India, with the potential to usher in a paradigm shift in the country's?automotive?and transportation industries. This is the culmination of comprehensive, collaborative planning for the promotion of electric and hybrid mobility in India through a combination of policies aimed at gradually ensuring a vehicle population of approximately 6-7 million electric/hybrid vehicles in India by the year 2020, as well as a certain level of technology indigenization ensuring India's global leadership in some vehicle segments.
Scope of the Global Emobility Controls and Autonomous Vehicles Market
The study categorizes the emobility controls and autonomous vehicles market based on the level of automation, propulsion type,?battery, and application area at the regional and global levels.
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By?Level of Automation Outlook?(Sales, USD Billion, 2017-2030)
By?Propulsion Type Outlook?(Sales, USD Billion, 2017-2030)
By?Battery Outlook?(Sales, USD Billion, 2017-2030)
By?Application Outlook?(Sales, USD Billion, 2017-2030)
Transportation segment accounts for the largest market share during the forecast period by application
Based on the application, the market is bifurcated into transportation and defense. The transportation?segment accounted for a larger revenue share in 2021. The growing global population, rapid urbanization, and surging e-commerce activities have greatly enhanced transportation. Electric mobility is widely regarded today as a means of improving air quality and meeting climate goals, but it is rarely included in a comprehensive vision for smarter cities. Furthermore, the improved technology provided by various companies entices customers to adopt autonomous vehicles for personal and commercial use.
North America is projected to account for the highest market share by Region
Based on the regions, the global emobility controls and autonomous vehicles market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.?North America is expected to witness the highest market share in 2021.. The growth of mobility as a?service?sector is expected to fuel the autonomous car market. North America is expected to grow significantly as a result of changes in traffic regulations in the United States to allow #autonomous #vehicles on public roads. To make fully autonomous transportation, the regulation is gradually being adopted across all states in the United States. In Arizona, Texas, Washington, California, Michigan, and other states, self-driving cars have already been in trend, tested and used. Nonetheless, they are limited to specific test areas and driving conditions.
Moreover, #Europe is projected to grow significantly during the forecast period due to government initiatives for a clean environment and support for the development of autonomous vehicles in the region. In the #United #Kingdom, for instance, the Department of Transport (DFT)??launched?the #Automated?#Lane-#Keeping #System (ALKS) in August 2020, which can automatically take control of vehicles traveling at low speeds. The driver will be allowed to represent driving to the vehicles, and the autonomous system will keep the vehicle moving in its lane. The government of the United Kingdom intends for self-driving vehicles to be in use in the country by 2021, and it also intends to make the necessary changes to regulations to encourage the development of autonomous vehicles in the European region.
Key Market Players in the Global Emobility Controls and Autonomous Vehicles Market
The emobility controls and autonomous vehicles market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their #market #positions. Most sector businesses focus on #growing their operations #worldwide and cultivating long-lasting partnerships.