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The global level 3 autonomous vehicle market is anticipated to grow rapidly and post a CAGR of more than 23% in terms of shipment during the forecast period. The rising importance of road safety and greener modes of transportation will drive the growth prospects for the global level 3 autonomous vehicle market until the end of 2021. Factors such as speed, distracted driving, and drunken driving lead to road fatalities. One of the major factors that drive the necessity for automated vehicle technologies and negate the effects of driver distraction is the urgent need for curbing these road fatalities. Also, growing concerns about greenhouse gas emissions have encouraged governments across the globe to focus on alternative sources of fuel that drive the introduction of new technology in vehicles such as level 3 autonomous vehicles.
The increased focus of OEMs toward the development of autonomous vehicles will drive the growth prospects for the global level 3 autonomous vehicle market in the forthcoming years. Due to the rising demand for new car ownership models such as carpooling, cab services, and car rentals due to factors such as traffic congestions in urban cities, OEMs are increasingly focusing on technologies that focus on driverless and autonomous vehicle concept.
The global level 3 autonomous vehicle market is highly diversified and competitive due to the presence of a large number of autonomous vehicle manufacturers across the globe. These vendors increasingly focus on improvising their product portfolio to expand geographic reach.
Key vendors in this market are -
Other prominent vendors in the market include Apple, Baidu, Google, LeddarTech, Magna International, NVIDIA, Quanergy Systems, and Uber.
The passenger vehicle (PV) segment accounts for the maximum market share in 2016 and will continue to dominate the market for the next few years. One of the major factors responsible for the market segment’s growth is the increasing adoption of auto electronics and advanced driver assistance systems (ADAS) in PVs.
In terms of geography, the Americas accounted for the maximum market share in 2016 and will continue to dominate the market in the coming years as well. One of the major factors responsible for the market’s growth in the region is the increased investments towards advanced technologies such as ADAS, electronic braking system, and traction control system.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by vehicle type
PART 07: Market segmentation by geography
PART 08: Market drivers
PART 09: Market challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
PART 14: Explore Technavio
Tags: autonomous cars, autonomous vehicles, automotive industry, performance parts, automotive electronics market segmentation, automotive electronics market analysis,
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