Dynamic Autonomous Vehicle Market is set to grow – Who will rule it?
The technological developments are at peak. One such big example of current shift in the tech trends is Autonomous Vehicle Market. Well, there is no denying that the industry is at its emerging phase but the players in the Vehicle industry have already geared up to capture the market with the best of Autonomous Vehicle so far. Companies such as General Motors, Ford, Daimler, BMW, Volkswagen, Toyota and many others are in a cut throat business competitive race to rule the market with innovation.
According to a Global Opportunity Analysis and Industry Forecast (2019-2026), the autonomous vehicle market size in the year 2019 will value $54.23 billion and it is expected to cross $556.67 billion by 2026.
Here, the question arises – Who will be the New Players in this massive Autonomous Vehicle Market?
Interestingly, it will not remain the playing field just for OEMs but it is expected to open doors of opportunity for new business’ venturing into the automation world. The major OEMs will try to be in the picture not just as a service provider but as a full-fledged vehicle manufacturer with different levels ranging from 1, 2, 3 to eventually entering at level 5 ie direct launch of autonomous vehicle.
Most noteworthy, every technological innovation is the starting point of new business opportunities and Autonomous Vehicle Market is one such big gold mine that has potential to initiate and flourish other ventures. The Self driven cars will free the passenger mentally, physically and that’s where a new luxury business model can make an optimum utilization. Just like auto driven cab services by Uber and Ola are introducing auto mobility as a service in key countries!
Another big change that marketers can forecast is in the way Insurance companies work for Vehicle industry. Well, a simple calculation, the Autonomous Vehicles will be running on AI (Artificial Intelligence), the accident probability will certainly drop and people will not really opt for these insurance service providers. This can badly hamper the banking and insurance sector.
With all these aspects, Vehicle Manufacturers, OEM Providers, Mobility service providers and Insurance providers is about to see a major competition with the rival companies. Similarly, the revenue generated by the Autonomous Vehicle Market will have a huge positive impact on the economic growth of countries, just like a wave of progress!