Autonomous Vehicle Market Present Scenario And The Growth Prospects 2030

Autonomous Vehicle Market

Autonomous Vehicle Market Overview

As more people are becoming financially sound, the number of automobiles around the world is growing. This is leading to a lot of traffic congestion. Which is made worse by large automobiles, such as buses and trucks. Another sad outcome of traffic growth is road accidents. Which, according to the World Health Organization (WHO), lead to more than 1.3 million human deaths each year. This factor has awakened people’s consciousness, and they are now beginning to demand more safety features in vehicles.

P&S Intelligence credits this and the fact that most road accidents are a result of human error while forecasting that the autonomous commercial vehicle market will grow at a CARG of 8.2% between 2020 and 2030. A key development that is enabling the rollout of autonomous vehicles is the integration of connectivity features in automobiles. Connected vehicles feature roadside assistance, smartphone connectivity within themselves, automobile diagnostics, traffic and collision warnings, and real-time traffic monitoring. Many of these vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity features are a prerequisite for autonomous driving. Thus, the evolution of connected vehicles is considered the first step in the direction of driverless vehicles.

Autonomous Vehicle Market Size

Another factor that is encouraging automakers to experiment with autonomous driving. Is the allowance for such driverless vehicles in numerous countries. For instance, the SpanishDirectorate General of Traffic (DGT) has given the green light to autonomous vehicles up to level 5 to operate on the roads. In the same vein, in 2017. The German government amended the German Road Traffic Act. Thereby allowing the autonomous driving system to take control of the vehicle from the human driver. This has spawned numerous pilot projects. Wherein automakers are joining hands with tech companies. Auto component providers, and even commercial entities to test these vehicles.

Currently, only semi-autonomous vehicles, which are those with up to level 3 autonomy, are available for sale. As fully autonomous vehicles (those with level 4 and 5 autonomy) are still in the testing phase. Level 4 vehicles will be launched in 2023, and level 5 vehicles in 2025. On the other hand, the biggest reason for the rising popularity of level 1–3 autonomous commercial vehicles is the government mandates in several European countries. And the U.S. for advanced driver assistance systems (ADAS). Which essentially impart any commercial vehicle level 1 autonomy.

Autonomous Vehicle Market Demand Forcast

Of all applications, including logistics, construction, and public transportation, level 1–3 autonomous commercial vehicles are currently used the most for logistics. This is why between buses and trucks, autonomous trucks have witnessed higher sales till now. The expansion in the manufacturing, retail, and e-commerce industries is leading to the rising demand for freight transportation services. Which is driving the expansion of logistics fleets. In the coming years though, autonomous buses will witness the faster rise in sales owing to their integration in public transportation fleets.

Presently, the North American autonomous commercial vehicle market accounts for the highest sales of such automobiles, on account of the early integration of self-driving technologies here than elsewhere in the world. Moreover, many companies, including General Motors Co., Waymo LLC,Tesla Inc., and Ford Motor Co., are involved in autonomous commercial vehicle designing, development, and testing projects in the continent. In the coming years, Asia-Pacific (APAC) will likely witness the fastest increase in the adoption of autonomous commercial vehicles due to its vast automotive sector and technological advancements in regional countries.

Hence, government efforts, industry growth, and the success of pilot projects will continue to drive the uptake of autonomous commercial vehicles across the globe.

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Automotive Thermoplastics Market Overview

The mushrooming popularity of lightweight and fuel-efficient vehicles is pushing up the worldwide demand for automotive thermoplastics. This is because thermoplastic components are extensively used for reducing the weight of the automobile. Which, in turn, causes a sharp rise in its fuel economy. Moreover, as thermoplastics are heavily used in various applications in the automobile industry. The expansion of this industry. Owing to the burgeoning manufacturing and sales of automobiles. Especially in the Asia-Pacific (APAC) region, is driving their demand across the world.

According to the Organisation Internationale des Constructeurs d’Automobiles, 77,971,234 automobiles were sold all over the world in 2020. Furthermore, as per the India Brand Equity Foundation (IBEF), the automotive industry in India is predicted to witness its value rise to Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. These materials are being increasingly used in the manufacturing of several automobile parts, such as bearing parts, vehicle-body, and battery frames. Due to these factors, the value of the global automotive thermoplastics market will surge massively in the coming years.

Automotive Thermoplastics Market Size

Interior, powertrain, chassis, and exterior automobile parts are the major application areas of automotive thermoplastics. Amongst these, the usage of thermoplastics is currently the highest in the vehicle’s exterior parts, such as doors, deck lids, body in white, hood, and roof. In these parts, thermoplastics are used for providing toughness and strength and also for reducing the overall weight. Across the globe, the sales of these materials were observed to be the highest in the APAC region during the last few years.

Moreover, the demand for these parts is predicted to rise at the fastest pace in this region over the next few years. This is ascribed to the fact that the APAC region is the world’s largest automobile manufacturing region. For example, the region witnessed the production of 52.5 million automobiles in 2018. Additionally, with the increasing disposable income of people and the rising urbanization rate, the sales of automobiles are soaring, which is, in turn, propelling the requirement for automotive thermoplastics in the region.

Automotive Thermoplastics Market Growth

For instance, according to the estimates of the IBEF, the automobile industry in India will exhibit huge expansion in 2021–2022. Additionally, the country will witness a sharp surge in the sales of electric vehicles, particularly two-wheelers, in 2021–2022. One of the major trends currently being witnessed in the automotive thermoplastics market is the growing adoption of carbon fiber reinforced plastics (CFRP). Produced from thermoplastics, in racing and luxury vehicles. This is attributed to the various beneficial characteristics of these parts and the several advantages of using them over the conventionally used plastics.

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