According to the latest report by IMARC Group “India Autonomous Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The India autonomous vehicle market is expected to exhibit robust growth during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Autonomous vehicles, also called self-driving cars or driverless cars, can operate by themselves and perform necessary functions by sensing and analyzing their surroundings with minimal to no human intervention. They are equipped with light detection and ranging (LiDAR), artificial intelligence (AI) software, radio detection and ranging (RADAR), sensor-integrated cameras, etc.
Autonomous vehicles can create active 3D maps that track the motion sequences of 3D structures based on corresponding points in images, as well as assist them in continuously monitoring the surrounding environment and maneuver independently. In line with this, they use connected technology to facilitate infrastructure-to-vehicle and vehicle-to-vehicle communication, which results in effective traffic management. Autonomous vehicles offer several other benefits, including less battery operation costs, enhanced safety features, reduced fuel consumption and emissions, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Continuous technological advancements in the automotive sector are propelling the adoption of the Internet of Things (IoT), machine learning (ML), and artificial intelligence (AI), which is primarily driving the India autonomous vehicle market. Additionally, the growing utilization of smart traffic lights and connected infrastructures in car parks and toll booths to minimize traffic congestion is further catalyzing market growth. Besides this, the launch of numerous favorable policies by government bodies in India for increasing road safety is acting as another significant growth-inducing factor. Moreover, the inflating disposable income levels of individuals and extensive R&D activities are also bolstering market growth across the country. Apart from this, the introduction of advanced features, such as lane departure warning (LDW) and automatic emergency braking (AEB), that augment self-driving capabilities in cars while ensuring low risks of accidents is anticipated to fuel the India autonomous vehicle market over the forecasted period.
Breakup by Component:
- Hardware
- Software and Services
Breakup by Level of Automation:
- Level 3
- Level 4
- Level 5
Breakup by Application:
- Transportation and Logistics
- Military and Defense
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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