Autonomous Vehicle Simulation Solutions Market 2020 | In-Depth Research on Market Size
Autonomous vehicle simulation solutions help to build different driving scenarios inside virtual scenes with respect to sensor settings, vehicle actions, traffic, pedestrians, and infrastructure. Automotive OEMs and other stakeholders can use simulation software in autonomous vehicles to simulate many sensors such as lidar, radar, camera, global positioning system (GPS), inertial measurement units (IMU), vehicle-to-vehicle (V2V), and HD maps.
Global Autonomous Vehicle Simulation Solutions Industry Overview
The global autonomous vehicle simulation solutions market is expected to reach $2,971.4 million by 2031, with a CAGR of 13.4% during the forecast period 2022-2031.
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According to studies, the autonomous vehicle simulation solutions industry is driven by several factors such as growing emphasis on road safety, favorable government policies to develop infrastructure for autonomous vehicles, and increasing road congestion.
Software Segment Dominates the Market by Product
The simulations are used to test the behavior of autonomous vehicles, such as missing a red light, driving on the wrong lane, and popping onto a sidewalk. These simulation solutions are fast and cost-effective and help mitigate risks for prototypes, drivers, and pedestrians.
Cloud-Based Autonomous Vehicle Simulation Solutions to Witness Highest Growth Rate
As of now, most of the Autonomous Vehicle Simulation Solutions are based on on-premises. However, in the future, there is expected to be a transition from the on-premises model to cloud services. The cloud solutions provide numerous benefits such as tailored solutions, high level of cybersecurity, and no requirement for IT infrastructure.
Autonomous Vehicle Simulation Solutions Market by Region
North America dominated the autonomous vehicle simulation solutions market in 2021 and is anticipated to uphold its dominance throughout the forecast period 2022-2031. The autonomous vehicle industry in North America is majorly driven by the growing demand for advanced safety features such as adaptive cruise control, traffic jam assist, and autopilot. Additionally, the increasing number of high-end passenger cars is expected to boost the market growth, as North America is home to numerous leading high-end passenger car manufacturers providing vehicles that are equipped with level 1 and level 2 of autonomy.
Key Market Players and Competition Synopsis
Some key players operating in the market are Altair Engineering, Inc., Ansys, Inc., Applied Intuition, Inc., Autodesk Inc., AVL List GmbH, Cognata, Dassault Systèmes, dSPACE GmbH, Foretellix, VIRES Simulationstechnologie GmbH, LG Electronics, Nvidia Corporation, rFpro, The MathWorks, Inc., SAP SE, and aiMotive.
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The companies profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the autonomous vehicle simulation solutions market.