LONDON, Oct. 16, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Autonomous Vehicle Development Platform Global Market Report 2023, the global autonomous vehicle development platform market is poised for remarkable growth. The market is expected to surge from $16.71 billion in 2022 to $22.58 billion in 2023, marking a remarkable compound annual growth rate (CAGR) of 35.1%. This information points to a promising future for the industry. Furthermore, analysts anticipate that the autonomous vehicle development platform market will achieve $70.45 billion by 2027, exhibiting a CAGR of 32.9%. The increasing demand for autonomous vehicles is driving this remarkable growth. This will reshape the automotive landscape in the forthcoming years.
Driving the Autonomous Revolution
AV, also known as driverless cars, represent the cutting edge of automotive technology. These vehicles are capable of executing critical tasks without human intervention. This is thanks to their ability to sense and navigate their environment. It’s development platforms are pivotal in this evolution, offering reliable and robust solutions for developing and deploying automated driving applications. Furthermore, the increasing production is a key catalyst in the growth of the AV development platform market. Recent reports predict 3.5 million self-driving automobiles on American highways by 2025, further underlining the growing demand for these platforms.
Major industry players at the forefront of this technological revolution include Ford Motor Company, General Motors Co., BMW AG, Hyundai Motor Group, Honda Motor Co. Ltd., and many others. Moreover, these companies are driving innovation and striving to develop solutions to strengthen their position in the market. Technological advancements, such as Clearpath Robotics’ OutdoorNav, are making it easier for vehicle developers to build AVs faster. These advancements are also enabling developers to build AVs more effectively.
North America has emerged as the largest region in the autonomous vehicle development platform market in 2022, with rapid growth expected in the forecast period. Furthermore, the development platform market is segmented into key categories:
- By Component: Software, Service
- By Vehicle Type: Passenger Car, Commercial Vehicle
- By Functionality: Sensor Simulation, Data Collection And Analysis, Simulation And Testing
- By End-User: Automotive Manufacturers, Technology Companies, Research Institutions And Universities
The future of AVs is thrilling, and the Autonomous Vehicle Development Platform Global Market Report 2023 is an indispensable resource for industry players. Moreover, it offers critical insights and data-driven analysis, providing valuable information to navigate this ever-evolving landscape. In 2027, analysts project that the autonomous vehicle development platform market will reach $70.45 billion, rendering this report an essential tool for anyone involved in the autonomous vehicle industry. It will help them stay ahead of the curve and shape the future of transportation.
Autonomous Vehicle Development Platform Global Market Report 2023 by The Business Research Company provides insights on the autonomous vehicle development platform market size, autonomous vehicle development platform market segments, autonomous vehicle development platform market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. Moreover, the reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.