The Driverless Vehicles Market was valued at USD 2,970.0 Million in 2020 and is expected to reach USD 7,038.5 Million by year 2028, at a CAGR of 11.30% CAGR during the forecast period (from 2018 – 2028). Growing importance on providing equality to disabled people in terms of mobility and accessibility solutions and improving healthcare infrastructure in developing and developed countries is expected to boost market growth. However, high equipment cost and lesser medical reimbursement are considered as restraining factors for the growth of it.
The Driverless Vehicles is fundamentally vehicle which has self-navigating wheelchair, its aim is to transport or move a disabled person form one place to its desired location. The wheelchair of car is equipped with a scanning ultrasonic rangefinder, digital camera, and an on-board microcomputer. The Driverless Vehicles has wide ramp and more height as compared to the normal vehicles, so as to provide easy entry and exit for the disabled individual. The vehicle has latching tailgate with easy release handle secures the manual fold out for a clatter free and safe ride.
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Further key findings from the report suggest-
- By vehicle type, mobility scooters segment is anticipated to be the fastest-growing segment within the Driverless Vehicles market. Mobility scooters are power-operated vehicle/ scooter or electric operated which has a seat over three/four/five wheels which are assumed as the best solution for mobility of disabled individuals to travel shorter distances in terms of performing a daily task
- Many mobility scooter producers are investing in research developments to offer more innovative product to attract disabled individuals
- Rising demand for mobility solutions for disabled people which helps in independently performing routine tasks to propel the growth of mobility scooter segment during forecast period
- There have been numerous advancements to increase the efficiency of mobility scooters. For instance, mobility scooters can move at a speed of 4-8 mph, and one can adjust the seat-height of the vehicle according to the height of the disabled individual
- Technological advancement and government policies adopted by economically developed countries such as US and Canada likely to boost the demand of Driverless Vehicles in North American region.
- In 2018, North America region accounted for the highest share in the Driverless Vehicles market, followed by Europe. The developed economies like the US and Canada, and homegrown players such as Vantage Mobility International, Braunability, Revability, Inc., and Mobility Work, North America are boosting the market.
- Leading car-sharing/ car-hailing service providers in the US and Canada are finding ways to explore this market through the introduction of wheelchair-accessible vehicle (WAV) taxi services
- Asia Pacific is expected to witness the highest growth, followed by Europe and North America over the forecast period. The Driverless Vehicles market growth in the region can also be driven by the increasing awareness towards mobility solution, developments in healthcare infrastructure along with several initiatives by governments and private organizations of the countries
Competitive Outlook of the Global Driverless Vehicles Market
The globla Driverless Vehicles market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Driverless Vehicles market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Toyota Motor Corporation (Japan), Vantage Mobility International (US), BraunAbility (US), Revability(US), Mobility Works (US), Pride Mobility (US), Sunrise Medical Holdings (Germany), Invacare (US), KYMCO Global (Taiwan), and Amigo Mobility International (US).
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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Driverless Vehicles Market Segmentation:
Driverless Vehicles by Vehicle Type (Revenue, USD Million; 2018–2028)
- Adaptive 4 wheeler
- Passenger cars
- Pickup
- Mobility Scooters
Vehicles for Entry Mechanism (Revenue, USD Million; 2018–2028)
- Ramp
- Foldout ram
- Power ram
- Lifting equipment
Driverless Vehicles by Entry Configuration (Revenue, USD Million; 2018–2028)
- Side
- Rear
Driverless Vehicles by Driving Option (Revenue, USD Million; 2018–2028)
- Driving on Swivel Seat
- Driving through Wheelchair
- Driving on Normal Seat
Driverless Vehicles by Ownership (Revenue, USD Million; 2018–2028)
- Rental, Lease, Hire
- Personal
Driverless Vehicles by Manufacture Type (Revenue, USD Million; 2018–2028)
- OEM
- Third Party Customization
Geographic Segment Covered in the Report:
The Driverless Vehicles report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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