Exactitude Consultancy Press Release: Global L3 self-driving vehicle market

The global L3 Self-Driving Vehicle market is expected to reach above USD 34.68 billion.

The global L3 Self-Driving Vehicle market size is expected to grow at more than 34.83% CAGR from 2021 to 2029. Due to their operating system’s low requirement for manual intervention over an extended period of time, L3 self-driving vehicles are common. They can also shift lanes, halt, and accelerate or decelerate.

Additionally, these vehicles have the ability to self-park, detect traffic conditions, and also give the driver the option to retake the wheel. These features provide the driver with enough time to make the switch and maintain control, as safety is always dependent on technology and the degree of automation. Even the functionality of the advanced driver assistance system (ADAS) is drawing more interest from customers as it aids the human driver in managing the vehicle’s operations.

Passenger cars are driving the L3 self-driving vehicle market.

The largest volume share was taken by the passenger car segment. The widespread use of passenger cars and the growing desire to improve driving safety encourage the development of semi-automated vehicles.

Driver stress is reduced thanks to L3 self-driving technology, which makes it easier for drivers to maneuver through traffic and make sharp turns in a secure and effective manner. Additionally, the driver can remove their hands and feet from the steering wheel and pedals at any time, according to their comfort, thanks to features like obstacle avoidance, connected features, and ADAS.

Explore 188 market data Tables spread through nearly 125 Pages and in-depth analysis on “Global L3 Self-Driving Vehicle Market by Vehicle Type (Passenger Cars, Commercial Vehicles), by Sensor Type (LiDAR, Radar, Camera, Ultrasonic Sensors), by ADAS Features (Adaptive Cruise Control, Lane Assisting, Automatic Emergency Braking, Crash Warning System, Smart Park Assist), by Applications (Transportation, Logistics) and by Region, Global trends and forecast from 2022 to 2029.” with Table of Contents –

Transportation sector to propel the growth of L3 self-driving vehicle market in the forecasted period.

The self-driving car industry has been dominated by the transportation sector in terms of application. The market is being driven by greater government funding for these self-driving car trials. The UK government established the Intelligent Mobility Fund to encourage more advances in the transportation sector.

The mode of conveyance could be either commercial or industrial. As the US government continues to amend the transportation regulations, it is anticipated that driverless technology will one day be a hired choice in transportation. These better traffic laws are opening the door for self-driving vehicles.

The market for L3 self-driving vehicles will experience development restraints due to the high initial cost of the vehicles due to all the sensors.

The automotive and communication technology industries are both creating markets for autonomous vehicle technology. For the benefit of the vehicles and their occupants, it offers a number of technologically sophisticated safety features, increased comfort, and protection. The in-vehicle services, however, have extra costs related to telecommunications services, connectivity solution fees, and hardware systems, which might restrain market expansion.

Additionally, there are numerous difficulties and difficulties that these extremely technological systems face, such as failures and malfunctions. In addition, there is a significant chance that hackers will gain entry to system data and vehicle functions, which could restrain market expansion.

The L3 self-driving vehicle industry has been greatly impacted by the COVID-19 pandemic’s repercussions on the global economy.

As the covid-19 outbreak, the world economy bogged down. Even though new iterations of this vehicle pose a serious threat to human health, market analysts predict that as trade barriers are opened and regulations are relaxed, demand for L3 self-driving cars will once again increase. Most of the automotive industry has been affected by this epidemic.

Contingency planning is used by manufacturers and market participants to address operational, supply chain, and inventory management problems. To boost E.V. sales, both domestic and international companies are utilizing government stimulus programs. These developments are expected to have a positive impact on the infrastructure needed for L3 self-driving cars.

Global L3 Self-Driving Vehicle Market Players

Key competitors from both domestic and international markets compete fiercely in the worldwide global L3 self-driving vehicle industry include Volkswagen AG, Toyota Motor Corporation, General Motors Company, Daimler AG, Nissan Motor Co. Ltd., Waymo LLC, Volvo Car Group, Tesla Inc., Mercedes-Benz, Audi AG, BMW AG, Ford Motor Company.

Key Market Segments: Global L3 Self-Driving Vehicle Market

By Vehicle Type, 2020-2029, (USD Billion), (Thousand Units)

• Passenger Cars
• Commercial Vehicles

By Sensor Type, 2020-2029, (USD Billion), (Thousand Units)

• Lidar
• Radar
• Camera
• Ultrasonic Sensors

By ADAS Feature, 2020-2029, (USD Billion), (Thousand Units)

• Adaptive Cruise Control
• Lane Assisting
• Automatic Emergency Braking
• Crash Warning System
• Smart Park Assist

By Application, 2020-2029, (USD Billion), (Thousand Units)

• Transportation
• Logistics

By Region, 2020-2029, (USD Billion), (Thousand Units)

• North America
• Europe
• Asia Pacific
• South America
• Middle East And Africa

Important Countries In All Regions Are Covered

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