Autonomous Vehicle Simulation Solution Market will register a 25.42% CAGR by 2025

The global automotive industry is undergoing a period of wide-ranging and transformative changes with a shift in the consumer behavior as well as an increase in the implementation of stringent environmental regulations. Factors such as rising safety and security concerns, increasing demand for a reliable transportation system, and the advent of innovative trends, such as transition from car ownership to mobility-as-a-service (MaaS), are expected to increase the demand for autonomous vehicles. This demand for autonomous vehicles is also anticipated to create significant challenges for automotive stakeholders and consumers in terms of cybersecurity risks, data theft, and the involvement of unscrupulous agents within the automotive value chain. Moreover, the introduction and subsequent growth in sales of electric and hybrid vehicles, the development of advanced driver assistance systems and self-driving technologies, increasing demand for connected vehicles, and disruptive trends, such as ride-hailing, car sharing, and in-car payments are expected to change the way people use mobility services.

The global autonomous vehicle simulation solution market is projected to reach $1.63 billion by the end of 2025, witnessing a growth of 25.42% during the forecast period from 2020 to 2025.

The usage of autonomous vehicles reduces the traffic density due to fleet formation by interconnected vehicles utilizing the road network to the fullest. Also, robotic systems enable these vehicles to park themselves, reducing the congestion further. In addition to this, using autonomous vehicles can reduce the risk of fatal accidents, and therefore, increases road safety. Substandard conditions of the roads across the globe and technical and safety concerns of using the automated vehicles are some of the challenges faced by both the OEMs and system manufacturers. At the same time, high growth potential of these vehicles in commercial applications, such as product deliveries, taxi services, and mining activities, are some of the factors expected to drive the market in the upcoming years.

Competitive Landscape

The competitive landscape of the autonomous vehicle simulation solution market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by autonomous vehicle simulation solution providers are new product launches, business expansions, and partnerships and collaborations. Among all the strategies adopted, product launches have been the most prominent strategy adopted by the simulation provider providers.

Most autonomous vehicle simulation solution providers have numerous tie-ups with various automotive OEMs and other technology providers. The industry landscape is quite competitive because of the market dominance of the few players in the market. Therefore, innovation and development have been the key factors for large scale growth in this market. Autonomous vehicle simulation solution providers are expanding their businesses and are also entering into strategic partnerships to increase their customer base and their overall global footprint.

Key Questions Answered in this Report:

•   What are the underlying structures resulting in the emerging trends within the autonomous vehicle simulation solution market?
•   How is the autonomous vehicle simulation solution market impacted by the introduction of autonomous and connected vehicles?
•   How are emerging technologies such as artificial intelligence (AI), 5G Communication, and the Internet of Things (IoT) driving the growth of the autonomous vehicle simulation solution market?
•   How is the role of governments regarding environmental issues and safety changing the landscape of the autonomous vehicle simulation solution market industry?
•   What were the market values of the leading segments and sub-segments of the autonomous vehicle simulation solution market in 2019, and how is the market estimated to grow during the forecast period 2020-2025?
•   How is the industry expected to evolve during the forecast period 2020-2025?
•   What are the key developmental strategies implemented by the prominent players to sustain the competitive market?
•   What has been the impact of COVID-19 on the autonomous vehicle simulation solution market?

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