April 23, 2024
Autopilot System Market

Autopilot System Market Is Estimated To Witness High Growth Owing To Rising Demand For Advanced Driver Assistance Systems

The autopilot system market comprises products such as adaptive cruise control, lane departure warning system, emergency braking system, park assist system, and blind spot monitoring system that enhance vehicle safety and drive automation. These advanced driver assistance systems are increasingly being integrated into premium and luxury vehicles to provide safety, comfort, and convenience to drivers. The growing demand for autonomous and semi-autonomous vehicles is also propelling the demand for autopilot systems across the globe.

The Global Autopilot System Market Growth is estimated to be valued at US$ 3.4 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the autopilot system market are Neste, AEMETIS INC., Gevo, Shell PLC, Lanza Jet, and Sky NRG.

The rising demand for fully autonomous vehicles and increasing investments in autonomous driving technology by OEMs and tech companies present major growth opportunities in the market. Automakers are focusing on developing advanced driver assistance systems and higher levels of vehicle automation to gain an edge over competitors.

The growing adoption of advanced driver assistance systems and autonomous vehicle prototypes in regions such as North America, Europe, and Asia Pacific are fueling the global expansion of the autopilot system market. Strengthening regulations regarding vehicle and passenger safety are also driving the market in various countries.

Market Drivers

The rising demand for advanced driver assistance systems from consumers is a key driver for the autopilot system market. Features such as adaptive cruise control, lane keep assist, and automatic emergency braking have become highly sought-after by drivers. The growing consumer demand is encouraging automakers to offer more driver assistance options even in the mainstream vehicle segments. This is positively impacting the sales of autopilot systems.

PEST Analysis

Political: Government regulations regarding the usage of autopilot systems for commercial and industrial applications have a significant impact on the market. Regulations pertaining to safety, testing, and approvals need to be complied with.

Economic: The global economy and spending on transportation and logistics influence demand for Autopilot System Market. Fluctuations in manufacturing output and investment cycles affect the autopilot system market.

Social: Changing demographics and lifestyle shifts influence transport needs and the adoption of autonomous vehicles. Consumers expect improved safety, convenience and mobility options.

Technological: Continuous technological advancements in sensing, navigation, data processing and autonomous capabilities are enhancing the scope and applications of autopilot systems. Developments in AI, IoT, 5G networks provide growth opportunities.

Geographical Regions of Concentration

North America accounts for the largest share of the global autopilot system market in terms of value. This is attributed to the region’s massive aerospace and defense budgets, technical capabilities of manufacturers, and growing investments in self-driving cars. Europe is another major regional market considering the presence of leading automotive players and focus on innovation.

Fastest Growing Region

Asia Pacific region is expected to experience the fastest growth during the forecast period owing to rising industrial and infrastructure development in countries such as China, India. Government policies supporting transport infrastructure modernization and initiatives to develop indigenous technology capabilities are driving the autopilot system market in Asia Pacific. Rapid economic growth, rising incomes and investment in smart mobility solutions offer strong potential.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.