An autonomous vehicle can sense its environment and allows vehicle movements with least or no human involvement. It uses processors for its functioning. Therefore, the higher the level of autonomy, the better is the processor working for autonomous vehicles.
According to MarkNtel Advisors’ research report “Global Autonomous Vehicle Processor Market Analysis, 2021,” the market is likely to grow at a CAGR of 21% during 2021-26F. The growth of the global autonomous vehicle processor market attributes to the high demand for new & innovative autonomous processors. It is to enhance the transportation sector and increase government support for the development. However, the high cost associated with autonomous vehicles and their processor is the biggest challenge hindering the market growth.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, UK, France, The Netherlands|
|Asia-Pacific: China, India, Japan|
|South America: Brazil|
|Middle East & Africa: South Africa|
|Key Companies Profiled||NXP Semiconductors N.V., Intel Corporation, Tesla, Inc., BASF SE, NVIDIA Corporation, Texas Instruments Incorporated, KALRAY Corporation, Renesas Electronic Corporation, Qualcomm Technologies, Inc, Xilinx, Inc., Hailo Technologies Ltd, Ambarella, Inc., AImotive, Others|
|Unit Denominations||USD Million/Billion|
Increasing Trend of Level 4 Autonomous Vehicle Processor
Based on the application, the Level 4 autonomous vehicle segment can rapidly grow during the forecast period. The growth attributes to the unique feature of Level 4 autonomous vehicles. It enables vehicle movements without requiring a human driver. It is to help the blind and disable people to become independent and have access to essential services. Additionally, in all technological developments of the country, the Global Autonomous Vehicle Processor Market is likely to grow between 2021-2026, reveals MarkNtel Advisors in their research report, “Global Autonomous Vehicle Processor Market Analysis, 2021.”
Impact of COVID-19
The outbreak of the coronavirus pandemic has negatively impacted the global autonomous vehicle processor market due to lockdown imposition and government policies to temporarily shut down the manufacturing units leading to disruption in supply chain and production capacity. However, post-outbreak of COVID-19, a rising inclination toward the usage of online platforms is likely to witness, which would further lead to an increase in the sales of autonomous vehicles. Also, as the market resumes, the global Autonomous Vehicle Processor market is likely to observe a positive growth in the forecast timeline.