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Autonomous Utility Vehicle Market Trends

Report ID: GMI9415
Published Date: May 2024
Report Format: PDF

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Autonomous Utility Vehicle Market Trends

Autonomous Utility Vehicle (AUV) manufacturers trends during the last couple of years involved new advanced product propositions from major companies. These corporations always spend their budget on R&D so that they will be able to improve the AUV performance. Some crucial examples of technological developments in AUVs are using artificial intelligence, LiDAR, and advanced sensors, which help in conducting more precise and safer navigations.

Leading firms are integrating modular and modifiable AUV platforms into their designs to deliver effective and economical solutions regardless of the nature of the task. Additionally, electric-powered AUVs are also going to be a critical factor in the autonomous utility vehicle market growth.

Citing an instance, in July 2022, Hyundai Motor Group of South Korea announced plans to introduce its most advanced Level 3 autonomous cars, beginning with Hyundai Motor Co.'s luxurious Genesis G90 sedan and Kia Corp.'s electric sport utility vehicle, the EV9.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of autonomous utility vehicle reached USD 1.6 trillion in 2023 and is set to witness 9.5% CAGR between 2024 and 2032, led by high investments and financial support for new technologies.

Electric autonomous utility vehicle segment is expected to hold over 33% revenue share by 2032, as it lowers operating costs of the vehicle and the emissions polluting the environment.

Asia Pacific market size was USD 764.2 billion in revenue in 2023, driven by growing economies and urbanization.

Daimler AG, Fiat Chrysler Automobiles (FCA), Ford Motor Company, General Motors Company (GMC), Honda Motor Co., Ltd., Hyundai Motor Company, Nissan Motor Corporation, and Stellantis among others.