Autonomous Vehicle Development Platform Market Size

Autonomous Vehicle Development Platform Market Size

Autonomous Vehicle Development Platform Market size surpassed USD 22.2 billion in 2022 and is anticipated to grow at 33% CAGR from 2023 to 2032 owing to the increasing demand for driver assistance systems.

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Driver assistance systems are essential in Level 3 autonomous vehicles and their development platforms. The capabilities of Advanced Driver Assistance Systems (ADAS) have evolved into robust, dependable, and resilient systems. However, due to the high cost of ADAS, it has so far been limited to luxury vehicles. With technological advancements, it is expected to be introduced in other vehicle segments during the forecast period. Many of the ADAS in use today are discrete single-function systems with low data throughput.

Several compliance standards are impeding autonomous vehicle development platform market growth. The presence of various compliance standards complicates product development. Automation systems were originally designed to provide comfort to drivers; however, the focus has currently shifted to providing safety features. Suppliers of active safety systems are required to comply with the ISO 26262 standard. ISO 26262 is a functional safety standard on automotive electrical or electronic systems based on IEC 61508. ISO 26262 defines the functional safety of vehicle equipment and applies to all automotive electronic & electrical safety-related systems throughout their entire lifecycle.