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Are the Autonomous vehicle market profitable for anybody to venture into?

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As per the experts, the craze of Autonomous vehicles is forecasted to reach its peak point by 2030. So, let’s say in 10 year time period, the revolutionary change is supposed to alter the mode of driving style and also the potentiality of creating a gap with experienced skilled labor in this field.

The sector is still in an uncertain zone about acceptance among the customer even though it has been designed at a different level providing the customers to choose as per their convenience and with promising roles for handicapped people. However, will it justify the purpose? Big names like Elon Musk and companies like Apple and Amazon are investing intensely in the R&D sector to have the right skills. And if it fails to justify the promise then can be seen as a huge debacle in the history of technology.

As per a report by Statista, the number of registration for the fully autonomous vehicle will rise to 12% and the cars with full automation got the capacity to be a 14- billion US dollars market where the market size is speculated as 26.57 billion US dollars for level 4 autonomous vehicle by 2025, 41.62 billion US dollars and 13.7 billion US dollars for level 4 and level 5 autonomous vehicle respectively in 2030.

The figures are forecasted value and are considered across the world. The numbers are also providing a picture of the future in the world with promising to be spread across the world and not just limited to the developed country, but how far is it going to be true?

Only time can tell!

They are also seen as a way to revive the Automobile industry from the 2019 stagnation. EU, China, and the US are seen to be the major player with the projected share of car sales at levels 4/5 are 25%, 20%, and 10% in 2030.

Another study by Statista in 2019, showed the interest in lightweight vehicles in Asia, North America, Western Europe, South America, and Eastern Europe in millions of units. The competition to have luxury cars or the latest model of technology can be seen on every continent.

In my opinion, the market is luxurious and rich with new technology, abundant with the latest information and mode of driving style but profitability can be difficult to answer. The kind of technology used in such a vehicle is easy to judge the price tag and especially for level 4 and level 5. How many customers will be willing to pay the price and how the automakers going to adjust the price for the consumer is still unknown. Will it create a gap between the living style? Will it become a status symbol?

Need to wait till 2030… I guess…

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