DUBLIN, March 29, 2023 /PRNewswire/ — The “Saudi Arabia Autonomous Vehicle Market, By Vehicle Type (Passenger Car, Commercial Vehicle), By Level of Autonomy (L1, L2, L3, L4, L5), By Vehicle Autonomy (Semi-Autonomous, Fully Autonomous), By Propulsion (ICE, Electric), By Region, Competition Forecast & Opportunities” report has been added to ResearchAndMarkets.com’s offering.
Saudi Arabia autonomous vehicle market is anticipated to register robust growth in the forecast period, 2023-2027
The primary drivers for the Saudi Arabia autonomous vehicle market are an increase in focus on road safety, the growing construction of connected infrastructure, and the development of smart cities.
Also, the favorable government policies for the automotive industry and the high-end investments by the market players for research and development activities to upgrade the existing infrastructure are expected to boost the demand for Saudi Arabia autonomous vehicle market over the next five years.
A surge in Focus on Road Safety Drives the Market Growth
The Kingdom of Saudi Arabia has put road safety as one of the National Transformation Program pillars to achieve the targets set by Saudi Vision 2030.
Also, the country aims to lower the number of road accidents to reduce the financial burden and loss of lives. The advent of autonomous vehicles is expected to improve the existing road systems. They offer multiple advantages such as limited fuel use, enhanced safety of the passengers, and traffic congestion.
An autonomous vehicle is integrated with different sensors that generate real-time information and help passengers make informed decisions. Also, the artificial intelligence-based traffic management system that connects to the autonomous vehicles’ sensors and can optimize the traffic signals can predict merging and slowdowns.
There are fewer lane changes, and the road traffic becomes more orderly, which improves road safety significantly. The growing focus on road safety and advancements regarding connectivity and security in the automotive industry is expected to play a significant role in boosting the growth of Saudi Arabia autonomous vehicle market over the next five years.
Development of Digital Infrastructure Supports the Market Growth
Automation technology is gaining momentum in various industries, increasing efficiency, and overall performance. The rapid adoption of advanced technologies which can help generate real-time insights, such as internet of things technology, is expected to transform the automotive industry.
Companies are investing in the construction of digital platforms that can automate the street and traffic lights and help surveillance the streets. The autonomous vehicle can communicate with smart streetlights, which lowers the chances of traffic congestion and ensures smooth traffic flow.
Saudi Arabia is working on strengthening the digital infrastructure by deploying the 5G infrastructure and investing in the construction of new 6,500 towers. The developments in the telecommunication industry to advance the digital structure of the country are expected to pave the way for Saudi Arabia autonomous vehicle market growth through the forecast period.
Advancements in Autonomous Vehicle Boost the Market Growth
With the advancements in the 5G technology, the autonomous vehicle is expected to witness significant changes as the foundation of autonomous driving is a fast and reliable network. 5G technology enables the vehicle to connect to everything smoothly.
The increase in the stringency of road safety regulations is making autonomous vehicle manufacturers develop technology that can be integrated with smartphones. Also, the recent technological advancements in machine learning, artificial intelligence, and the up gradation of sensors like RADAR, GPS, and others are improving the performance of autonomous vehicles.
The technological advancements and the launch of better-performing vehicles in the market are expected to fuel the growth of Saudi Arabia’s autonomous vehicle market for the next five years.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia autonomous vehicle market.
- Local Motors
- General Motor Company
- Ford Motor Company
- Nissan Motor Co., Ltd.
- Kia Corporation
Report Scope:
Saudi Arabia Autonomous Vehicle Market, By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Saudi Arabia Autonomous Vehicle Market, By Level of Autonomy:
- L1
- L2
- L3
- L4
- L5
Saudi Arabia Autonomous Vehicle Market, By Vehicle Autonomy:
- Semi-Autonomous
- Fully Autonomous
Saudi Arabia Autonomous Vehicle Market, By Propulsion:
- ICE
- Electric
Saudi Arabia Autonomous Vehicle Market, By Region:
- Northern & Central
- Southern
- Eastern
- Western
For more information about this report visit https://www.researchandmarkets.com/r/xo6br9
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