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Autonomous Vehicle Market is Expected to Grow at a CAGR of 20.78% during the Forecast period 2018-2028.

The autonomous vehicle market by level of autonomy (level 1, level 2, level 3, level 4, and level 5). The “Society of Automotive Engineers” (SAE) International provides a common classification and definition for ADAS and autonomous driving, which enables OEMs, tier 1 manufacturers, and consumers to simplify communication and ease collaborations within technical and policy domains. SAE provides six different levels of autonomy ranging between level 0 to level 5, on the basis of automation of vehicles. The lower-most level, that is, level 0 are those which have no automation in the vehicles, necessitating the need of the presence of a driver for the vehicle operations. On the other hand, level 5 indicates full automation i.e. eliminating the need of human drivers completely.

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Level 1 autonomous vehicle segment dominated the global autonomous vehicle market, accounting for around XX% of the market volume in 2017 and is anticipated to reach XX million units by 2028, growing at a CAGR of XX% from 2018 to 2028.

This is mainly due to rise in demand for high end passenger cars in North America and Europe, which includes ADAS features such as adaptive cruise control, lane departure warning, and drowsiness monitoring, among others. Level 2 autonomous vehicle accounted for the second highest market volume, accounting for a volume of XX thousand units in 2017. The segment is expected to reach XX million units by 2028, at a CAGR of XX% during the forecast period.

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