AV Market to Top $70 Billion by 2033

AV Market to Top $70 Billion by 2033LONDON – The global autonomous vehicle (AV) market is expected to top $70.3 billion by 2033, according to a new report from Future Market Insights, Inc (FMI). This growth comes from a projected 2023 revenue position of $30.5 billion, growing at a compound-annual-growth rate (CAGR) of 8.7% during the next 10 years, the company reported in its Global Autonomous Vehicles Market study. Although the potential of autonomous vehicles is optimistic, the sector is not immune to obstacles and limitations. The intricate regulatory framework encompassing autonomous vehicle technology poses a significant challenge. Investing in AI research and development can lead to breakthroughs in autonomous vehicle technology, enhancing their performance and reliability.