According to the research report titled ‘Global Semi-Autonomous Vehicle Market Size study, by Level of Automation (Level 1, Level 2 and Level 3), by Type (Passenger Cars and Commercial Vehicle), and Regional Forecasts 2021-2027”, available with MarketStudyReport, global semi-autonomous vehicle market to grow at strong CAGR during the forecast period 2021-2027.
 

As per the findings of the report, escalating demand for safer and more efficient driving systems is majorly boosting the development of semi-autonomous vehicle market. Moreover, increasing consumer spending on high-end vehicles, and technical breakthroughs are enhancing the industry outlook.
 

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Further, strategic activities by businesses are positively swaying the business dynamics. For instance, Continental AG acquired Rosenheim-based Kathrein Automotive GmbH in 2019 for expanding its vehicle antenna technology. Citing another example, in 2020, BMW AG and FIZ Projekthaus Nord built a new research and development center to enhance R&D network for future cars.
 

Moreover, increased R&D activities, as well as adoption of connected technologies like machine learning (ML) and Artificial Intelligence (AI) are expected to boost market progress during the forecast timeframe.
 

Speaking of constraints, rising cyber security and safety concerns, as well as a lack of adequate infrastructure in emerging nations may hinder the remuneration prospects in the upcoming years.
 

From the regional perspective, as per the report, key geographies considered for assessing the global semi-autonomous vehicle industry size are North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil).
 

Experts cite that North America is leading the industry growth due to rising penetration of advanced technologies and presence of major companies involved in IoT-based technologies such as Google Inc. and Cisco Systems. Meanwhile, Europe is expected to exhibit a strong growth rate over the projected timeline owing to thriving automotive industry in countries such as Germany, France, U.K., and Italy.
 

Considering the competitive terrain, Honda Motor Corporation, Audi AG, Toyota Motor Corporation, Daimler AG (Mercedes Benz), Volvo Car Corporation, General Motors, BMW AG, Nissan Motor Company, Ford Motor Company and Continental AG are the leading contenders in global semi-autonomous vehicle market sphere.