Autonomous vehicle (AV) technology continues to advance and will become a $50 billion market by 2040, according to a report from Lux Research, released today.

The report details the growing advances in AVs across all markets—including logistics, ride-sharing, and consumer use—and offers a timeline for widespread adoption of various levels of automation. The researchers say all vehicles will have at least level 2 autonomy—meaning they’ll be equipped with hands-free, advanced driver assistance systems (ADAS)—by 2039. Far fewer vehicles are expected to be fully autonomous, or level 4, by that time…

Level 3 systems include more advanced features, such as automated parking.

The report lists four factors that may affect the trajectory of AV growth over the next several years:
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