USD 146.66 Billion
Report ID:
SQMIG25C2055 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
116 |
Figures:
77
Global Autonomous Vehicle Market size was valued at USD 146.66 Billion in 2019 and is poised to grow from USD 209.43 Billion in 2023 to USD 3079.43 Billion by 2031, at a CAGR of 40.10% during the forecast period (2024-2031).
The purpose of the autonomous vehicle market is to develop and provide self-driving vehicles that are safe, efficient, and cost-effective. The market aims to transform the transportation industry by reducing accidents, minimizing human error, and providing convenient and accessible mobility solutions. The growing demand for safe and efficient transportation, increasing concerns about traffic congestion, and the need for sustainable transportation are the major driving factors of the autonomous vehicle market. Additionally, advancements in technology such as artificial intelligence, machine learning, and big data are also driving the growth of the market. The high cost of autonomous vehicle technology, regulatory barriers, and concerns about cybersecurity and data privacy are some of the restraining factors of the autonomous vehicle market.
The lack of infrastructure and technological limitations in developing countries may also hinder the growth of the market. The major challenge facing the autonomous vehicle market is the development of safe and reliable autonomous vehicles that can navigate complex road conditions and unpredictable situations. regulatory frameworks need to be established to ensure that autonomous vehicles are safe and meet legal requirements. there is a need to address public concerns about the safety, privacy, and security of autonomous vehicles. The autonomous vehicle market presents several opportunities, including the development of new business models and the potential for significant cost savings in the transportation industry.
US Autonomous Vehicles Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 146.66 Billion
Largest Segment
Fully Autonomous
Fastest Growth
Semi-autonomous
Growth Rate
40.10% CAGR
To get more reports on the above market click here to Buy The Report
The global autonomous vehicle market is segmented on the basis of propulsion type, application, fuel type, component, and region. By propulsion type, the market is segmented into semi-autonomous, and fully autonomous. Based on application, the market is segmented into transportation, industrial, commercial, and defense. Based on component, the market is segmented into Hardware, Software & Services. Based on fuel type, the market is segmented into ICEs, Electric, Hybrid. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Autonomous Vehicles Market Analysis by Propulsion Type
Semi-autonomous vehicles refer to vehicles that are equipped with advanced driver assistance systems (ADAS) to assist the driver with certain tasks, such as lane departure warning, adaptive cruise control, and automatic emergency braking. These systems do not allow the vehicle to operate fully autonomously and require the driver to remain attentive and ready to take control of the vehicle if necessary. They use a combination of sensors, cameras, and artificial intelligence (AI) to perceive their environment and make decisions based on that information. Fully autonomous vehicles are expected to revolutionize the transportation industry, providing greater safety, convenience, and efficiency. The demand for both semi-autonomous and fully autonomous vehicles is expected to grow in the coming years, driven by factors such as increasing road safety concerns, advances in sensor and AI technology, and the potential for reduced congestion and emissions. However, there are also challenges to overcome, such as regulatory hurdles and public skepticism about the safety and reliability of autonomous vehicles.
Autonomous Vehicles Market Analysis by Application
In 2023, the transportation sector held the largest market share, accounting for 63.6% of the global autonomous vehicle market. However, the defense sector is expected to witness the highest growth rate during the forecast period, driven by increasing initiatives in regions such as North America. The autonomous vehicle market is categorized based on propulsion type into semi-autonomous and fully autonomous vehicles. The transportation segment is expected to dominate the market due to the rising adoption of autonomous vehicles in transportation, with the industrial segment estimated to have the highest growth rate. The growing acceptance of autonomous vehicles by various governments across the world and the development of advanced technologies also contribute to this growth. companies are collaborating to provide high-tech autonomous driving experiences, such as Toyota's partnership with TomTom and Denso to improve autonomous vehicle driving and enhance safety.
To get detailed analysis on other segments, Request For Free Sample Report
North America held the largest market share of over 48.26% in the global autonomous vehicle market in 2023 and is further expected to continue dominance during the forecast period. The growth in the mobility-as-a-service sector is expected to drive the growth of the autonomous car market in the region. The adoption of autonomous cars on public roads is being encouraged through amendments in traffic regulations across the US.
Europe is also expected to emerge as a potentially lucrative market for autonomous cars, as consumers in the region prefer using technologically advanced products. The government is taking various initiatives to enhance autonomous vehicles in the region. The UK government plans to use self-driving vehicles in 2022 and has further plans to make the required changes to the regulations to support the development of autonomous vehicles in the region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Autonomous Vehicles Market Drivers
Technological Advancements
Advancements in technology such as artificial intelligence, sensors, and advanced algorithms are driving the growth of the autonomous vehicle market. These technologies are crucial for the safe and efficient operation of autonomous vehicles.
Increased Demand for Safety Features
The rising number of accidents and fatalities on roads has led to increased demand for safety features, which is driving the growth of the autonomous vehicle market. Autonomous vehicles have the potential to significantly reduce accidents by eliminating human error.
Restraints
High Costs
The high cost of autonomous vehicles is a major barrier to their widespread adoption. The cost of the sensors, software, and other components required for autonomous vehicles is still very high, making them unaffordable for most consumers.
Legal and Regulatory Challenges
The lack of clear legal and regulatory frameworks for autonomous vehicles is hindering their growth. The absence of uniform regulations across different regions and countries is creating uncertainty for manufacturers and consumers alike.
Request Free Customization of this report to help us to meet your business objectives.
The global autonomous vehicle market is highly competitive and fragmented, with a large number of players competing for market share. The market is dominated by established players such as Tesla, Google, General Motors, and Ford, while other players such as Baidu, Uber, and Daimler are also gaining significant traction in the market. To remain competitive in the market, companies are focusing on strategic partnerships and collaborations, mergers and acquisitions, and investing in research and development. The competitive landscape of the global autonomous vehicle market is expected to remain intense, with players focusing on innovation, strategic partnerships, and collaborations to gain market share and stay ahead of the competition.
Autonomous Vehicles Market Top Player’s Company Profiles
Autonomous Vehicles Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global autonomous vehicle market analysis, the market is expected to grow at a significant rate in the coming years, driven by technological advancements, rising demand for self-driving cars, and supportive government initiatives. The market is expected to witness a substantial increase in demand due to the benefits associated with autonomous cars, such as increased safety, reduced traffic congestion, and improved fuel efficiency. The market is segmented into various types, such as semi-autonomous vehicles, fully autonomous vehicles, and unmanned ground vehicles. The market is further classified into various applications, including transportation, industrial, and defense. The transportation segment is expected to dominate the market during the forecast period due to the increasing adoption of autonomous cars in the transportation industry. The industrial segment is also expected to witness substantial growth, driven by the adoption of autonomous robots in the manufacturing sector. The global autonomous vehicle market is expected to witness significant growth in the coming years, driven by advancements in technology, increasing investments by key players, and favorable government regulations.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 146.66 Billion |
Market size value in 2031 | USD 3079.43 Billion |
Growth Rate | 40.10% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Autonomous Vehicles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Autonomous Vehicles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Autonomous Vehicles Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Autonomous Vehicles Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONGlobal Autonomous Vehicle Market size was valued at USD 146.66 Billion in 2019 and is poised to grow from USD 209.43 Billion in 2023 to USD 3079.43 Billion by 2031, at a CAGR of 40.10% during the forecast period (2024-2031).
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG25C2055