USD 37.8 Billion
Report ID:
SQMIG25C2055 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
144
|Figures:
70
Autonomous/Self Driving Vehicle Market size was valued at USD 37.8 Billion in 2022 and is poised to grow from USD 52.09 Billion in 2023 to USD 677.23 Billion by 2031, at a CAGR of 37.8% during the forecast period (2024-2031).
The global autonomous vehicle market is growing at a fast pace. As the world is seeking autonomous solutions within the automotive sector, the market is fulfilling the white space within the consumers and automobile sector. The objective of the autonomous vehicle market is to create and deliver self-sufficient cars that can drive themselves safely, effectively, and at a low cost. The market principle is to revolutionize the transportation sector, decrease the number of accidents, eliminate the human factor, and offer the population efficient and convenient means of transport. Some of the factors that are driving the growth of the autonomous vehicle market include the need to ensure safe and efficient transport, traffic congestion, and the need to address the challenge of sustainable transport.
Increasing adoption of new technologies such as artificial intelligence, machine learning and big data are also contributing to the growth of this market. AI in self-driving cars manage sensors and algorithms to understand the environment. This comprises knowing the obstacles and traffic signals and making driving path clear. Initiatives such as Robotaxi service, based on level-3 autonomy launched by DeepRoute.ai in 2021. Similarly, there are several opportunities that have been presented by the autonomous vehicle market, such as the creation of new and innovative business models and the possibility for huge cost savings in the transportation sector.
US Autonomous Vehicles Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 37.8 Billion
Largest Segment
Semi-autonomous
Fastest Growth
Fully Autonomous
Growth Rate
37.8% CAGR
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The global autonomous vehicle market is segmented by autonomous type, component, fuel type, vehicle type, stack level, application, and region. By autonomous type, the market is segmented into Semi-autonomous (Level 1, Level 2, Level 3), and Fully Autonomous (Level 4, Level 5). Based on components, the market is segmented into LIDAR, RADAR, Ultrasonic Sensors, Infrared Sensors, and Others. Based mobility type, the market is segmented into Personal Mobility, and Shared Mobility. Based on fuel type, the market is segmented into battery electric vehicles, hybrid vehicles, internal combustion engine, and fuel cell electric vehicles. Based on vehicle type, the market is segmented into Passenger Vehicle (Hatchbacks, Coupe & Sports Car, Sedan, SUV, Others), and commercial Vehicle (Bus, Trucks, Others). Based on stack level, the market is segmented into Sensor technology, Vehicle Computing Platform, and Perception Engine. Based on application, the market is segmented into robotaxi, individual use, military & defense and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Autonomous Type
The largest segment in the market of autonomous vehicles is semi-autonomous vehicles. The segment held 86% of the total market in 2023. This segment leads the market due to the integration of ADAS that provides safety and convenience in driving while still maintaining some level of human control. Features such as adaptive cruise control, lane keeping assist, and autonomous parking are becoming more popular in mid to high end cars. This has been prompted by the increased consumer desire for improved safety on the road, especially given that legal requirements now require new cars to have such features. With advancements in these systems, the reliability and performance of semi-autonomous vehicles remain strategically superior in the market. Technological innovations, low costs of sensors, cameras, and artificial intelligence software are the factors that support the growth and market dominance.
On the other hand, the most rapidly growing segment is fully autonomous vehicles, which is backed by the advancement of technology and significant funding from technology giants and automobile manufacturers. Self-driving cars have the potential to revolutionize the automotive industry and the way we move around, as they have the potential to eliminate many accidents that are caused by human error and to provide transportation for those who cannot or are not allowed to drive. The growth in this segment is due to a large number of R&D investments, the successful pilot projects, and the appearance of the autonomous ride-sharing services. Some of the emerging trends include the use of artificial intelligence, machine learning, and sensors, which enable the vehicles to maneuver around busy cities.
Analysis by Application
In 2023, the robotaxi segmented dominated the autonomous vehicle market. This segment leads due to the rising usage of ride-hailing services and mobility solutions for the urban population. The biggest metropolises are already preparing for the AVs integration, building necessary infrastructure to combat traffic jams and pollution. Current leading players in the market include Waymo, Cruise, and Uber, which offer robotaxi services and demonstrate sophisticated and highly developed AI-based navigation and safety systems.
Within the market the fastest-growing segment is military & defense, due to the expanding use of autonomous technologies for enhancing capabilities. These are vehicles that are designed for surveillance, reconnaissance, supply and transport, and combat missions, thus increasing the effectiveness and reducing the risks of a mission. Current trends show a rise in defense spending on autonomous vehicle technology that underlines the significance of these vehicles in the modern conflict. New technologies like self-governing aerial vehicles or unmanned aerial vehicles (UAVs), unmanned ground vehicles (UGVs), and autonomous aquatic systems are evolving at a fast pace due to the increased need for accuracy, decreased risk to human life and improved efficiency. Lockheed Martin and Northrop Grumman are some of the key players that are currently at the forefront of the development of these advanced autonomous systems with the use of Artificial Intelligence and robotics.
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In 2023, North America dominated the global market due to its stable economic performance, technological development, and a large consumer base. The dominance of the region can be attributed to factors such as high disposable income, advanced infrastructure and technology, and emphasis on development in sectors such as technology, health care, and finance. The United States is an example of a country that has made remarkable investments in R&D, encouraging the development of start-ups, and a high level of technological diffusion. Some of the emerging trends are the digital transformation, the rise in e-commerce, and the focus on environmentally friendly products and services. The automobile sector has also been seeing an increase in the use of electric cars, which strengthen the position of North America in the global market.
Asia-Pacific stands as the most dynamic region with the growth rates being boosted by industrialization, urbanization, and the middle-income population. China and India, and the South-East Asian countries, for instance, are witnessing massive economic developments due to large-scale infrastructural developments, enhanced foreign direct investments, and the expanding consumer markets. Key trends that are defining the current business environment include smart cities, the development of 5G communication, and the growth of investment in renewable energy sources. Also, the Asia-Pacific region is steadily shifting its focus to manufacturing and supply chain management as a strategic business function, and blending sustainable solutions with innovative technologies like Artificial Intelligence (AI) and Internet of Things (IoT) to boost productivity and output.
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Autonomous Vehicles Market Drivers
Technological Advancements
Increased Demand for Safety Features
Restraints
High Costs
Legal and Regulatory Challenges
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The competitive landscape of the global autonomous vehicle market is characterized by intense rivalry and a diverse array of key players vying for market share in this rapidly evolving industry. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. 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. They use their huge experience and smart technology to give a wide range of autonomous solutions. These big players in the industry always put their money into research and development. Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge. To remain competitive in the market, companies are focusing on strategic partnerships and collaborations, mergers and acquisitions, and investing in research and development.
Autonomous Vehicles Market Top Player’s Company Profiles
Autonomous Vehicles Market Recent Developments
In January 2024, Morris Garages (MG) launched the MG Astor 2024. This new car is the first car to launch with Personal AI Assistant in India. The new Astor 2024 comes with a host of other features including Wireless Charger, Wireless Android Auto and Apple CarPlay. The car also has ventilated seats in the front row, Panoramic sunroof, Auto-Dimming IRVM for additional safety and updated I-Smart 2.0 with Advanced User Interface for an improved driving experience.
In March 2024, Autonomous driving technology similar to Tesla's Autopilot is being developed for India in Bengaluru. Minus Zero, which showcased an autonomous concept last year, aims to be the first Indian technology provider to offer hub-to-hub autonomous driving. Their initial collaboration with an OEM, Ashok Leyland, could be the first of several partnerships to roll out more autonomous driving features.
In July 2023, Volkswagen announced that it has planned to launch autonomous, or self-driving, vehicles for ride-hailing and goods delivery services by 2026. Volkswagen plans to test 10 ID Buzz electric vehicles retrofitted with Mobileye's autonomous driving platform with safety drivers on board in limited areas of Austin, including downtown.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust secondary desk research.
According to our analysis, the autonomous vehicle market is anticipated to grow at a steady rate in the subsequent years owing to growing adoption of self-driving cars, enhanced technological developments and supportive government policies. This is because the market will likely experience a significant boost due to the numerous advantages that come with the use of self-driving cars, including enhanced safety, reduced traffic, and increased fuel efficiency. The market is divided into different categories including semi-autonomous vehicles and fully autonomous vehicles. The market has been segmented on the basis of applications such as transportation, industrial & defense. The transportation segment is predicted to exhibit the highest growth in the market over the forecast period due to the increasing usage of autonomous cars in the transportation sector. The industrial segment is also expected to grow at a steady pace due to the use of Autonomous Robots in the manufacturing sectors. The global autonomous vehicle market is anticipated to expand over the next few years due to the increasing awareness on the future of driving, rapid developments in technology, strategic investments made by key players, and supportive government policies.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 37.8 Billion |
Market size value in 2031 | USD 677.23 Billion |
Growth Rate | 37.8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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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 Autonomous/Self Driving Vehicle 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 Autonomous/Self Driving Vehicle 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 Autonomous/Self Driving Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Autonomous/Self Driving Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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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.
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Report ID: SQMIG25C2055