Global Autonomous Vehicles Market

Global Autonomous Vehicles Market Size, Share, Growth Analysis, By Application(Transportation, Industrial), By Fuel Type(ICEs, Electric), By Propulsion Type(Semi-Autonomous, Fully Autonomous), By Component(Hardware, Software & Services) - Industry Forecast 2023-2030


Report ID: SQMIG25C2055 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 116 | Figures: 77

Global Autonomous Vehicles Market Insights

Global Autonomous Vehicle Market size was valued at USD 146.66 Billion in 2022 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.

Market snapshot - 2024-2031

Global Market Size

USD 146.66 Billion

Largest Segment

Fully Autonomous

Fastest Growth

Semi-autonomous

Growth Rate

40.10% CAGR

Global Autonomous vehicle Market ($ Bn)
Country Share for North America Region- (%)
Global Autonomous vehicle Market Size By Propulsion Type ($ Bn)
Global Autonomous vehicle Market Size By Propulsion Type (%)

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Global Autonomous Vehicles Market Segmental Analysis

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.

Global Autonomous vehicle Market Size By Propulsion Type (%), 2022 (%)

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Global Autonomous Vehicles Market Regional Insights

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.

Global Autonomous vehicle Market Size By Geography, 2024-2031
  • Largest
  • Fastest

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Global Autonomous Vehicles Market Dynamics

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.

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Global Autonomous Vehicles Market Competitive Landscape

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

  • General Motors Company
  • Ford Motor Company
  • Tesla, Inc.
  • Waymo LLC (US)  
  • Cruise LLC (US)  
  • Uber Technologies Inc. (US)  
  • BMW AG (Germany) 
  • Honda Motor Co., Ltd. (Japan) 
  • Toyota Motor Corporation (Japan) 
  • Aptiv PLC (Ireland) 
  • Volkswagen AG (Germany) 
  • Baidu, Inc. (China) 
  • NIO Inc. (China) 
  • Daimler AG (Germany) 
  • Mobileye N.V. (Israel) 
  • NVIDIA Corporation (US)  
  • Volvo Group (Sweden) 
  • Aurora Innovation Inc. (US)  
  • Zoox, Inc. (US)  
  • Pony.ai (China)

Autonomous Vehicles Market Recent Developments

  • In March 2024, Volkswagen AG, through its subsidiary Volkswagen ADMT GmbH, announced a partnership with Mobileye Global Inc., a pioneer in autonomous driving technology, to introduce Level 4 autonomous vehicles to the commercial market. The collaboration focuses on integrating Mobileye's self-driving system into Volkswagen's electric ID. Buzz AD, with plans for deployment in mobility and transport services by 2026. Leveraging Mobileye's expertise in software, hardware components, and digital mapping, the ID. Buzz AD aims to operate autonomously within specific urban areas. Equipped with advanced technologies such as high-performance computers, cameras, lidar, radar units, and constant online connectivity for real-time data and map updates.
  • In March 2024, Advanced Micro Devices, Inc. announced that Sony Semiconductor Solutions (SSS) integrated AMD's adaptive computing technology into its new automotive LiDAR reference design. This collaboration aims to enhance the safety features of autonomous vehicles through improved object detection and real-time data analysis. LiDAR, essential for depth perception and environmental mapping in autonomous driving, benefits from the combination of AMD's Zynq UltraScale+ MPSoC and Artix-7 FPGA with Sony's image sensor expertise. The result is a LiDAR system offering high accuracy and swift data processing, crucial for navigating complex driving scenarios and identifying potential hazards with precision.
  • 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.

Global Autonomous Vehicles Key Market Trends

  • Rise of Connected and Autonomous Mobility (CAM): Connected and Autonomous Mobility (CAM) is an integrated transportation system that uses advanced technologies such as 5G, edge computing, artificial intelligence, and IoT to create a seamless and efficient mobility experience. CAM is expected to revolutionize the way people and goods are transported, and it is a key trend driving the growth of the autonomous vehicle market.  
  • Development of Level 4 and Level 5 Autonomous Vehicles: Level 4 and Level 5 autonomous vehicles are considered fully autonomous, and they are expected to be a game-changer in the transportation industry. Level 4 vehicles can operate without human input in certain conditions, while Level 5 vehicles are capable of operating in all conditions. The development of these advanced autonomous vehicles is a key trend driving the growth of the market.

Global Autonomous Vehicles Market SkyQuest Analysis

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 2022 USD 146.66 Billion
Market size value in 2031 USD 3079.43 Billion
Growth Rate 40.10%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Transportation, Industrial, Commercial, and Defense
  • Fuel Type
    • ICEs, Electric, Hybrid
  • Propulsion Type
    • Semi-Autonomous, Fully Autonomous
  • Component
    • Hardware, Software & Services
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
  • General Motors Company
  • Ford Motor Company
  • Tesla, Inc.
  • Waymo LLC (US)  
  • Cruise LLC (US)  
  • Uber Technologies Inc. (US)  
  • BMW AG (Germany) 
  • Honda Motor Co., Ltd. (Japan) 
  • Toyota Motor Corporation (Japan) 
  • Aptiv PLC (Ireland) 
  • Volkswagen AG (Germany) 
  • Baidu, Inc. (China) 
  • NIO Inc. (China) 
  • Daimler AG (Germany) 
  • Mobileye N.V. (Israel) 
  • NVIDIA Corporation (US)  
  • Volvo Group (Sweden) 
  • Aurora Innovation Inc. (US)  
  • Zoox, Inc. (US)  
  • Pony.ai (China)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Autonomous Vehicles Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Autonomous Vehicles Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

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.

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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

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FAQs

Global Autonomous Vehicle Market size was valued at USD 146.66 Billion in 2022 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 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. 'General Motors Company', 'Ford Motor Company', 'Tesla, Inc.', 'Waymo LLC (US)  ', 'Cruise LLC (US)  ', 'Uber Technologies Inc. (US)  ', 'BMW AG (Germany) ', 'Honda Motor Co., Ltd. (Japan) ', 'Toyota Motor Corporation (Japan) ', 'Aptiv PLC (Ireland) ', 'Volkswagen AG (Germany) ', 'Baidu, Inc. (China) ', 'NIO Inc. (China) ', 'Daimler AG (Germany) ', 'Mobileye N.V. (Israel) ', 'NVIDIA Corporation (US)  ', 'Volvo Group (Sweden) ', 'Aurora Innovation Inc. (US)  ', 'Zoox, Inc. (US)  ', 'Pony.ai (China)'

Rise of Connected and Autonomous Mobility (CAM): Connected and Autonomous Mobility (CAM) is an integrated transportation system that uses advanced technologies such as 5G, edge computing, artificial intelligence, and IoT to create a seamless and efficient mobility experience. CAM is expected to revolutionize the way people and goods are transported, and it is a key trend driving the growth of the autonomous vehicle market.  

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.

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