USD 37.8 Billion
Report ID:
SQMIG25C2055 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
144
|Figures:
70
Global 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).
Vehicles that can be driven with the help of sensors and artificial intelligence without the need for a driver are known as autonomous/self-driving vehicles. High investments in the development of novel autonomous driving technologies and rising acceptance of self-driving vehicles are also slated to augment the global autonomous/self-driving vehicle market development going forward. The growing proliferation of advanced digital technologies in the automotive space and rising emphasis on vehicle safety are promoting sales of autonomous/self-driving vehicles on a global level.
However, high costs of development and regulatory uncertainties are projected to slow down autonomous/self-driving vehicle market development potential in the future.
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/self-driving vehicle market is segmented by autonomous type, component, mobility type, vehicle type, application, and region. Based on 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 on Mobility Type, the market is segmented into personal mobility, and shared mobility. Based on Vehicle Type, the market is segmented into Passenger Vehicles and Commercial Vehicles. 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 Vehicle Type
Passenger vehicles are much smaller and easier to maneuver as compared to commercial vehicles. This is why autonomous/self-driving vehicle companies choose them and this is what helps this segment maintain its dominance. Easy integration of advanced autonomous sensors and systems is also a factor that helps market growth through this segment.
On the other hand, the demand for autonomous/self-driving commercial vehicles is estimated to rise at a notable CAGR in the future. Increasing emphasis on improving safety of commercial vehicles and imposition of new regulations mandating use of advanced safety systems are also helping autonomous/self-driving vehicle companies maximize their business through this segment.
Analysis by Mobility Type
Shared mobility is projected to account for a major share of the global autonomous/self-driving vehicle market going forward. The development of intelligent transport systems and the growing demand for ride-hailing services are contributing to the dominant stance of this segment. Integration of autonomous vehicles in the shared mobility space to provide better and safer transportation will also help this segment’s high market share.
Meanwhile, increasing emphasis on safety in personal mobility is projected to make this the fastest-growing segment over the coming years. Imposition of strict personal vehicle safety mandates in the wake of a rising number of road accidents are also expected to help boost sales of autonomous/self-driving vehicles in the personal mobility segment going forward.
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High investments by governments and private automotive companies in the development of autonomous vehicles are helping North America hold a major chunk of the global market share. Presence of companies such as Tesla, Waymo, Cruise, etc. United States is also forecasted to help this region’s dominance. Growing investments in the development of new sensor technologies and presence of multiple start-ups working on advancing autonomous technologies will also allow North America to hold substantial market share.
The imposition of new safety mandates and growing availability of autonomous vehicles are helping the Asia-Pacific region emerge as the fastest-expanding market in the world. India, China, Japan, and South Korea are some of the biggest automotive manufacturing countries not just in this region but across the world, which provides more opportunities for market growth. Supportive government initiatives and high investments in development of autonomous fleets are also helping this region.
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Autonomous Vehicles Market Drivers
Demand for Efficient Mobility
High Investments in Development
Restraints
Expensive Development
Regulatory Uncertainty
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Autonomous vehicle manufacturers are focusing on integrating artificial intelligence in their offerings to improve the autonomous capabilities of their vehicles. Use of advanced sensors and investments in development of advanced sensors is another area of interest for autonomous/self-driving vehicle companies going forward. Use of connected car technologies is also forecasted to create new opportunities for autonomous/self-driving vehicle providers in the future.
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, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing acceptance of self-driving cars, and developments in autonomous technologies are projected to bolster autonomous/self-driving vehicle market growth. However, high costs and regulatory uncertainty are estimated to hamper autonomous/self-driving vehicle demand outlook in the future. The presence of a strong technological infrastructure and key autonomous vehicle providers are helping North America lead the global autonomous/self-driving vehicle market growth. Connected and autonomous mobility and 5G technology trends are slated to create new opportunities for market players in the long run.
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.
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.
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Report ID: SQMIG25C2055
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