Global Autonomous Vehicles Market

Autonomous/Self Driving Vehicle Market Size, Share, Growth Analysis, By Autonomous Type(L1, L2, L3, L4, L5), Component(LIDAR, RADAR, Ultrasonic Sensor, Infrared Sensor, Camera Unit, Others), Vehicle Type, Mobility Type, Fuel Type, Stack Level, Application, and Region - Industry Forecast 2024-2031


Report ID: SQMIG25C2055 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 144 | Figures: 70

Autonomous/Self Driving Vehicle Market Insights

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.

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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). 

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. 'Tesla (USA) ', 'Cruise (USA) ', 'Nuro (USA) ', 'Zoox (USA) ', 'Aurora Innovation (USA) ', 'Honda (Japan) ', 'Toyota (Japan) ', 'Hyundai (South Korea) ', 'Volkswagen Group (Germany) ', 'BMW (Germany) ', 'Mercedes-Benz (Germany) ', 'Nissan (Japan)'

Rapid urbanization and growing traffic congestion around the world are forecasted to bolster the demand for efficient mobility solutions. Growing investments in the development of novel transportation and mobility solutions will create high demand for autonomous/self-driving vehicles in the future.    

Use of 5G: The advent of 5G technology is projected to open new avenues of opportunities for autonomous/self-driving vehicle companies. Vehicles will be able to better communicate with each other and central servers to improve their efficiency and safety using 5G technology.

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.

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Global Autonomous Vehicles Market

Report ID: SQMIG25C2055

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