Autonomous Vehicle Market Will Hit Massive Growth in Near Future

The global autonomous vehicle market size was valued at USD 121.78 billion in 2022 and is expected to surpass around USD 2,353.93 billion by 2032 with a CAGR of 35% from 2023 to 2032.

Key Takeaway

• North America reached at highest revenue share of over 40.15% in 2022.
• Application, the transportation segment accounted largest revenue share of 93.74% in 2022.
• The Asia-Pacific region is expected to hit at a CAGR of 35.6% from 2023 to 2032.
• By vehicle type, the passenger segment accounted for 74.15% of revenue share in 2022.
• By propulsion type, the semi-autonomous vehicle segment accounted for 95.06% of revenue share in 2022.

Autonomous vehicles, often referred to as self-driving cars, are vehicles that possess the ability to perceive their surroundings and operate without human intervention. These vehicles employ a fully automated driving system, enabling them to react to external conditions in a manner similar to that of a human driver.

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The Society of Automotive Engineers (SAE) has established a classification of automation comprising six stages, ranging from Level 0 to Level 5. Level 0 signifies no automation, requiring complete manual control, while Level 5 represents full automation, where human involvement is entirely unnecessary. Essentially, these automation levels denote the extent to which human intervention is needed within a vehicle’s operations.

Autonomous Vehicle Market Factors Contributing to Growth

The emergence of autonomous vehicle technology addresses the long-awaited need in the automotive sector, driven by the escalating frequency of road accidents and the growing demand for driver assistance technologies. Government initiatives aimed at reducing harmful vehicle emissions further propel the growth of the autonomous vehicle market. In certain regions, like Europe and North America, governments even offer incentives to incentivize the public’s adoption of electric and hybrid vehicles, which are prime examples of autonomous cars. Additionally, substantial investments in transportation infrastructure and increasing disposable income in developing areas foster a rising demand for autonomous vehicles in the foreseeable future. Nevertheless, the elevated costs associated with autonomous vehicle components could impede market growth in less developed or developing nations.

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Regional Overview

As of 2019, North America stands as the most promising region and a leader in the global autonomous vehicle market. Its predisposition toward embracing advanced technologies and vehicle advancements greatly contributes to regional growth. The escalating adoption of semi-autonomous vehicles in the United States and Canada is projected to further boost market expansion. Moreover, investments from technology pioneers such as Microsoft, Google, and Delphi Automotive position the region as a primary adopter of autonomous vehicles, closely followed by Europe and the Asia Pacific.

Key Players and Strategies

The global autonomous vehicle market is fiercely competitive, presenting ample opportunities for industry participants to enhance their market presence and performance. Additionally, the market holds promising growth prospects for new entrants. The integration of smart electronics, sensors, and other advanced components throughout the vehicle transforms traditional automobiles into autonomous entities. Emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML) elevate vehicle performance. This scenario allows startup companies to seize significant opportunities by providing services and core technologies to established automotive giants for vehicle applications. The pivotal drivers of growth for established market players encompass product enhancement, innovation, and upgrades. Furthermore, these players concentrate on forging mergers, collaborations, and partnerships with technology providers to enrich their product offerings and performance capabilities.

Some of the key players operating in the market are BMW AG, Audi AG, Ford Motor Company, Daimler AG, Google LLC, General Motors Company, Nissan Motor Company, Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla, Volvo Car Corporation, Uber Technologies, Inc., and Volkswagen AG among others.

Autonomous Vehicle Market Segments:

By Application

• Defense
• Transportation
  • Commercial transportation
  • Industrial transportation

By Level of Automation

• Level 1
• Level 2
• Level 3
• Level 4
• Level 5

By Propulsion Type

• Semi-autonomous
• Fully Autonomous

By Vehicle Type

• Passenger Car
• Commercial Vehicle

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World

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