Autonomous Vehicles Market Size was valued at USD 54 billion in 2023 and is expected to reach USD 265.01 billion by 2031 and grow at a CAGR of 22% over the forecast period 2024-2031.
An autonomous or driverless car can operate and perform critical activities without the need for human interaction. It primarily senses the environment and navigates by generating a dynamic 3D map of that environment using artificial intelligence (AI) software, light detection and ranging (LiDAR), radio detection and ranging (RADAR), and cameras. Most self-driving systems use a variety of sensors, including RADAR, to construct and maintain an internal map of their environment. Semi-autonomous, which requires driver assistance, to fully autonomous is the various levels of autonomy.
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With the rise in road accidents owing to human error while driving, autonomous vehicles will have profitable chances over the projection period, as autonomous vehicles are safer than humanly driven vehicles. Autonomous vehicles will also help the environment by cutting CO2 emissions. The adoption of autonomous vehicles will boost income in a variety of industries, including IT, technology, and electronics. Autonomous vehicles can be employed in a variety of settings, including industrial fleets, construction, public transportation, and agricultural applications.
KEY DRIVERS:
Increase in safety and traffic congestion reduction.
Expansion of interconnected infrastructure.
The shift from ownership to mobility-as-a-service (MaaS) contributes to global market growth.
RESTRAINTS:
Significant manufacturing expenses.
Data management issues are limiting global market expansion.
OPPORTUNITIES:
The development of smart cities and supportive government laws will provide sufficient potential for market expansion.
Decrease of carbon dioxide emissions from autonomous vehicles, as well as the elimination of accidents caused by human error.
Low battery capacity and gas use by autonomous vehicles, as well as increasing automobile market penetration
CHALLENGES:
The volume of data collected by autonomous vehicles necessitates a lot of computer power.
Autonomous vehicle neural networks must be trained on representative datasets.
The COVID-19 dilemma is causing market uncertainty by reducing logistics services, stifling business growth, and instilling fear in customer segments. Governments in many regions declared absolute lockdown and temporarily shut down industries, resulting in border restrictions that hampered transportation and logistics services movement. Following the COVID-19 health crisis, the global corporate perspective has shifted radically. Furthermore, market operators' overall service activities have decreased as a result of a sharp drop in demand for cash to prevent contamination risks. These variables could have a good impact on the autonomous car market, boosting economic activity across the board.
The global market is divided into Semi-Autonomous Vehicles and Fully-Autonomous Vehicles. In terms of autonomous car market share, the semi-autonomous car class held 21.9 percent in 2020. The market for semi-automated and self-driving cars has been segmented based on the level of automation.
According to the Automation Level, the global market is divided into Level 1, Level 2, Level 3, Level 4, and Level 5. Over the projected period, the level 3 automation segment is expected to be the fastest-growing. Level 3 automation incorporates environmental monitoring skills, allowing it to make intelligent decisions.
Based on the application segment, the global market has been divided into Civil, Defense, Construction, Transportation & Logistics, and freight. The transportation segment, which accounts for almost 91 percent of the market value share in 2020, is expected to increase rapidly over the analysis period. In addition, increased public awareness and government support for shared mobility in the commercial sector have bolstered the trend of autonomous vehicles in the market.
By Type:
Semi-Autonomous Vehicles
Fully-Autonomous Vehicles
By Automation Level:
Level 1
Level 2
Level 3
Level 4
Level 5
By Application:
Civil
Defense
Construction
Transportation & Logistics
Freight
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In 2023, North America dominated the global autonomous vehicle market with the market share of 40%, and this trend is likely to continue during the forecast period. The Asia Pacific market is expected to gain traction over the forecast period, thanks to rising per capita disposable income, rising living standards, altering traffic norms, and higher investments in the automotive sector. The key drivers of regional expansion are prior acceptance of novel technology and vehicle advancement.
Furthermore, the region's rising demand for semi-autonomous vehicles, particularly in the United States and Canada, is likely to boost market growth. Increased investment from technical innovators is also predicted to catapult the region to the forefront of autonomous vehicle adoption, ahead of Europe and the Asia Pacific.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Audi AG, Google LLC, Honda Motor Co., Ltd.; Nissan Motor Company; Tesla; Toyota Motor Corporation; Uber Technologies, BMW AG, Daimler AG, Ford Motor Company, General Motors, Nissan Motors Co., Ltd., Tesla, Inc., Robert Bosch GMBH, Aptiv, Continental AG, Denso Corporation, Honda Motor Co., Ltd., Toyota Motor Corporation, and Volkswagen AG. are some of the affluent competitors with significant market share in the autonomous vehicles market.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 54 Billion |
| Market Size by 2031 | US$ 265.01 Billion |
| CAGR | CAGR of 22% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Type (Semi-Autonomous Vehicles, Fully-Autonomous Vehicles) • by Automation Level (Level 1, Level 2, Level 3, Level 4, Level 5) • by Application (Civil, Defense, Construction, Transportation & Logistics, freight) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Audi AG, Google LLC, Honda Motor Co., Ltd.; Nissan Motor Company; Tesla; Toyota Motor Corporation; Uber Technologies, BMW AG, Daimler AG, Ford Motor Company, General Motors, Nissan Motors Co., Ltd., Tesla, Inc., Robert Bosch GMBH, Aptiv, Continental AG, Denso Corporation, Honda Motor Co., Ltd., Toyota Motor Corporation, and Volkswagen AG. |
| Key Drivers | •Increase in safety and traffic congestion reduction. •Expansion of interconnected infrastructure. |
| RESTRAINTS | •Significant manufacturing expenses. •Data management issues are limiting global market expansion. |
The CAGR of the Autonomous Vehicles Market is 22% over the forecast period 2024-2031.
The market value of the Autonomous Vehicles Market is USD 54 billion in 2023.
The forecast period of Autonomous Vehicles Market is 2024-2031.
North America region dominated the Autonomous Vehicles Market
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Autonomous Vehicles Market Segmentation, by Type
8.1 Semi-Autonomous Vehicles
8.2 Fully-Autonomous Vehicles
9. Global Autonomous Vehicles Market Segmentation, by Automation Level
9.1 Level 1
9.2 Level 2
9.3 Level 3
9.4 Level 4
9.5 Level 5
10. Global Autonomous Vehicles Market Segmentation, by Application
10.1 Civil
10.2 Defense
10.3 Construction
10.4 Transportation & Logistics
10.5 freight
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Google LLC,
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Audi AG
12.3 Honda Motor Co., Ltd.
12.4 Nissan Motor Company
12.5 Toyota Motor Corporation
12.6 Uber Technologies
12.7 BMW AG
12.8 Daimler AG
12.9 Ford Motor Company
12.10 General Motors
12.11 Nissan Motors Co., Ltd.
12.12 Tesla, Inc.
12.13 Toyota Motor Corporation
12.14 Volkswagen AG.
12.15 Robert Bosch GMBH
12.16 Aptiv
12.17 Continental AG
12.18 Denso Corporation
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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