USD 37.8 Billion
Autonomous/Self Driving Vehicle Market Size, Share, Growth Analysis, By Autonomous Type(Semi-autonomous (Level 1, Level 2, Level 3), Fully Autonomous (Level 4), By Vehicle Type(Passenger Vehicle, Commercial Vehicle), By Component(LIDAR, RADAR, Ultrasonic Sensors, Infrared Sensors), By Mobility Type(Personal Mobility, Shared Mobility), By Application(Robotaxi, Individual Use, Military & Defense, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2055 |
Region:
Global |
Published Date: October, 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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Semi-autonomous
Fastest Growth
Fully Autonomous
Growth Rate
37.8% CAGR
Global Autonomous Self Driving Vehicle Market ($ Bn)
Country Share for North America Region (%)
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Autonomous/Self Driving Vehicle Market Segmental Analysis
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.
Global Autonomous Self Driving Vehicle Market By Vehicle Type
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Autonomous/Self Driving Vehicle Market Regional Insights
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.
Global Autonomous Self Driving Vehicle Market By Region
- Largest
- Fastest
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Autonomous/Self Driving Vehicle Market Dynamics
Autonomous Vehicles Market Drivers
Demand for Efficient Mobility
- 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.
High Investments in Development
- Many publics as well as private organizations are investing in the development of novel autonomous and self-driving vehicles. This has led to an increased availability and interest in the idea of self-driving vehicles, thereby favoring market growth.
Restraints
Expensive Development
- The technology and components used in the development of autonomous vehicles is quite expensive, which makes the product also costly thereby reducing autonomous/self-driving vehicle adoption.
Regulatory Uncertainty
- Regulations regarding development and use of autonomous vehicles are quite vague and differ vastly from region to region. This uncertainty in regulations is also expected to hamper autonomous/self-driving vehicle sales.
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Autonomous/Self Driving Vehicle Market Competitive Landscape
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
- 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)
Autonomous Vehicles Market Recent Developments
- Wayve, a new name in the autonomous driving business has been making waves recently owing to its big move of raised USD 1 billion in a funding round led by Japanese company Softbank in May 2024. The company intended to use this new finance to develop new autonomous vehicles powered by AI.
- Toyota, a renowned Japanese automotive giant announced that it would be launching its new electric vehicle with an advanced self-driving system in China in 2025. The launch will be with Guangzhou Automobile Group.
Autonomous/Self Driving Vehicle Key Market Trends
- 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.
Autonomous/Self Driving Vehicle Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 Autonomous/Self Driving Vehicle 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Autonomous/Self Driving Vehicle 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
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.
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 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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