What is the global market size of Autonomous Vehicles Market?

Global Autonomous Vehicle Market size was valued at USD 146.66 Billion in 2022 and is poised to grow from USD 209.43 Billion in 2023 to USD 3079.43 Billion by 2031, at a CAGR of 40.10% during the forecast period (2024-2031).

Who are the key vendors in the Global Autonomous Vehicles Market?

The global autonomous vehicle market is highly competitive and fragmented, with a large number of players competing for market share. The market is dominated by established players such as Tesla, Google, General Motors, and Ford, while other players such as Baidu, Uber, and Daimler are also gaining significant traction in the market. To remain competitive in the market, companies are focusing on strategic partnerships and collaborations, mergers and acquisitions, and investing in research and development. The competitive landscape of the global autonomous vehicle market is expected to remain intense, with players focusing on innovation, strategic partnerships, and collaborations to gain market share and stay ahead of the competition. 'General Motors Company', 'Ford Motor Company', 'Tesla, Inc.', 'Waymo LLC (US) ', 'Cruise LLC (US) ', 'Uber Technologies Inc. (US) ', 'BMW AG (Germany) ', 'Honda Motor Co., Ltd. (Japan) ', 'Toyota Motor Corporation (Japan) ', 'Aptiv PLC (Ireland) ', 'Volkswagen AG (Germany) ', 'Baidu, Inc. (China) ', 'NIO Inc. (China) ', 'Daimler AG (Germany) ', 'Mobileye N.V. (Israel) ', 'NVIDIA Corporation (US) ', 'Volvo Group (Sweden) ', 'Aurora Innovation Inc. (US) ', 'Zoox, Inc. (US) ', 'Pony.ai (China)'

What is the key driver of Global Autonomous Vehicles Market?

Advancements in technology such as artificial intelligence, sensors, and advanced algorithms are driving the growth of the autonomous vehicle market. These technologies are crucial for the safe and efficient operation of autonomous vehicles.

What is the key market trend for Global Autonomous Vehicles Market?

Rise of Connected and Autonomous Mobility (CAM): Connected and Autonomous Mobility (CAM) is an integrated transportation system that uses advanced technologies such as 5G, edge computing, artificial intelligence, and IoT to create a seamless and efficient mobility experience. CAM is expected to revolutionize the way people and goods are transported, and it is a key trend driving the growth of the autonomous vehicle market.

Which region accounted for the largest share in Global Autonomous Vehicles Market?

North America held the largest market share of over 48.26% in the global autonomous vehicle market in 2023 and is further expected to continue dominance during the forecast period. The growth in the mobility-as-a-service sector is expected to drive the growth of the autonomous car market in the region. The adoption of autonomous cars on public roads is being encouraged through amendments in traffic regulations across the US.

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 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.

Autonomous/Self Driving Vehicle Market Report Snapshots

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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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Autonomous/Self Driving Vehicle Market Dynamics

Autonomous/Self Driving Vehicle Market Report Snapshots

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