Global Autonomous Vehicle Market size was USD 102.16 billion in 2021 and it is expected to hit around USD 1896.78 billion in 2030 with a CAGR of 40.06% in the 2022-2030.
Global Autonomous Vehicle Market: Overview
Autonomous Vehicles are means of transportation that do not depend on humans for their operations. These are often termed as driverless cars or self-driven cars or robo-cars. Though the terminology differs, basic idea is that the vehicle runs on its own with minimal or no human support. These vehicles can sense the environment through a number of sensors, then collect and analyze the data accordingly and function accordingly.
There are a number of factors behind the evolution of autonomous vehicles: i. Increased safety concerns ii. Heavy congestions of vehicles in urban areas iii. Cost of owning a car iv. Need for reliable transportation are the key factors. That helped the evolution of autonomous vehicles. These autonomous vehicles work on an array of sensors, like RADAR, LiDAR, Ultrasonic etc. And work on advanced algorithms and artificial intelligence (AI) technology. Basic intention behind using such advanced and complex technology is to reduce human dependency and human errors. Completely autonomous vehicle is not tested and not reached its consumers yet. But, with the evolution of ADAS the semi-autonomous vehicles are proving their worth in terms of safety concerns.
Key Insights
- Due to various driving factors, the Autonomous Vehicle Market is predicted to grow at a significant rate. Government funding, a supportive regulatory framework, and investment in digital infrastructure are expected to drive demand for autonomous or self-driving cars during the forecast period.
- Based on Type, fully autonomous vehicles are yet to find practical use, but semi-autonomous vehicles are dominating the market. semi-autonomous vehicle segment accounted for the highest share of Roughly 90% in the global market in 2021.
- Based on Application, the transportation segment accounted largest revenue share of more than 85% in 2021.
- Based on Vehicle type, the passenger Cars segment is likely to dominate the market growth.
- North America accounted for the largest share of over 44% in 2021.
- Asia-Pacific region is projected to hit at a CAGR of 44.6% from 2022 to 2030.
COVID-19 Impact:
The CIVID-19 pandemic was a major setback for all industries across the globe. The Autonomous vehicle’s market is no exception to this. Initially, the market was impacted negatively as majority of industries were shut down by the government. As, the world now is getting back on tracks slowly, the increased awareness of having a personal means of transportation (highlighted by the COVID-19) is proving a positive impact on the autonomous vehicle market.
Autonomous Vehicles Market: Key Drivers & Restraints:
Driving factors:
Increased Concerns about safety: Each year, approximately 1.35 million people are killed on roadways around the world. Every day almost 3700 people are killed in road crashes. Crash injuries are the eighth leading cause of death globally. More people now die due to road crashes than from HIV/AIDS. This is a serious cause of concern. Thus, automobile manufacturers worldwide are giving emphasis on safety. This is the driving factor for the autonomous vehicle market growth.
Adoption of ADAS: ADAS refers to Advance Driver Assistance Systems. These assist drivers to have improved safety and reducing human errors. The adoption of ADAS is primarily a key driver in the evolution and growth of the Autonomous Vehicle Market.
Restraints:
Lack of Required Infrastructure: Autonomous Vehicles require certain basic infrastructure such as lane marking, well-organized roads, and GPS connectivity. Vehicle to Vehicle (V2V) and Vehicle to Road (V2X) communications also require proper connectivity. Emerging countries lack of such infrastructure, thus serving as a hindrance to the growth of the Autonomous Vehicle Market.
High Cost & Risk of Malfunctioning: Autonomous Vehicles use advanced technologies and requires very advanced infrastructure to operate efficiently. This adds to the cost of these vehicles. Also, such high-end technologies require a highly knowledgeable person to repair and diagnose any fault or error. The availability of such a person is a question mark. So, it imposes a threat in case of malfunctioning.
Autonomous Vehicle Market: Opportunities
In Order to make fully autonomous vehicles a dream come true, one should first develop the required infrastructure. The drafting of supportive regulations is also welcomed. These vehicles may prove more fuel efficient and also have lesser impact on the environment in terms of carbon emission.
Autonomous Vehicle Market Scope:
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Attribute
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Details
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Market Size in 2020
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USD 102.16 billion
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Estimated Market Size in 2028
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USD 1896.78 billion
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CAGR Growth Rate
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40.06%
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Base Year
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2021
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Forecast Years
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2022-2030.
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Companies Covered
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- BMW AG
- Daimler AG
- Audi AG
- Honda Motor Co., Ltd.
- Nissan Motor Company
- Tesla
- Ford Motor Company
- General Motors Company
- Google LLC
- Volkswagen AG
- Toyota Motor Corporations
- Volvo Car Corporation
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Report Coverage
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Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, Restraints, Opportunities, Value Chain Analysis, Porter’s Five Forces Analysis, Patent Analysis, Market Attractiveness Analysis by Segments
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Autonomous Vehicle Market: Segmentation
- On the basis of type, the semi-autonomous segment held a substantial position in the global market. semi-autonomous vehicle segment accounted for the highest share of Roughly 90% in the global market in 2021.
- By Vehicle Type: The market is segmented into passenger vehicles and commercial vehicles. The commercial vehicles segment accounted for the second largest market share in 2021 and is expected to grow with the highest CAGR of XX% during the forecasted period. Rising disposable income levels in both developing and developed countries, as well as ongoing infrastructure development, are also expected to portend well for the growth of the commercial vehicle segment. Asia Pacific was the largest region in the autonomous commercial vehicle market
- By application: The Transportation segment accounted for the largest market share in 2021. Nevertheless, the defense sector is projected to develop as the fastest-growing segment during the forecast period. Transportation is further subdivided into commercial and industrial applications. The increasing adoption of electric and hybrid vehicles with varying levels of automation has significantly increased demand for autonomous vehicles in transportation segment.
Regional Insights:
North America dominated the global industry in 2021 and accounted for a maximum share of more than 44.25% due to increased use of hybrid and electric vehicles. North America is expected to grow expressly during the forecast period. This is due to changes in traffic regulations in the United States, which allow autonomous vehicles to operate on public roads. The Asia-Pacific region is expected to emerge as one of the most profitable regions for this market over the forecast period. Growing development, rising disposable income, supportive government initiatives, in the region are propelling the usage of autonomous vehicles in high income households.
Europe was another leading regional market, and it is expected to grow rapidly in the coming years due to shifting consumer preference towards automated product along with increasing acceptance of autonomous vehicles.
Competitive Analysis:
The global autonomous vehicle market has leading key players like - Audi AG, Ford Motor Company, BMW AG, Daimler AG, Honda Motor Co. Ltd., Nissan Motor Company, Tesla, General Motors Company, Google LLC, Volvo Car Corporation, and Toyota Motors Corporation, among others.
Recent Developments:
- September 2021: Mercedes-Benz announced to integrate the first Brain-Computer Interface (BCI) approaches with its pioneering VISION AVTR concept vehicle.
- January 2021: In January 2021, Honda announced their collaboration with G.M. and Cruise on self-driving vehicles for its autonomous vehicle mobility service (MaaS) business in Japan.
Segment Covered in the Report
By Type
- Semi-autonomous
- Fully Autonomous
By Vehicle Type
- Passenger Car
- Commercial Vehicle
By Application
- Commercial transportation
- Industrial transportation
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Frequently Asked Questions (FAQs):
Which is the leading segment in the market?
Among Types, the Semi-Autonomous Vehicles is the leading segment of the market.
What are the key factors driving the market?
The government funding, supportive regulatory framework and investment in digital infrastructure are expected to drive demand for self-driving cars or autonomous cars during the forecast period.
Which region will contribute notably towards the Autonomous Vehicle Market growth?
The North America contributes notably to the Autonomous Vehicle Market.
Which are the top key players operating in the autonomous cars market?
Some of the key players operating in the market are Audi AG, Ford Motor Company, BMW AG, Daimler AG, Honda Motor Co. Ltd., Nissan Motor Company, Tesla, General Motors Company, Google LLC, Volvo Car Corporation, and Toyota Motors Corporation, among others.