NEW YORK, NY, Feb. 21, 2024 (GLOBE NEWSWIRE) — A new research report [115+] A 360-degree visibility page titled “North America Autonomous Vehicle Market Share, Size, Trends, Industry Analysis Report, By Automation Level (Level 1, Level 2, Level 3, Level 4, 5), By Vehicle Type, By Application, By Country, Segment Forecast, 2024 – 2032” published by Polaris Market Research in their research repository.
The North American autonomous vehicle market size and share is currently estimated at USD 12.31 billion in 2023. According to the latest research from Polaris Market Research, it is expected to generate an estimated revenue of USD 64.68 billion by 2032. Furthermore, the report notes that the market is set to exhibit a robust compound annual growth rate (CAGR) of 20.3% over the forecast period 2024-2032.
Market definition
What are autonomous vehicles and what is their expected market share in North America?
An autonomous vehicle, also known as a self-driving car or driverless car, is a car that uses a combination of cameras, sensors, artificial intelligence (AI), and radar to navigate between destinations without a human operator. An autonomous car uses a variety of sensors installed throughout the car to create and update a map of its surrounding environment. After processing all the sensor data, advanced software creates a route and directs the car’s actuators that manage steering, braking, and acceleration. The program helps the car comply with traffic regulations and avoid obstacles through object detection, obstacle avoidance algorithms, hard-coded rules, and predictive modeling.
Additionally, the size of the autonomous vehicle market is growing significantly in North America. North America is home to some of the world’s leading automakers and technology companies, making it a fertile region for research and development of autonomous driving technology.
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Key Players in the North American Autonomous Vehicle Market
Aptiv PLCAutoliv Inc.Ford Motor CompanyGeneral Motors CompanyNVIDIA CorporationSubaru of America, Inc.Tesla Inc.Toyota Motor CorporationUber Technologies Inc.Volkswagen GroupVolvo Car CorporationWaymo
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Key highlights
The growth of the market is attributed to government supportive measures, increasing R&D investments in autonomous vehicles, rising demand for electric vehicles, growing concerns regarding vehicle safety, and increasing urbanization. The segmentation of the North American autonomous vehicles market is primarily based on application type, product type, and country. In terms of revenue share in 2023, the United States dominated the market.
Market trend
Growth drivers:
Rising Adoption of Autonomous Vehicles: Rising concerns over security and safety will increase the use of autonomous vehicles, expanding the market. The need for safe and efficient driving solutions, developments in connected car technology, increasing research and development in the autonomous vehicle industry, and government support in the form of incentives and policies for these vehicles are all factors driving the growth of the autonomous vehicle market in North America. Rapid Digitalization: Rapid digitalization of connected cars is expected to drive the growth of the autonomous vehicle market in North America. This will result in an increased demand for driverless vehicles in the region. Compared to traditional cars, connected cars more seamlessly integrate key elements required for vehicle autonomy, such as vehicle-to-vehicle and vehicle-to-infrastructure communication.
Industry Trends:
Government Initiatives: North American governments are providing funding and support for autonomous vehicle development, testing, and research. These efforts are intended to increase safety during transportation, promote technological advancements, and maintain regional competitiveness in the autonomous vehicle field.
Restraints:
Reduced consumer demand: The market share of autonomous vehicles in North America has been significantly impacted by the COVID-19 outbreak. The North American automotive industry is experiencing disruptions as a result of production halts, declining customer demand, and economic uncertainty overcome during the outbreak. As a result, certain projects related to autonomous vehicles have been postponed or delayed.
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Segmentation Overview
Level 1 sector accounts for largest market share
The smallest driver assistance systems installed in cars in North America provide steering assistance and braking assistance during acceleration. They are less expensive than other levels of cars/vehicles. The majority of Level 1 autonomous cars are driven in the US.
Additionally, cars with Level 1 autonomous driving capabilities will improve road safety and driving enjoyment. To enhance these capabilities, North American automakers and IT companies are investing heavily in research and development. Regulatory changes are being made in North America to support the expansion of the automotive industry.
Passenger car segment holds largest market share
The United States is the leading country in the development and production of self-driving cars. North American automakers are focusing on developing self-driving cars that utilize cutting-edge artificial intelligence (AI) for automobiles through partnerships with high-tech companies and acquisitions of technology startups.
Moreover, the majority of people in North America choose private transportation over crowded public transportation. The demand for autonomous vehicles in North America will grow due to the increased demand for passenger cars. Autonomous SUVs are becoming more and more necessary, and social distancing measures following the pandemic have led to an increase in passenger car usage in North America.
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North American Autonomous Vehicle Market: Report Scope and Trends
Report Attributes Details Revenue Forecast, 2032 US$ 64.68 Billion Market Size, 2024 US$ 14.75 Billion Expected CAGR Growth, 2024-2032 20.3% Base Year 2023 Forecast Year 2024-2032 Key Market Players Aptiv PLC, Autoliv Inc., Ford Motor Company, General Motors Company, NVIDIA Corporation, and others Segments Covered By Automation Level, By Vehicle Type, By Application, By Country Customization Options Customized purchasing options are available to meet all your research needs. View Customized Purchasing Options
Read the full press release: North American autonomous vehicle market size to reach $128.08 billion by 2032 | CAGR: 20.0%
Regional Insights
United States: With an increased focus on efficiency and safety, and as technology improves, the use of autonomous vehicles is surging across the region. The development and testing of autonomous systems is attracting significant investment from major US automakers and technology companies.
Read the complete report “North America Autonomous Cars Market Share, Size, Trends, Industry Analysis Report, By Automation Level (L1, L2, L3, L4, L5), By Vehicle Type, By Application, By Country, By Segment, Forecast to 2024-2032” with detailed Table of Contents: https://www.polarismarketresearch.com/industry-analysis/north-america-autonomous-cars-market
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Key questions addressed in the report:
How big is the North American self-driving car market?
A: The market size and share is currently valued at USD 12.31 billion in 2023 and is expected to generate a revenue of USD 64.68 billion by 2032.
What is the expected growth rate of the market during the forecast period?
Answer: The market is exhibiting a robust compound annual growth rate (CAGR) of 20.3% over the forecast period 2024-2032.
Who are the key players in the market?
Answer: Some of the major players in the North American autonomous vehicle market include Autoliv Inc., Aptiv PLC, NVIDIA Corporation, Toyota Motor Corp., Tesla Inc., Volkswagen Group, and General Motors Co.
What segments are covered in the report?
Answer: The market segmentation is mainly based on application type, product type and country.
What factors are driving the market growth?
Answer: The market growth is attributed to government supportive policies, increasing R&D investments in autonomous vehicles, rising demand for electric vehicles, growing concerns regarding vehicle safety, and increasing urbanization.
Polaris Market Research has segmented the North American autonomous vehicles market report based on automation level, vehicle type, application, and country.
Outlook by automation level
Level 1Level 2Level 3Level 4 and 5
Vehicle-specific outlook
Passenger cars Commercial vehicles
Outlook by Application
Transportation Commercial Personal Industry Defense Other
Country Outlook
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