NEW YORK, May 30, 2023 (GLOBE NEWSWIRE) — According to Market.us analysis, the autonomous vehicles market size is expected to exceed USD 3,444.1 billion by 2032, reaching a CAGR of 38.8% from 2023 to 2032.
The global autonomous vehicle market is the latest technology in automobiles and vehicles that enables cars to analyze their surroundings and act without any human data input. Autonomous cars are a technology that has various features such as high-tech cameras, highly sensitive radars, sensors, etc. that help the vehicle to quickly identify objects and data and take decisions quickly and easily.
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Highlights:
Based on type, the semi-autonomous driving segment holds a significant position in the global market. Based on vehicle type, the passenger car segment leads the overall autonomous vehicle market by vehicle type. In 2021, the transportation segment will lead the overall market with high revenue share based on application. North America led the overall market with the highest market share by region, around 41%, in 2021.
The global autonomous vehicle market is expected to witness significant growth during the forecast period owing to the rising demand for independent capabilities in vehicles, increasing government initiatives towards the introduction of autonomous vehicles, and rising investments in the development of autonomous driving technologies.
Factors influencing the growth of the global autonomous vehicle market
There are several factors influencing the growth of the global autonomous vehicle market. These factors include:
Recent Technological Advancements: Self-driving cars are becoming more advanced with the rapid invention of technologies such as AI, machine learning, and computer vision. Self-driving cars are gradually becoming ideal for consumers due to improved safety and comfort structures such as problem detection and prevention, lane change assistance, and adaptive control. Government Initiatives: Governments of many countries are taking initiatives to keep the demand for self-driving cars in line with the demand to reduce traffic congestion and improve road safety. Automotive companies are investing heavily in research and development of self-driving cars. This helps in supporting the progressive features and technology of the cars. Increase in disposable income of consumers has made them more able to purchase self-driving cars. This is further boosting the growth of the global self-driving cars market.
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Top Trends in the Global Autonomous Vehicle Market
The semi-autonomous vehicles segment is anticipated to show a positive impact throughout the forecast period. According to Automated Driving Criteria International, semi-autonomous vehicles with levels 1 to 3 automation are available in the market. Such technological advancements are driving the growth of the global market.
Regional Analysis
North America is expected to hold the largest market share during the forecast period, owing to key players in the North American region such as General Motors, Tesla, and Google. The United States region is the key market area for autonomous vehicles, owing to the largest number of automobile manufacturers and the growing popularity of autonomous vehicles among consumers. Europe is likely to hold the second largest market share, owing to key players such as BMW, Volkswagen, and Volvo. The region is seeing an increasing acceptance of progressive technologies such as AI and machine learning. Asia Pacific is likely to achieve the highest CAGR throughout the forecast period, owing to prominent players such as Toyota and Hyundai, and the growing demand for autonomous vehicles in the region.
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Scope of the report
Report Attributes Details Market Value (2022) USD 1,408 Billion Market Size (2032) USD 3,444.1 Billion CAGR (2023 to 2032) 38.8% North America Revenue Share 41% Historical Period 2016 to 2022 Base Year 2022 Forecast Year 2023 to 2032
Market Drivers
The market growth is expected to improve as many countries across the globe need to build digital structures that will increase connectivity between networks and vehicles to meet critical information, ultimately improving road safety and reducing traffic issues. Due to this, the global market for autonomous vehicles is expected to grow with the development of smart cities. Another growth factor is the growing demand for incorporating new technologies in automobiles due to government plans and actions to improve consumer safety and security. Moreover, the incorporation of AI cameras is increasing product demand and funding for the growth of the global autonomous vehicle market.
Market Constraints
The development of the global autonomous vehicle market is hindered by the high costs associated with the growth and deployment of various autonomous vehicles. The proportion of sensors, cameras, and LiDAR used in autonomous vehicles is quite high. Furthermore, the lack of regulations, laws, and structural corrections to protect autonomous vehicles is also restricting the market development. Also, the lack of public acceptance related to the safety of autonomous vehicles is also hindering the market development.
Market Opportunity
The growing demand for connected and autonomous vehicles is also expected to drive the market development. Connected and autonomous vehicles are equipped with advanced technologies such as GPS navigation systems, sensors, and cameras that enable connectivity with other vehicles, roads, signals, and structures. Additionally, increasing adoption of electric vehicles in lucrative segments and rising demand for driverless cars are likely to further drive the growth of the autonomous vehicles market.
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Global autonomous vehicle market segmentation report
Insights by Type
Autonomous vehicles are primarily categorized into two vehicle types: commercial vehicles and passenger cars. Commercial vehicles such as buses and trucks are expected to be the largest segment in this market and are expected to register a higher CAGR than passenger cars. This is primarily due to the increasing demand for commercial autonomous vehicles in the logistics and transportation sector.
Vehicle Insights
The main reason for the market growth is the increasing demand for safety and convenience. Autonomous vehicles are equipped with numerous sensors and cameras that enable them to sense the surrounding situation and act accordingly. This will increase efficiency and convenience, reducing the number of road accidents and fatalities. Autonomous vehicles are primarily categorized into two vehicle types: commercial vehicles and passenger cars. Commercial vehicles such as buses and trucks are expected to be the largest segment in this market and are expected to register a higher CAGR than passenger cars. This is mainly due to the increasing demand for commercial autonomous vehicles in the logistics and transportation sector.
Application Insights
The global autonomous vehicles market is expected to grow significantly during the forecast period. This growth is driven by the increasing demand for advanced driver assistance systems (ADAS) and autonomous driving technologies. Autonomous vehicles use various sensors such as ultrasonic, radar, infrared, LiDAR, and image sensors to make decisions and navigate the environment. Ultrasonic sensors measure the distance of objects from the vehicle, radar sensors detect the movement of objects around the vehicle, infrared sensors detect obstacles in the path of the vehicle, LiDAR sensors measure the distance of objects around the vehicle, and image sensors detect objects in the environment. These sensors enable autonomous vehicles to detect hazards, make decisions, and navigate the environment. Furthermore, developments in artificial intelligence (AI) and machine learning (ML) technologies are also driving the growth of the global autonomous vehicles market.
Sensor Insight
Self-driving cars use sensors to make decisions and navigate their surroundings. Essentially, they measure the space from the vehicle to objects, radar sensors detect the movement of objects around the vehicle, and image sensors detect objects in the surroundings. These sensors are able to identify hazards, make simple decisions, and translate into the environment.
Levels of Insight
The global autonomous vehicle market is divided into five mechanization levels ranging from Level 5 (highest) to Level 1 (lowest). Level 5 requires no human intervention, Level 4 is highly automated, Level 3 requires driver supervision, Level 2 partial automation requires driver control, and Level 1 has driver support only.
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Market Segmentation
By type:
Semi-autonomous Fully autonomous
Vehicle Type:
By Application
Defense Construction Civilian Transportation and Logistics
By Sensor
Ultrasonic sensor Radar sensor Infrared sensor LiDAR Image sensor
By automation level
Level 5 Level 4 Level 3 Level 2 Level 1
By Geography
North America Western Europe Germany France UK Spain Italy Portugal Ireland Austria Switzerland Benelux Nordic Other Western Europe Eastern Europe Russia Poland Czech Republic Greece Other Eastern Europe Asia Pacific China Japan Korea India Australia and New Zealand Indonesia Malaysia Philippines Singapore Thailand Vietnam Other Asia Pacific Latin America Brazil Colombia Chile Argentina Costa Rica Other Latin America Middle East and Africa Algeria Egypt Israel Kuwait Nigeria Saudi Arabia South Africa Turkey UAE Other Middle East and Africa
Competitive Environment
Market leaders stay ahead of the competition through partnerships and the development of new solutions. The goal of this communication is to combine the funds, capabilities, and power of all organizations to reduce time to market, increase development efficiency, and improve the technology of the demands. Various leading companies work together to provide innovative technologies, and such creativity contributes significantly to the growth of the market.
Key players in the market:
AB VolvoVolkswagen AGGeneral MotorsNissan Motor Co., Ltd.Daimler AGToyota Motor Corp.BMW AGFord Motor CompanyHonda Motor Co., Ltd.Tesla Inc.Other major companies
Recent Trends in the Global Autonomous Vehicle Market
In August 2019, Audi announced collaborations with Daimler and BMW to develop and advance innovative driving systems. These collaborations benefit companies developing high-performance autonomous vehicles with self-driving and self-parking capabilities. In August 2017, Mobileye, BMW AG, Intel Corporation (a subsidiary of Intel Corporation), and Fiat Chrysler Automobiles (FCA) signed a memorandum of understanding to enable FCA to collaborate on an emerging autonomous vehicle dynamics platform.
Check out other related reports:
The autonomous mobile robots market is valued at USD 3.6 billion and is expected to reach USD 18.2 billion by 2032. This market is projected to register the highest CAGR of 18.1% between 2023 and 2032. The advanced driver assistance systems market size is expected to reach approximately USD 118 billion by 2032 from USD 32.9 billion in 2023, growing at a CAGR of 14% during the forecast period 2022-2032.
The connected vehicles market size is expected to reach USD 331.9 billion by 2032, from USD 62.9 billion in 2022, at a CAGR of 18.60%. The light vehicle market is valued at USD 611 billion and is expected to reach USD 1,273.11 billion, at a CAGR of 9.45%.
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