NEWARK, Del., July 03, 2023 (GLOBE NEWSWIRE) — The autonomous vehicle market is expected to reach USD 30,539 million in 2023. Revenue from autonomous vehicle sales is expected to grow at a CAGR of 8.7% between 2023 and 2033, reaching approximately USD 70,331.5 million by 2033.
Driver diversity is driving the rapid growth of the autonomous vehicle industry. One of the main drivers is the growing focus on road safety and the desire to minimize accidents resulting from human error. Self-driving cars have the potential to improve safety by using advanced driver assistance systems (ADAS) and cutting-edge sensors to identify and respond to potential hazards more efficiently than human drivers can.
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One of the factors contributing to this trend is the growing need to improve transportation efficiency and reduce traffic congestion. The introduction of autonomous vehicles will improve the efficiency of road networks, reduce traffic congestion, and shorten commute times through the use of modern tools such as real-time data interpretation, predictive algorithms, and smart navigation mechanisms. Efficiency improvements can have a significant impact on the overall productivity and comfort of the transportation system.
Additionally, growing sustainability and environmental awareness is driving the adoption of autonomous electric vehicles. Growing concerns over the effects of climate change and air pollution have created an urgent need to transition to cleaner modes of transportation. The introduction of autonomous electric vehicles offers a promising opportunity to significantly reduce greenhouse gas emissions, increase air purity, and foster a more sustainable future.
Despite the bright promise of autonomous vehicles, the field is not free from obstacles and limitations. The complex regulatory framework surrounding autonomous vehicle technology poses significant challenges. As autonomous vehicles become more widespread, it is essential to establish uniform standards and regulations to ensure safety, address liability issues, and determine responsibility for accidents or malfunctions. Establishing and implementing a resilient regulatory structure will be crucial to overcoming these obstacles.
The autonomous vehicle industry has many opportunities to realize its full potential. Enormous potential exists in enhancing and evolving advanced AI algorithms and machine learning capabilities. An autonomous vehicle’s ability to process large amounts of information quickly and accurately is essential for safe and effective operation. Investing in AI research and development will drive breakthroughs in autonomous vehicle technology, improving its performance and reliability.
Establishing strong communication networks like advanced 5G technology and building intelligent urban areas with dedicated lanes, charging facilities and other essential infrastructure will make it easier for autonomous vehicles to be deployed and function. To harness this potential and establish a favorable environment for autonomous vehicles, it is essential to foster partnerships between government agencies, technology companies and automakers.
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Key takeaways from this market:
The United States will dominate the autonomous vehicle industry with a market share of 28.1% in 2033, owing to technological innovation and favorable regulatory framework. Germany holds a sizeable market share of 8.0% in the autonomous vehicle industry, owing to its renowned automobile manufacturing base and emphasis on research and development. Japan has a significant market share of 9.3% in the autonomous vehicle industry, owing to its safety-first attitude and collaboration between automakers and technology companies. Australia currently holds a market share of 0.2% in the autonomous vehicle industry, with a clear trend centered around autonomous mining operations and urban mobility projects. China’s autonomous vehicle industry has high growth potential, with a compound annual growth rate (CAGR) of 9.4% in value over the past year. With a CAGR of 8.1% in value over the past period, India has shown potential growth in the autonomous vehicle market. The UK has been consistently successful in the autonomous vehicle industry, with a CAGR of 6.9% in value over the period.
What are the leading companies doing to succeed in this industry?
The competitive landscape of the autonomous vehicle industry is characterized by intense competition and diverse players vying for market share and technological superiority. The industry attracts established automakers, technology companies, start-ups, and emerging players focused on autonomous driving technology. Some of the key players in the autonomous vehicle industry include:
Tesla: Known for its electric vehicles and advanced self-driving capabilities, Tesla is a pioneer in the industry. The company’s Autopilot system, combined with a vast network of vehicles collecting data, gives Tesla a competitive advantage in the development of self-driving technology. NVIDIA: As a leading provider of graphics processing units (GPUs), NVIDIA plays a key role in enabling the computing power required for self-driving cars. The company’s AI-focused hardware and software solutions are essential to the development of self-driving systems. Intel: Intel has increased its presence in the self-driving car market with its acquisition of Mobileye, a leader in vision-based advanced driver assistance systems. Intel provides hardware and software solutions essential for autonomous driving, establishing itself as a leading technology provider. Baidu: Known as the “Google of China,” Baidu has invested heavily in self-driving technology. Its Apollo platform provides an open-source software and hardware ecosystem, enabling collaboration between developers, automakers, and technology companies.
With continued advancements in technology, collaboration and strategic partnerships, the industry is poised for rapid growth and even more competition as companies strive to lead the future of transportation.
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Key segments covered in this analysis:
By automation level:
Driving assistance Partial automation Conditional automation High automation Full automation
By application:
Self-driving passenger cars Self-driving public transport Self-driving industrial vehicles Self-driving construction Self-driving agricultural applications
By region:
North America Latin America Europe Eastern Asia South Asia Oceania Middle East and Africa
Table of Contents (ToC):
1. Overview | Autonomous Vehicle Market
1.1. Global market outlook
1.2. Demand side trends
1.3. Supply side trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Scope/Classification
2.2. Market definition/scope/limitations
3. Market Background
3.1. Market Trends
Drivers
Constraints
Opportunities
Trends
3.2. Scenario predictions
3.2.1. Demand in an optimistic scenario
3.2.2. Demand in the assumed scenario
3.2.3. Demand in a conservative scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply side participants and their roles
Producer
3.5.1.2. Mid-level participants (Traders/Agents/Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value addition and value creation at supply chain nodes
3.5.3. List of raw material suppliers
3.5.4. List of existing and potential buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profitability analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter Analysis
3.9. Regulatory Status
3.9.1. By major region
3.9.2. By major country
3.10. Parent market outlook by region
3.11. Production and consumption statistics
3.12. Import and export statistics
4. Global market analysis from 2018 to 2022 and forecast from 2023 to 2033
4.1. Historical analysis of market size (USD million) and volume (units) from 2018 to 2022
4.2. Current and future market size (USD million) and volume (units) forecast, 2023-2033
4.2.1. Year-on-year growth trend analysis
4.2.2. Absolute Opportunity Analysis
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Explore FMI’s broad automotive reach:
Hybrid Vehicle Market Share: It is expected to grow at a CAGR of 21.6% from 2022 to 2032. The hybrid vehicle market is expected to reach a valuation of USD 1,362.3 billion by 2032.
Plug-in Hybrid Electric Vehicle (PHEV) Market Size: It is projected to grow at a healthy pace of 18.5% CAGR during the forecast period. The market value of the Plug-in Hybrid Electric Vehicle (PHEV) market is expected to reach a high of USD 3,806,659 million by 2032.
Advanced Driver Assistance System (ADAS) Testing Equipment Market Demand: It is likely to reach a valuation of USD 56.4 billion in 2023 and is projected to reach USD 202.7 billion by 2033, growing at a CAGR of 13.6% during the forecast period.
ADAS Sensor Market Growth: The market is expected to grow at a CAGR of 14.1% during the forecast period, with a market valuation of USD 43.2 billion by 2030.
Automotive NFC Market Trends: It is expected to reach USD 35 billion by 2032, exhibiting a CAGR of 30.2% from 2022 to 2032.
Automotive Foams Market Size: It is expected to reach USD 38,290.9 million in 2023 and is projected to reach USD 69,878.1 million during the period 2023-2033, growing at a CAGR of 6.2%.
Market share of electric vehicle reducers: It is expected to increase from USD 1,974.7 million in 2023 to USD 20,884.9 million by 2033.
Demand for diagnostic tools for EVs market: It is expected to grow at a staggering rate of 12.8%. Based on these estimates, the global market for diagnostic tools for EVs is expected to reach approximately USD 5,401.6 million by 2033.
Growth of Artificial Intelligence (AI) in Automotive Market: It is expected to register a robust CAGR of 55% during the forecast period. The market is expected to hold a share of USD 9.3 billion in 2023 and cross USD 744.39 billion by 2033.
Automotive Imaging Radar Market Trends: It is expected to expand at a high CAGR of 23.61% between 2023 and 2033.
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Future Market Insights, Inc., an ESOMAR-accredited, Stevie award-winning market research organization and member of the Greater New York Chamber of Commerce, provides detailed insights into the factors driving market demand. It uncovers the opportunities driving market growth across various segments based on source, application, sales channel, and end use over the next decade.
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