Autonomous Vehicles Market is expected to reach a revenue of USD 337.2 Bn by 2033, at 20.2% CAGR: Dimension Market Research

New York, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Overview

The Autonomous Vehicles Market size is expected to reach USD 64.3 billion by 2024 and is further anticipated to reach USD 337.2 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 20.8% from 2024 to 2033.

An autonomous vehicle can look into its surroundings and drive itself without the need for human involvement. A human passenger is not needed to take over the car's steering wheel at any time, neither is their presence inside the vehicle is required. An autonomous vehicle may do all of the functions of a trained human driver while also traveling anywhere a conventional vehicle can.

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The US Overview

The Autonomous Vehicles Market in the US is projected to reach USD 21.5 billion in 2024 at a compound annual growth rate of 18.9% over its forecast period.

The US autonomous vehicles market provides growth opportunities through expanding Mobility-as-a-Service (MaaS), smart city projects, and autonomous systems in logistics. Technological development in AI, sensors, and connectivity, along with government support and consumer demand, drive progress. However, high development costs, regulatory challenges, and concerns about safety and public trust remain significant hurdles to the broad adoption of complete autonomous vehicles.

Important Insights

• The Autonomous Vehicles Market is expected to grow by USD 337.2 billion by 2033 from 2025 with a CAGR of 20.2%.
• The passenger vehicle segment is anticipated to dominate in 2024 with a majority & is anticipated to dominate throughout the forecasted period.
• The semi-automated segment is projected to be leading the market in 2024
• The transportation segment is set to get the largest revenue share in 2024 in the Autonomous Vehicles Market.
• North America is predicted to have a 39.1% share of revenue share in the Global Autonomous Vehicle Market in 2024.

Global Autonomous Vehicles Market: Trends

• Increased Collaboration: Partnerships between automakers, tech companies, and governments are enhancing the development and deployment of autonomous technologies.
• Expansion of Autonomous Ride-Sharing: Growth in autonomous ride-sharing services, like robo-taxis, is transforming urban mobility.
• Advancements in AI and Sensor Technology: Constant developments in AI algorithms and sensor systems are improving the safety & performance of autonomous vehicles.
• Focus on Safety and Regulation: Better safety features &evolving regulatory frameworks are shaping the development & adoption of autonomous driving technologies.

Autonomous Vehicles Market: Competitive Landscape

The autonomous vehicles market is highly competitive, with companies competing to develop AI, sensor systems, and connectivity for safer, fully automated vehicles. Collaboration with tech firms, automakers, and governments is key to accelerating innovation. Significant R&D investments are driving progress, but regulatory challenges and building consumer trust remain obstacles to widespread adoption of fully autonomous vehicles.

Some of the major players in the market include General Motors, Renault SA, Hyundai Motor Group, Tesla, Toyota Motors, AB Volvo, and more.

Some of the prominent market players:

• General Motors
• Renault SA
• Hyundai Motor Group
• Tesla
• Toyota Motors
• AB Volvo
• Ford Motor Company
• Mercedes Benz
• Volkswagen Group
• Honda Motor
• BMW AG
• Other Key Players

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Autonomous Vehicles Market Scope

Segment Analysis:

The transportation segment is anticipated to lead the global autonomous vehicles market, driven by revenue growth & government initiatives promoting hybrid & electric vehicle production. Further, the demand for completely autonomous vehicles with different automation levels has grown, supported by large public awareness and government backing. Meanwhile, the defense sector is anticipated to grow rapidly, with a high compound annual growth rate, as governments across the world are adopting autonomous vehicles for military purposes, promoting collaborations with companies to develop advanced, defense-focused autonomous technology, further fueling the sector’s expansion.

Autonomous Vehicles Market Segmentation

By Vehicle Type

• Passenger Car
• Commercial Vehicle

 By Propulsion Type

• Semi-autonomous
• Fully Autonomous

By Level

• Level 1
• Level 2
• Level 3
• Level 4 & 5

By Application

• Transportation
  • Industrial
  • Commercial
  • Personal
• Defense

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Global Autonomous Vehicles Market: Driver

• Technological Advancements: Innovations in AI, machine learning, and sensor technologies (e.g., LiDAR) are improving autonomous vehicle capabilities.
• Government Support: Policies, funding, and regulations promoting autonomous vehicle adoption are driving growth.
• Consumer Demand: The increase in interest in safer, more efficient, and convenient transportation options boosts market expansion.
• Smart City Development: The incorporation of autonomous systems into smart city infrastructure for better traffic management and mobility solutions is a major growth factor.

Global Autonomous Vehicles Market: Restraints

• High Development Costs: The high cost R&D and technology investments slow down broad adoption.
• Regulatory Challenges: Inconsistency in global regulations and legal uncertainties create challenges for market growth.
• Safety Concerns: Public trust & concerns about the safety and reliability of complete autonomous systems remain a challenge.
• Infrastructure Limitations: Lack of infrastructure, like V2X communication and smart roads, can limit the deployment of autonomous vehicles.

Global Autonomous Vehicles Market: Opportunities

• Mobility-as-a-Service (MaaS): The increase in the demand for shared autonomous transportation services provides significant market potential.
• Autonomous Delivery Solutions: The growing interest in self-driving vehicles for last-mile delivery & logistics boosts market growth.
• Smart City Integration: Autonomous vehicles can improve urban mobility and traffic management in developing smart cities.
• Sustainability Initiatives: The transformation towards electric autonomous vehicles aligns with global clean energy and sustainability goals, opening new opportunities.

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Regional Analysis

North America is anticipated to hold the largest share of the autonomous vehicles market in 2024, accounting for over 39.1%, as advanced infrastructure, mainly in areas like Silicon Valley, along with a supportive innovation ecosystem, drives the development & adoption of autonomous systems. The region's openness to the latest technologies develops a strong market for autonomous vehicles and related systems. Further, the Asia-Pacific region is anticipated to see the fastest growth, driven by the need to address urban transportation challenges and a focus on electric, connected, and clean-energy vehicles.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Recent Developments in the Autonomous Vehicles Market

• September 2024: Nuro launched a major expansion of its business model, by providing its advanced autonomy platform, the Nuro Driver, for licensing to automotive OEMs and mobility providers, which marks the first time Nuro’s AI-powered system.
• August 2024: Uber and Cruise introduced a partnership for multiyear by launching Cruise autonomous vehicles on the Uber platform, where, the companies will introduce several Chevy Bolt-based autonomous vehicles in 2025.
• June 2024: Robotaxi service Waymo unveiled that its autonomous vehicles would be available for rides to anyone in San Francisco who downloads the company's app, as the company had been only accepting requests from riders selected from a waiting list that had grown to 300,000 people.
• March 2024: Volkswagen ADMT GmbH introduced a cooperation agreement with Mobileye Global Inc., where the agreement covers the delivery and use of a self-driving system (SDS) based on the Mobileye Drive platform for a main version of the ID.
• September 2023: Qatar's Minister of Transport introduced the country's national Self-Driving Vehicles Strategy, in a 5-year plan, which an aim on creating autonomous vehicle (AV) regulations for Qatar, and providing smart, 'environmentally conscious' transport.

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About Dimension Market Research (DMR):

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