Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Autonomous Vehicle Market by Level of Automation (Level 1, Level 2, Level 3, Level 4, and Level 5), Application (Transportation & Logistics, Defense, Civil, and Construction), Drive Type (Fully Autonomous and Semi-Autonomous), and Vehicle Type (Commercial Vehicle and Passenger Car): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global autonomous vehicle industry to gain an estimate of $2,161.79 billion in 2030, having witnessed a value of $76.13 billion in 2020, with a compound annual growth rate (CAGR) of 40.1% from 2021 to 2030.
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Autonomous Vehicle Industry-Leading Players:
- Ford Motor Company
- Nissan Motors Co., Ltd.
- AB Volvo
- Honda Motor Co., Ltd.
- Daimler AG
- Toyota Motor Corporation
- Volkswagen AG
- General Motors
- Tesla, Inc.
- BMW AG
This report offers an in-depth assessment of the major players in the global autonomous vehicle market. They have intended various strategies, including geographical expansions, launch of new products, agreements, and joint ventures to gain their foothold in the market and remain successful in various regions. The report serves to emphasize the competitive dynamics of the market, as well as the performance of the business, the top segments, the product portfolio, and the strategic moves of leading players.
Prime Factors Influencing the Growth:
The global autonomous vehicle market is driven by various factors, including the shift from ownership to mobility-as-a-service (MaaS), the enhancement of interconnected infrastructure, and the reduction of traffic congestion. On the other hand, data management disputes and the high cost of manufacturing restrict market growth. On the contrary, smart city development and accompanying government regulations create lucrative opportunities for the market players in the future.
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The civil segment to maintain its lead position in 2020-
By application, the civil segment held the largest market share in 2020, contributing to two-thirds of the global autonomous vehicle market revenue. Due to the rise in demand for the availability of semi-autonomous vehicles. Furthermore, the defense segment would display the fastest CAGR of 43.4% during the forecast period. Due to the growing demand for autonomous vehicles in the defense industry.
The semi-autonomous segment to maintain its leadership status by 2020-
By drive type, the semi-autonomous segment held the major share in 2020 and accounted for more than 90% of the global autonomous vehicle market revenue. This is due to the increasing prevalence of automation and the increasing availability of semi-autonomous vehicles on the market. On the other hand, the fully autonomous segment would cite the fastest CAGR of 52.3% during the forecast period. This is because automation is becoming more and more popular in the transport industry.
North America garnered the major share in 2020-
By region, North America garnered the major share in 2020, holding more than one-third of the global autonomous vehicle market revenue. This is due to the region has experienced an increase in semi-autonomous vehicle usage. However, the Asia-Pacific region would display the fastest CAGR of 42.4% during the forecast period. Owing to the steady increase in technological advances in the automotive industry.
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Similar Reports We Have on Automotive Industry:
Driverless Car Market Research Report 2023-2032
Semi-Autonomous & Autonomous Truck Market Research Report 2023-2032
Autonomous Bike Market Research Report 2023-2032
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