Farmington, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The Global Autonomous Vehicle Market Was Estimated USD 94.43 Billion In 2022 And Is Projected To Hit Around USD 1808.44 Billion By 2030, Poised To Grow At A CAGR Of 38.8% From 2023 To 2030. The development of "autonomous vehicles," sometimes known as self-driving automobiles, is a significant step forward for the automotive industry. They have a lot of room for expansion, which might help accelerate the development of automotive technology. It is expected that getting money from the government, making investments in digital infrastructure, and adopting rules that enable the market flourish will be the primary drivers of the expansion of the market during the next few years.
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Recent Developments:
- In January 2021 – Cruise and General Motors (G.M.) partner with Honda to expand autonomous vehicle mobility service.
- In July 2020 - Mobileye and Willer announce their partnership for autonomous mobility.
- In February 2020 – Pony.ai announces it will raise US$400 million from Toyota to develop autonomous driving.
Segment Overview
This market can be broken down into two categories, semi-autonomous and fully autonomous, depending on the sort of product that is being sold. The semi-autonomous vehicle market accounts for the vast majority of the global automotive industry's revenue. The markets for semi-automatic cars and fully autonomous vehicles have been separated on the basis of the degree to which automation is present (at levels 1, 2, and 3, respectively). It is anticipated that the level 2 and level 3 automation segments of the market would experience the greatest rate of growth over the next several years. Currently, it has a rate of acceptability that is somewhere in the middle, but due to advances in technology, its penetration rate is significantly higher than level 1.
Two advanced driver assistance systems (ADAS) that can be found in semi-autonomous vehicles are intelligent park assist and adaptive cruise control. It is anticipated that the intelligent park assist and automatic emergency braking sub segments will develop at the fastest rate in the market due to regulations imposed by government agencies concerning driver assistance systems. According to the National Highway Traffic Safety Administration (NHTSA), most vehicles will be equipped with systems that automatically apply the brakes in the event of an emergency by the end of the year 2022.
According to the category of mobility, it is anticipated that the commercial (shared) mobility segment will experience the greatest expansion during the period covered by the forecast. The term "commercial mobility" can refer to a variety of different business activities, including ride-sharing, robo-taxis, the delivery of commodities, and other operations. It is anticipated that the introduction of robo-taxis would result in new challenges for those who make use of the "mobility as a service" model or who own their own vehicles. Both conventional automobiles and robo-taxis are currently being produced with the assistance of recently developed manufacturing technology. When it comes to robo-taxis, cars are subjected to a greater number of tests than large transport vehicles. Waymo was one of the first firms to implement a fare system for rides in its autonomous vehicle, the Waymo One, which also featured a backup human driver. Waymo has received tens of thousands of Chrysler Pacifica minivans as a donation from Chrysler. The purpose of the agreement is to provide assistance to businesses that are developing or working on robo-taxis in the development of new methods for conducting business. Both AutoX and Optimus Ride are examples of new companies that are in the process of developing driverless robo-taxis.
Autonomous vehicles with a level 4 or level 5 capability will be utilised to help groups of people go about together. Several businesses are now investing significant resources into the development of autonomous vehicles and robo-taxis that can be put to use for ride-sharing, ride-hailing, robo-taxis, and car-sharing services. The advantages of an autonomous vehicle and an electronic cab hailing service are combined in a robo-taxi, which operates without the need for a driver and is primarily concerned with Mobility as a Service (MaaS). It is anticipated that this will reduce overall ownership expenses and make it simpler to administer a fleet. People would have access to a method of transportation that was not only secure but also uncomplicated and inexpensive. A large number of original equipment manufacturers (OEMs) collaborated with suppliers of autonomous driving systems and fleet management to establish robo-taxi services. Since the majority of advancements in the field of electric automobiles can already be seen, the company of robo-taxi might begin with electric cars.
Regional Outlook:
The market in the Asia-Pacific region reached a value of USD 0.72 billion in the year 2020. Because an increasing number of people are purchasing these sorts of cars and because an increasing number of people seek high-tech features, this region has become the largest market in the world market. Automobile manufacturers have plans to construct more plants in developing countries such as India and China in order to rapidly increase production of automobiles and upgrade existing technologies.
In addition, the Chinese government is exerting a great deal of effort to go in front of the pack in terms of the development of technology for autonomous vehicles. Additionally, the governments of several nations are allowing the testing of autonomous vehicles on public highways provided that the vehicles adhere to specific regulations.
Due to the significant investments made by major manufacturers in the research and development of innovative technologies, Europe now holds the position of having the second-largest market share for autonomous vehicles. It is the goal of the British government to have fully autonomous vehicles operating on public roads by the end of the year 2021. It is planning to make the necessary adjustments to the regulations in order to facilitate the development of autonomous vehicles in the United Kingdom..
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 38.8% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 1808.44 Billion |
| By Component | Camera Unit, LiDAR, Radar Sensor, Ultrasonic Sensor, Infrared Sensor, Other |
| By Electric Vehicle | Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), Others |
| By Vehicle Type | Semi-Autonomous, Fully Autonomous, Other |
| By Companies | Delphi, Ford Motors, Tesla, Alphabet, Intel, Daimler Group, Baidu, Google, Volkswagen, Jaguar, BMW, General Motors, Toyota, AB Volvo, Autoliv, Bosch, Renault-Nissan-Mitsubishi alliance, Audi AG, General Motors Company, Honda Motor Co., Ltd., Nissan Motor Company |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
The market for autonomous vehicles is expanding because unmanned vehicles offer more advantages than traditional vehicles do. These advantages include a lower risk of automobile accidents, improved safety and security, the elimination of the need to pay a driver, improved mobility for people who are disabled or who do not drive, and increased comfort and adaptability made possible by operating systems that are more integrated.
The Society of Automotive Engineers (SAE) refers to automobiles that are capable of driving themselves at the level 1–3 level as "semi-autonomous vehicles."
The majority of Audi, BMW, and Mercedes-most Benz's recent automobile models come equipped with level 1 automation as a standard feature. Automobiles such as the Volvo Pilot Assist, the Mercedes-Benz Drive Pilot, the Tesla Autopilot, and the Cadillac Super Cruise are examples of vehicles that include level 2 automation. The third level of automation includes the application of conditional automation.
Market Opportunities:
The market for autonomous vehicles is expanding as a result of the fact that self-driving cars consume less petrol and do not become involved in accidents caused by human error. The expansion of the market for autonomous vehicles is aided in part by the fact that self-driving cars are gaining favour in the automotive sector and consuming less gasoline and battery power as a result of this popularity.
Even though there was a pandemic, there was an increase in the number of sales of self-driving automobiles. There will be around 11.2 million sales of level 2 vehicles in 2020, which is a 78 percent increase from 2019. To satisfy the needs of their customers, automobile manufacturers from over the world are developing new models of level 2 autonomous vehicles.
Key Segments Covered:
Top Market Players:
Delphi, Ford Motors, Tesla, Alphabet, Intel, Daimler Group, Baidu, Google, Volkswagen, Jaguar, BMW, General Motors, Toyota, AB Volvo, Autoliv, Bosch, Renault-Nissan-Mitsubishi alliance, Audi AG, General Motors Company, Honda Motor Co., Ltd., Nissan Motor Company, and others.
By Component
- Camera Unit
- LiDAR
- Radar Sensor
- Ultrasonic Sensor
- Infrared Sensor
By Electric Vehicle
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
By Mobility Type
- Shared Mobility
- Personal Mobility
By Level of Autonomy
- L1
- L2
- L3
- L4
- L5
By Vehicle Type
- Semi-Autonomous
- Fully Autonomous
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Automotive Autonomous Emergency Braking System (AEBS) Market - The Global Automotive Autonomous Emergency Braking System (AEBS) Market size is expected to grow at a CAGR of 16.5% during the forecast period of 2022-2030. In the market for Automatic Emergency Braking Systems (AEBS), it is anticipated that North America would hold the highest share throughout the period covered by this projection.
- Electric Motors For Electric Vehicle Market - The Global Electric Motors for Electric Vehicle Market size was valued at USD 205.68 Billion in 2022 and is projected to reach USD 1365.88 Billion by 2030, growing at a CAGR of 26.7% from 2022 to 2030. North America and Europe have well-developed markets for 3D/4D technology. The market is expected to grow the most in the Asia-Pacific region.
- Refrigerated Vehicles Market - The Global Refrigerated Vehicles Market size was estimated at USD 21.85 billion in 2022, and is projected to grow at a CAGR of 5.54% 2022 to 2030. By geography, North America held the majority of the market share for sales of refrigerated vehicles worldwide, followed by Europe.
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