New York, May 30, 2023 (GLOBE NEWSWIRE) -- On the basis of analysis Market.us, The Autonomous Vehicles Market size is expected to exceed USD 3,444.1 Billion by 2032, and it is poised to reach a CAGR of 38.8% from 2023 to 2032.
The Global Autonomous Vehicles Market is a modern technology in cars and vehicle that help a vehicle analyze their surroundings and work without human data input. Autonomous vehicles are technology with various features such as high-tech cameras, sensitive radars, and sensors that help the vehicle to quickly identify objects and data and make fast and easy decisions.
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Key Takeaway:
- On the basis of type, the semi-autonomous segment holds a significant position in the global market.
- On the basis of vehicle type, The passenger car segment led the overall autonomous car market in relation to vehicle type.
- In 2021, the transportation segment will run the overall market with a high revenue share on the base of the application.
- North America led the overall market with the highest market share of about 41% in 2021 by region.
The global autonomous vehicles market is expected to witness significant growth during the forecast period, driven by growing demand for independent features in cars, increasing government initiatives for the deployment of self-driving vehicles, and increasing investments in developing autonomous technologies.
Factors Affecting the Growth of the Global Autonomous Vehicles Market
There are several factors that can affect the growth of the Global Autonomous Vehicles Market. Some of these factors include:
- Recent Technological Advancements: Autonomous vehicles are more advanced due to the rapid inventions in technologies such as AI, Machine Learning, and Computer Vision. Autonomous vehicles are gradually becoming ideal for consumers due to their better safety and comfort structures, such as problem detection and prevention, lane-change help, and adaptive control.
- Lead Government Initiatives: Governments of many countries are taking initiatives to uphold the acceptance of autonomous vehicles in demand to reduce traffic blocking and improve road safety. Automobile companies are capitalizing greatly on the research and development of autonomous vehicles. This supports them in helping progressive features and technologies in their vehicles. The growing disposable income of consumers is allowing them to purchase autonomous vehicles. This is further backing the growth of the global autonomous vehicles market.
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Top Trends in Global Global Autonomous Vehicles Market
Semi-autonomous Vehicles Segment Expected to show positive Impact Throughout the Forecast Period. By the Automated Driving Criteria International, semi-autonomous vehicles with Levels 1 to 3 automation are measured to be in the market. These types of technological advances are responsible for global market growth.
Regional Analysis
The region of North America has anticipated the largest market share during the forecast period due to leading players such as General Motors, Tesla and Google in the North America region. The region United States is the leading market area for autonomous vehicles due to the presence of the maximum number of automobile producers and the growing consumer favorite for autonomous cars. The region of Europe is likely to hold the second-major market share due to major players such as BMW, Volkswagen, and Volvo. The area is viewing an increase in the acceptance of progressive technologies like AI and machine learning. The Asia Pacific region is probable to see the highest CAGR throughout the forecast period due to the prominent players such as Toyota and Hyundai and the increasing demand for autonomous vehicles in the area.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 140.8 Billion |
| Market Size (2032) | USD 3,444.1 Billion |
| CAGR (from 2023 to 2032) | 38.8% |
| North America Revenue Share | 41% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The growth of the market will have expected to improve because of the numerous countries globally having to build digital structures to increase connectivity among networks and vehicles to meet important information, finally increasing 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 increasing demand to incorporate new technologies in automobiles due to mostly government plans and actions to raise consumer safety and security. Furthermore, the incorporation of AI cameras is growing product demand and funding for the growth of the global autonomous vehicles market.
Market Restraints
The global autonomous vehicles market development is hindered due to the high costs related to the growth and positioning of different autonomous vehicles. The rate of sensors, cameras, and LiDARs used in autonomous vehicles is pretty high. Moreover, the deficiency of correction in the rules, laws, and structure to care for autonomous vehicles is also limiting the market development. Also, the absence of public receiving connected to the safety of autonomous vehicles is also hindering market development.
Market Opportunities
The rising demand for associated and autonomous vehicles is also anticipated to increase the development of the market. Connected autonomous vehicles are prepared with advanced technologies like GPS navigation systems, sensors, and cameras, which allow them to connect with other vehicles, roads, traffic lights, and structures. Also, the growing adoption of electric vehicles and the growing demand for driverless vehicles in the profitable sector is likely to further boost the growth of the autonomous vehicles market.
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Report Segmentation of the Global Autonomous Vehicles Market
By Type Insight
Autonomous vehicles are classified into mainly two vehicle types such as commercial and passenger vehicles. Commercial vehicles such as buses and trucks are anticipated to be the largest segment of this market and are anticipated to register a higher CAGR than passenger cars. This is mostly due to the growing demand for commercial autonomous vehicles, mostly in the logistics and transportation sectors.
By Vehicle Insight
The market is mainly growing due to the increasing demand for safety and convenience. Autonomous vehicles are equipped with a number of sensors and cameras that allow them to sense their surroundings and act consequently. This helps decrease the number of traffic accidents and death rates while growing efficiency and convenience. Autonomous vehicles are classified into mainly two vehicle types such as commercial and passenger vehicles. Commercial vehicles such as buses and trucks are anticipated to be the largest segment of this market and are anticipated to register a higher CAGR than passenger cars. This is mostly due to the growing demand for commercial autonomous vehicles, mainly in the logistics and transportation sectors.
By Applications Insight
The global autonomous vehicles market is expected to grow significantly over the forecast period. This growth is driven by increasing demand for advanced driver assistance systems (ADAS) and self-driving technologies. Autonomous vehicles use a variety of sensors to make decisions and navigate their environment, such as ultrasonic, radar, infrared, LiDAR, and image sensors. Ultrasonic sensors measure the distance of objects from the vehicle, radar sensors detect the movement of objects around the vehicle, infrared sensors see obstacles in the vehicle's path, LiDAR sensors measure the distance of things around the vehicle, and image sensors detect objects in the environment. These sensors enable autonomous vehicles to detect hazards, make decisions, and navigate their environment. Additionally, the development of artificial intelligence (AI) and machine learning (ML) technologies are also driving the growth of the global autonomous vehicles market.
By Sensors Insight
Autonomous vehicles use sensors to make decisions and navigate their surroundings. Which basically measure the space of objects from the vehicle, radar sensors detect movements of objects around the vehicle, and image sensors detect objects in the surroundings. These sensors are able to identify hazards, make easy decisions, and convert to the environment.
By Level of Insight
The global autonomous vehicles market is distributed into five levels of mechanization, from Level 5 (highest) to Level 1 (lowest). Level 5 has no human input, Level 4 is extremely automated, Level 3 needs a driver to monitor, Level 2 partial automation needs driver control, and Level 1 only supports the driver.
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Market Segmentation
By Type:
- Semi-Autonomous
- Fully Autonomous
By Vehicle type:
- Commercial Vehicles
- Passenger Cars
By Application
- Defense
- Construction
- Civil
- Transportation & Logistics
By Sensors
- Ultrasonic Sensor
- Radar Sensor
- Infrared Sensors
- LiDar
- Image Sensors
By Level of Automation
- Level 5
- Level 4
- Level 3
- Level 2
- Level 1
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Prominent players in the market are placed ahead of the race through partnerships and the growth of new solutions. The communication targets to chain the funds, abilities, and powers of all establishments to decrease time to market, raise development efficacy, and improve the request’s technology. Various important companies team up to offer progressive technology, and such creativities will considerably donate to market growth.
Market Key Players:
- AB Volvo
- Volkswagen AG
- General Motors
- Nissan Motors Co., Ltd.
- Daimler AG
- Toyota Motor Corporation
- BMW AG
- Ford Motor Company
- Honda Motor Co., Ltd.
- Tesla, Inc.
- Other Key Players
Recent Development of the Global Autonomous Vehicles Market
- On August 2019, Audi declared its partnership with companies Daimler and BMW to make and grow a progressive driving structure. These partnerships will benefit the companies growing highly working autonomous vehicles with independent driving and self-directed parking.
- On August 2017, Mobileye, BMW AG, Intel Corporation, a lesser company of Intel Corporation, and the company Fiat Chrysler Automobiles (FCA) engaged in an MoU for the FCA to link the companies in emerging autonomous vehicle dynamic platforms.
Browse More Related Reports:
- Autonomous Mobile Robots Market was valued at US$ 3.6 Billion and will reach US$ 18.2 Billion by 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 18.1%.
- Advanced Driver Assistance Systems Market size is expected to be worth around USD 118 Billion by 2032 from USD 32.9 Billion in 2023, growing at a CAGR of 14% during the forecast period from 2022 to 2032.
- Connected Vehicles Market size is expected to be worth around USD 331.9 bn by 2032 from USD 62.9 bn in 2022, CAGR of 18.60%
- Light Vehicles Market is valued at USD 611 billion and it is expected to be USD 1,273.11 billion with a CAGR of 9.45%.
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