New York, United States, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The Global Autonomous Vehicles Market Size is to Grow from USD 119.67 Billion in 2022 to USD 2,796.33 Billion by 2032, at a Compound Annual Growth Rate CAGR of 37.1% during the projected period. Throughout the study period, the development of a supportive regulatory framework, government support, and investment in technological infrastructure are expected to have a significant impact on market growth.
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Self-driving cars, also known as autonomous vehicles, are a significant breakthrough in the automotive industry with significant growth potential, serving as a catalyst in automobile technological development. To provide greater convenience and safety for passengers, self-driving cars use innovations such as GPS, digital visualization, artificial intelligence, light detection, RADAR sensing and ranging technology, and machine vision. Increasing research and development efforts for self-driving technology development, as well as increased investments in automotive technology, are promoting the growth of the autonomous vehicle market. Other technological advances, such as the development of adaptive algorithms, sensor processing, high-resolution mapping, and improved infrastructure, are encouraging a number of companies to increase their production of autonomous vehicles. Non-drivers and those with certain disabilities can travel independently in autonomous vehicles. Travelers are more productive when they are more comfortable and have the freedom to read, rest, or even work while on the road. However, autonomous vehicles are outfitted with innovative technology and equipment, raising their cost and potentially limiting their widespread use over the forecast period.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the Global Autonomous Vehicles Market Size, Share, and COVID-19 Impact Analysis, By Level of Automation (Level 1, Level 2, Level 3, Level 4, and Level 5), By Application (Civil, Defense, Transportation & Logistics, and Construction), By Drive Type (Semi-autonomous and Fully Autonomous), By Vehicle Type (Passenger Car and Commercial Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.
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The Level 2 segment is expected to grow at the fastest pace in the global autonomous vehicles market over the forecast period.
The global market for autonomous vehicles is divided into five levels of automation: Level 1, Level 2, Level 3, Level 4, and Level 5. The Level 2 segment is projected to expand most rapidly in the global autonomous vehicles market over the forecast period. Popular Level 2 features include advanced cruise control, lane centering, and traffic jam assist.
The civil segment is expected to hold the largest share of the global autonomous vehicles market over the forecast period.
The global autonomous vehicles market is classified into civil, defense, transportation & logistics, and construction. Among these, the civil segment is anticipated to account for the majority of the global autonomous vehicle market during the study period. The global autonomous vehicles market's civil segment includes autonomous vehicles used for civilian purposes rather than military or defense applications.
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North America holds the largest share of the global Autonomous Vehicles market in 2022.
In the autonomous vehicle sector, North America is a market leader. The United States, in particular, is a key player in the development and deployment of self-driving cars. Several tech and automakers have headquarters in the United States, which fuels innovation in autonomous technologies.
During the forecast period, Asia Pacific is projected to expand at the highest rate in the global autonomous vehicle market. The Asia-Pacific region, led by China, Japan, and South Korea, is experiencing rapid growth in the autonomous vehicle market. China has made significant investments in autonomous technologies and electric vehicles as part of its smart city initiatives.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Autonomous Vehicles Market include Audi AG, BMW AG, Daimler AG, Ford Motor Company, General Motors Company, Google LLC, Honda Motor Co., Ltd., Nissan Motor Company, Tesla, Toyota Motor Corporation, Uber Technologies, Inc., Volvo Car Corporation, Volkswagen AG, and Others.
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Recent Developments
- In August 2022, BMW has opened a $308 million autonomous vehicle testing facility in the Czech Republic. The 968,751-square-foot New Technology Area has three different run-up tracks. According to BMW, it was designed to provide the best conditions for evaluating automobile performance in cross traffic, emergency braking, and evasive maneuvers.
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- Market Players
- Investors
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- Government Authorities
- Consulting And Research Firm
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- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Autonomous Vehicles Market based on the below-mentioned segments:
Global Autonomous Vehicles Market, By Level of Automation
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
Global Autonomous Vehicles Market, By Application
- Civil
- Defense
- Transportation & Logistics
- Construction
Global Autonomous Vehicles Market, By Drive Type
- Semi-autonomous
- Fully Autonomous
Global Autonomous Vehicles Market, By Vehicle Type
- Passenger Car
- Commercial Vehicle
Global Autonomous Vehicles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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