Autonomous Vehicle Market

Market Overview 2023-2028:

The global autonomous vehicle market size reached US$ 58.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 411.3 Billion by 2028, exhibiting a growth rate (CAGR) of 38.3% during 2023-2028. Favorable government initiatives, technological advancements and shifting consumer preferences towards convenient and safe transportation represent some of the key factors driving the market.

Also known as driverless vehicle, an autonomous vehicle (AV) can operate independently without human intervention. It relies on a combination of sensors, cameras, and an advanced driver assistance system (ADAS) to perceive its surroundings and make decisions about navigation. It improves road safety by avoiding collisions and reducing the risk of accidents. Moreover, it minimizes traffic congestion and increases the flow of traffic by communicating with other vehicles and optimizing routes. It also helps in reducing the environmental impact of transportation and facilitates faster travel times and reduced fuel consumption. At present, AV is gaining traction as it improves productivity by allowing passengers to work, relax, and engage in other activities while traveling.

Autonomous Vehicle Market Trends:

Rapid urbanization and increasing urban areas are resulting in high traffic congestion. As a result, there is a rise in the demand for AVs that reduce congestion and improve transportation efficiency in areas. This represents one of the key factors positively influencing the market across the globe. In addition, the growing geriatric population is further increasing the overall sales of transportation solutions that do not require driving. Moreover, governments of various countries are undertaking favorable initiatives to encourage the development of AVs, which is offering lucrative growth opportunities to key market players. In line with this, leading market players are introducing electric-powered AVs that produce zero emissions, offer low operating costs, and are more energy efficient and environment friendly as compared to traditional vehicles running on fossil fuels. This, in confluence with the inflating disposable incomes and shifting consumer preferences towards convenience and improved safety, is bolstering the growth of the market worldwide. Additionally, the integration of advanced technologies, such as artificial intelligence (AI), machine learning (ML), the internet of things (IoT), and virtual reality (VR) in AVs for better control and situational awareness is fueling the growth of the market. Besides this, manufacturers are employing radio detection and ranging (RADAR) and light detection and ranging (LiDAR) technology for extensive monitoring and generating of 3D maps of the surrounding environment, which is contributing to the market growth. Other factors like improving infrastructure and rising standards of living are stimulating the growth of the market worldwide.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global autonomous vehicle market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, level of automation and application.

Component Insights:

• Hardware
• Software and Services
   

The report has provided a detailed breakup and analysis of the autonomous vehicle market based on the component. This includes hardware and software and services. According to the report, software and services represented the largest segment.

Level of Automation Insights:

• Level 3
• Level 4
• Level 5
   

A detailed breakup and analysis of the autonomous vehicle market based on the level of automation has also been provided in the report. This includes level 3, level 4, and level 5. According to the report, level 3 accounted for the largest market share.

Application Insights:

• Transportation and Logistics
• Military and Defense
   

A detailed breakup and analysis of the autonomous vehicle market based on the application has also been provided in the report. This includes transportation and logistics and military and defense. According to the report, transportation and logistics accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for autonomous vehicle. Some of the factors driving the North America autonomous vehicle market included the growing geriatric population, technological advancements, high disposable incomes, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global autonomous vehicle market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include AB Volvo, AUDI Aktiengesellschaft (Volkswagen Group), Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, General Motors, Tesla Inc., Toyota Motor Corporation, Uber Technologies Inc., Waymo LLC (Alphabet Inc.), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the autonomous vehicle market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global autonomous vehicle market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the autonomous vehicle industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.