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The global autonomous vehicle market reached a value of US$ 42.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 297.3 Billion by 2027, exhibiting a CAGR of 38.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Autonomous vehicle (AV), or a driverless vehicle, refers to an automobile that can operate independently without any human intervention. It can perform necessary functions by sensing and responding to external conditions and surroundings through superior and in-built programs. It consists of advanced sensor technology, advanced driver assistance system (ADAS), complex algorithm processors, smart control systems and actuators to gather information and perform tasks and responsive actions, such as steering, braking and acceleration. In comparison to the human-driven vehicles, AVs offer increased safety on the road, minimize human errors and fatigue and can be driven by individuals with physical disabilities.
Significant growth in the automotive industry, along with rapid digitization, represents one of the key factors creating a positive outlook for the market. Furthermore, the increasing requirement for safe and efficient mode of transportation is also driving the market growth. This has resulted to a growing preference among consumers for AVs with internet connectivity, safety alerts, automatic crash notifications and enhanced engine controls. Additionally, various technological advancements, such as the integration of artificial intelligence (AI), robotics, machine learning (ML) and the Internet of Things (IoT), are acting as other growth-inducing factors. In line with this, AV manufacturers are also using efficient light detection and ranging (LiDAR) and radio detection and ranging (RADAR) sensing technology for extensive monitoring and generation of 3D maps of the surroundings. Other factors, including the implementation of favorable government policies promoting auto-tech, along with innovations in connected vehicle technology and dynamic mobility applications, are anticipated to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global autonomous vehicle market, along with forecasts at the global, regional and country level from 2022-2027.Our report has categorized the market based on component, level of automation and application.
Breakup by Component:
Breakup by Level of Automation:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Waymo LLC (Alphabet Inc.).
|Base Year of the Analysis||2021|
|Segment Coverage||Component, Level of Automation, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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. and Waymo LLC (Alphabet Inc.)|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global autonomous vehicle market was valued at US$ 42.2 Billion in 2021.
We expect the global autonomous vehicle market to exhibit a CAGR of 38.4% during 2022-2027.
The growing consumer preferences towards autonomous vehicles with internet connectivity, safety alerts, automatic crash notifications, etc., as a safe and efficient mode of transportation are primarily driving the global autonomous vehicle market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units and demand fluctuations, thereby limiting the overall demand for autonomous vehicles.
Based on the component, the global autonomous vehicle market can be segmented into hardware and software and services. Currently, software and services hold the majority of the total market share.
Based on the level of automation, the global autonomous vehicle market has been divided into level 3, level 4, and level 5. Among these, level 3 currently exhibits a clear dominance in the market.
Based on the application, the global autonomous vehicle market can be categorized into transportation and logistics and military and defense. Currently, the transportation and logistics sector accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global autonomous vehicle market 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., and Waymo LLC (Alphabet Inc.).
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