According to the latest report by IMARC Group, titled "Autonomous Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global autonomous vehicle market reached a value of US$ 58.5 Billion in 2022. An autonomous or driverless vehicle drives itself from a starting point to a predetermined terminus in autopilot mode utilizing various in-vehicle technologies and sensors. It performs necessary operations without any human intervention via the ability to sense its surroundings. It uses a fully automated driving system that allows the vehicle to respond to external situations in a similar way to a human driver. It offers various advantages over human-driven vehicles, such as increased safety on the road, elimination of driving fatigue, limited fuel use, reduced traffic congestion and emissions by consuming less gas and less battery capacity, and enhanced convenience. It relies on advanced artificial intelligence (AI) and machine learning (ML) systems to react to commands. It can be interconnected with other external devices, such as smart traffic lights and roads.
Global Autonomous Vehicle Market Trends:
The global market is majorly driven by the increasing investments in digital infrastructure. Furthermore, rapid technological advancements, such as adaptive algorithms, high-definition mapping, improved infrastructure, and sensor processing, are encouraging several market players to expand the production of autonomous vehicles. Apart from this, the various benefits offered by these vehicles, such as increased safety with reduced crash risks and the rising road capacity with reduced costs, are positively influencing the market expansion. Moreover, the growing safety concerns and advancements in automotive technologies have led to the acceptance of autonomous vehicles by governments of various countries. Such factors are expected to drive market growth during the forecast period. Besides, significant developments in mobility as a service and the escalating consumer preference for using techno-advanced products are propelling the market. Additionally, governments across various countries are adopting stringent safety norms and promoting automation in vehicles to ensure the safety and security of vehicles, passengers, and pedestrians, which is providing a boost to the market. Some of the other factors driving the market include the widespread adoption of advanced driver assistance systems (ADAS), the emergence of autonomous ride-sharing technology, and the development of technologically advanced features in autonomous vehicles. On account of the factors above, the market is anticipated to reach a value of US$ 411.3 Billion by 2028, exhibiting a CAGR of 38.3% during 2023-2028.
- On the basis of the component, the market has been categorized into hardware, and software and services.
- Based on the level of automation, the market has been classified into level 3, level 4, and level 5.
- Based on the application, the market has been segmented into transportation and logistics, and military and defense.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players 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.).
|Base Year of the Analysis
||Component, Level of Automation, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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