Autonomous Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Autonomous Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Autonomous Vehicle Market

The autonomous vehicle market size was valued at USD 1500.3 billion in 2022, and the market is now projected to grow from USD 1921.1 billion in 2023 to USD 13632.4 billion by 2030, exhibiting a CAGR of 32.3% during the forecast period of 2023-2030.

The COVID-19 pandemic affected the autonomous vehicle market in two ways, it disrupted the manufacturing processes and limited field testing and research. The uncertainties in economy and decrease in spending dominance did influence the automotive industry as well. But the necessity due to Covid-19 in contactless transportation reveals the opportunities of autonomous vehicles. Thus, the long-term view for the industry was bright regardless of short-term bumps in the road.

This growth is underscored by developments and improvements in autonomy through Artificial Intelligence (AI), shift in sensor technology and connectivity of automobiles such as the AVs. They improve the safety, efficiency, and feasibility of AVs for massive deployment to occur. Consequently, technological advancements still drive the advancement of the industry. Such advancement makes self-driven cars essential part of future transportation systems portfolio.

One of the prominent market trends is associated with the realization of the commercial potential of AVs where ‘’more and more companies are opting for autonomous solutions for logistics, delivery, and ride-hailing’. For instance, in December 1000022, Chinese technology giant Baidu Inc got the green light to road test fully driverless cars with no safety operator. It underpins the widening applicability of AVs from a mere demand for passenger transport service. Commercialization of the AVs is likely to enhance market growth and technological advancement in the future.

Comprehensive Analysis of Autonomous Vehicle Market

The autonomous vehicle market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by level analysis, and by vehicle type analysis. By level analysis include L1, L2, and L3 and L4 & L5. By vehicle type analysis include passenger cars and commercial vehicles.

The Asia Pacific region lead the autonomous vehicle market share by benefitting a market size of USD 756.9 billion in 2022 due to rapid advancements in automotive technology.

The top players in the markets have a central responsibility in the automotives industry to be sure of industrial prospectus development and to establish the market norms. These players include, Waymo, Tesla, Inc., Cruise, Aurora Innovation, Aptiv, Uber ATG, Nuro, Baidu Apollo, Mobileye, Zoox, Valeo, Yandex Self-Driving Group, Volvo Car Corporation, Hyundai these market players provide a level-playing competitive landscape.

In October 2023, Uber partnered with Waymo to launch autonomous car rides in Phoenix, offering Waymo vehicles through Uber at the same pricing as traditional rides.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 32.3% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Level

L1, L2, & L3

L4 & L5

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Geography

North America (By Component, By Vehicle Type)

U.S. (By Vehicle Type)

Canada (By Vehicle Type)

Europe (By Component, By Vehicle Type)

Germany (By Vehicle Type)

U.K. (By Vehicle Type)

France (By Vehicle Type)

Rest of Europe (By Vehicle Type)

Asia Pacific (By Component, By Vehicle Type)

China (By Vehicle Type)

India (By Vehicle Type)

Japan (By Vehicle Type)

South Korea (By Vehicle Type)

Rest of the Asia Pacific (By Vehicle Type)

Rest of the World (By Component, By Vehicle Type)

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