Autonomous Vehicle Market by Type (Semi-Autonomous and Fully-Autonomous (Level 4/5)), by Propulsion Type (Internal Combustion Engine (ICE), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel C

Autonomous Vehicle Market by Type (Semi-Autonomous and Fully-Autonomous (Level 4/5)), by Propulsion Type (Internal Combustion Engine (ICE), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV)), by Mobility (Personal Mobility and Shared Mobility), and by Component (Ultrasonic, Lidar, Radar, Vision System, GPS Receiver, and Others)– Global Opportunity Analysis and Industry Forecast, 2023–2030

Autonomous Vehicle Market
Domain: Automotive and Transportation
Sub Domain: Automotive

The Autonomous Vehicle Market size was valued at USD 104.87 billion in 2022 and is predicted to reach USD 614.88 billion by 2030, registering a CAGR of 24.9% during the forecast period, 2023–2030.

Autonomous vehicles are in high demand due to their increasing use in logistics and the trend towards mobility-as-a-service (MaaS). Furthermore, rising demand for driverless cars from the military & defense sector, combined with rapid advancements in high-definition technologies, adaptive algorithms, and high-processing sensor technologies, are further driving the market growth.

However, high maintenance costs and risks associated with malfunctions and failures would restrain the market growth during the forecast period. On the contrary, smart features such as auto-braking and adaptive cruise control in these vehicles can reduce accidents caused by human errors in the future, creating lucrative opportunities for market players.

Segment Overview
The Global Autonomous Vehicle market is segmented based on type, application, power systems, and geography.
 Based on Type, the market is classified into semi-autonomous and fully-autonomous (level 4/5). Semi-autonomous is further segmented into Level 1, Level 2, and Level 3.
 Based on Propulsion Type, the market is classified into internal combustion engine (ICE), battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV).
 Based on Mobility, the market is divided into personal mobility and shared mobility. Personal Mobility is further divided into hatchbacks, coupes & sports cars, sedans, SUVs, and others. Shared Mobility is further categorized into robo taxis, self-driving buses, ride-share, self-driving vans & trucks, and ride-hail.
 Based on Component, the market is classified into ultrasonic, LiDAR, radar, vision system, GPS receiver, and others.
 Based on Geography, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Regional Analysis
The Asia-Pacific market is projected to hold the dominant share by 2030
The Asia-Pacific region holds the major share of the autonomous vehicle market and is expected to continue its dominance during the forecast period. This is attributed to the factors such as increased levels of vehicle automation and supportive government initiatives for mandating driver assistance systems to reduce road fatalities. Also, the adoption of ADAS systems in small cars and the increased pace of technological innovation boost the market growth of AVs.

The major drivers of the growth for the market include the increasing production of premium and luxury vehicles, advancements in automotive electronics, stringent government regulations to reduce road fatalities, and the growing number of collaborations between OEM and ADAS suppliers to develop low-cost driver assistance systems.

Key Market Players
The emerging and efficient key players of the autonomous vehicle market include companies such as:
• Baidu
• Audi AG
• BMW AG
• Mercedes
• Ford Motor Company
• General Motors
• Honda Motor Corp.
• Nissan-Renault-Mitsubishi Alliance
• Tesla
• Toyota Motor Corp.
• AB Volvo

Recent Developments
May 2022
Lucid launched luxury sedans that come under Lucid Air Dream Edition. The Dream Edition comprised two cars, Dream Edition P and Dream Edition R. This launch posed tough competition for other players in the market.

May 2022
Mercedes launched the SAE L3 drive pilot system. On certain roads and speeds, the system allows drivers to hand over control and drive hands-free. The purpose of this launch was to raise awareness about L3 driving, which will increase the sales of vehicles equipped with this system.

April 2022
BMW unveiled its new 7 Series with extensive ADAS. This new model will combine BMW’s core strengths, including superior driving dynamics with improved passenger car comfort and ADAS-related equipment levels. Thus, this launch would help BMW to capture the market and increase its core sales.

November 2021
Xpeng G9 SUV was launched with XPILOT 4.0 ADAS, which offered a 200 km range in only five minutes of charging. G9 will be China’s first model to feature gigabit ethernet connectivity, which will enhance support for advanced driver assistance, smart cockpit, and firmware over-the-air upgrades.

August 2021
Baidu, Inc. unveiled its first L5 fully autonomous driving vehicle at the company’s annual World Conference in Beijing. The new L5 autonomous vehicle does not have a steering wheel or pedals and features automated gull-wing doors and a transparent glass roof. This launch has raised awareness about fully autonomous driving, which will have a significant impact on the global automotive industry.

KEY BENEFITS
• This report provides a quantitative analysis of the current autonomous vehicle market and forecasts through 2023-2030 that can be used to identify and capitalize on the existing market opportunities.
• In this study, we present a detailed analysis of the autonomous vehicle market trend, along with current and future trends, to illustrate the predominant investment pockets in the market.
• The report provides information on the key market drivers, constraints, opportunities, and their impact on the autonomous vehicle market.
• The competitive analysis of the key players, along with their market shares in the autonomous vehicle market, is included in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The report covers the value chain analysis of the market study to provide a clear picture of the stakeholders’ roles.