Global Autonomous Vehicles Market 2023-2030

Global Autonomous Vehicles Market 2023-2030

Global Autonomous Vehicles Market Size, Share & Trends Analysis Report by Component (Hardware and Software), by Application (Transportation and Defense), and by Vehicle Type (Car, Bus and Truck), Forecast Period (2023-2030)

The global autonomous vehicles market is anticipated to grow at a CAGR of 24.2% during the forecast period (2023-2030). Autonomous vehicles, also known as self-driving cars, are vehicles that are capable of sensing their surroundings and operating without human involvement. They use a combination of sensors, software, and artificial intelligence to navigate roads, avoid obstacles, and obey traffic laws. AVs are still in the early stages of development, but they are rapidly becoming more sophisticated and reliable.

In September 2023, Dubai is rolling out its first round of robotaxis, as a part of a plan to alleviate congestion and accidents. Five fully autonomous electric taxis, operated by a General Motors subsidiary called Cruise, will begin test driving on an 8km (5 mile) stretch in the upscale Jumeirah district of the United Arab Emirates city. Dubai hopes to become the first Middle Eastern city to introduce driverless taxis, Bahrozyan said. Autonomous taxis currently operate in several cities around the world, mostly in the US and China.

Segmental Outlook

The global autonomous vehicles market is segmented on the component, application, and vehicle type. Based on the component, the market is sub-segmented into hardware and software. based on application, the market is sub-segmented into transportation and defense. And based on the vehicle type, the market is sub-segmented into car, bus and truck. Among the vehicle type, the truck sub-segment is anticipated to hold a considerable share of the market, owing to Autonomous vehicles are widely used in various industries for better supply chain. Autonomous vehicles are essential components of automated systems, providing accurate position of supply and help to control it. And overcome long-standing issues that have plagued the trucking industry including driver shortages, lagging efficiency in uptime per vehicle, overarching safety concerns, high operating costs, and elevated emission levels. For instance, in September 2023, Stack AV, announced the launch of its autonomous trucking business, which leverages its self-driving technology to improve efficiency and enhance safety in the trucking industry, while tackling supply chain challenges for its partners and their consumers.

The Car Sub-Segment is Anticipated to Hold a Considerable Share of the Global Autonomous vehicles Market

Among the vehicle type, the car sub-segment is expected to hold a considerable share of the global Autonomous vehicles market. This segmental growth is attributed to several factor such as Increasing demand for safety and convenience, rising demand for shared mobility and it can provide transportation options for people who are unable to drive themselves. As autonomous vehicles are widely used in applications such as taxi and private use. It provides advantages such as highly reliability and convenience. Hence, companies are working on development of better technology and adopting various strategic initiatives such as partnership, product launch and acquisition to stay competitive in the market. For instance, in October 2023, Autonomous vehicle operator Cruise, which is backed by General Motors, will launch a robotaxi service in Japan by 2026. It is another sign that GM does not intend to back down from its commitment to get driverless cars in more cities as rapidly as possible. Japan would be Cruise’s second international market, after Dubai. The announcement is being portrayed as a possible answer to the country’s driver shortage, which has been exacerbated by Japan’s aging population. Cruise currently operates robotaxis in several US cities and has said it plans to launch in 12 more in the years to come.

Regional Outlook

The global autonomous vehicles market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia pacific is anticipated to hold a prominent share of the market across the globe, owing to increasing technological advancement in AI and ML in emerging economies such as China and India and Growing government support. which is leading to a growing demand for Autonomous vehicles. For instance, in June 2023, Minus Zero, a Bengaluru-based, autonomous driving start-up has unveiled the zPod, which it claims is India’s first autonomous vehicle. It showcases the full-self driving tech developed by the artificial intelligence (AI) firm. Also, it will provide its autonomous driving tech to other manufacturers to help improve their ADAS suite. The zPod is merely a technological showcase of what Minus Zero is trying to achieve. The firm claims its motives are to reduce traffic congestion as well as road accidents and the injuries and fatalities associated with them.

The North America Region is Expected to Grow at a Significant CAGR in the Global Autonomous Vehicles Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to several factors such as, presence of large number of market players, increasing investment in AI and ML, and strong infrastructure. The market players are continuously working on strategic development such as, products launch and partnership to stay competitive in the market.For instance, In October 2023, Cyngn, announced the expansion of its offerings with the introduction of expert Autonomous Vehicle (AV) Consultancy Services. With this new initiative, Cyngn is committed to partnering with businesses in the manufacturing and logistics sectors, helping them to plan autonomous vehicles solutions that yield more successful AV deployment and development projects. several companies have benefited from Cyngn's AV expertise, including companies from the Fortune Global 500. This program has already led to cutting-edge AV development projects in manufacturing and mining.

Market Players Outlook

The major companies serving the autonomous vehicles market include AB Volvo, Bayerische Motoren Werke AG, Ford Motor Company, General Motors, Hyundai Motor Group, Mercedes-Benz AG, Renault SA, Tesla, Inc., Toyota Motor Corp, Volkswagen Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2023, Waymo is teaming up with ride-hailing leader Uber in the Phoenix area to transport passengers and deliver food in robotic cars that triggered a bitter technological dispute between the two companies. The partnership was announced in May 2023. It provides Waymo with another avenue to expand a robotaxi service that it has been running in the Phoenix area since late 2020 while competing to attract passengers from Uber cars that still depend on humans who receive portion of the fares.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global autonomous vehicles market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.