Autonomous Vehicle Market, By Level of Automation (Level 3, Level 4, and Level 5), By Component (Hardware, Software, and Service), By Application (Civil, Robo taxi, Ride hail, Rideshare, Self-driving truck, and Self-driving bus), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Autonomous Vehicle Market accounted for US$ 14.5 billion in 2020 and is estimated to be US$ 97.91 billion by 2030 and is anticipated to register a CAGR of 21.3%.

An autonomous vehicle is one that can drive itself from a starting point to a predetermined destination in "autopilot" mode, utilizing a variety of in-vehicle technologies and sensors such as adaptive cruise control, active steering (steer by wire), anti-lock braking systems (brake by wire), GPS navigation technology, lasers and radar.

Google's Waymo project is an example of a self-driving automobile that is nearly wholly autonomous. It still requires a human driver to be there, but only to override the system as needed. It is not self-driving in the strictest sense, but it can drive itself under ideal conditions. Autonomous vehicles (AVs) use technology to partially or entirely replace the human driver in navigating a car from start to finish while avoiding road hazards and adapting to traffic conditions. Improved safety with advanced driver assistance systems. This is frequently accomplished using Advanced Driver Assistance Systems (ADAS), in which artificial intelligence (AI) is integrated into vehicles to help detect pedestrians, monitor blind spots, and perform other tasks, with the ultimate objective of avoiding potential crashes and enhancing road safety for all.

An autonomous vehicle (AV) is a vehicle that can sense its surroundings and operate without human intervention. It can traverse roadways and execute activities similar to a skilled human driver without requiring human intervention or presence. Autonomous vehicles work by combining sensors, cameras, radar, and artificial intelligence (AI). They can be customized for a variety of purposes, including personal mobility, public transportation, distribution, and specialized vehicles for farming and mining.Technical innovation and social factors have both fueled the development of self-driving automobiles. Waymo, Aptiv, and Yandex have been offering self-driving taxis in specific areas since mid-2018. However, the industry has met unforeseen hurdles, forcing some experts to lower their expectations and others to voice worries about optimistic predictions.

Autonomous cars can function at various levels of autonomy, ranging from Level 0 (no automation) to Level 5 (complete automation). They use a variety of technologies, including sensing, thinking, and action, to navigate and make judgments. The technical community continues to play an essential role in improving technology, with many professionals pursuing in-depth knowledge of autonomous vehicle technologies.The potential impact of self-driving vehicles is substantial, with the capacity to reduce traffic accidents, energy consumption, and environmental and noise pollution. However, there are worries about security and the need for regulatory safeguards to minimize dangers. As technology advances, it is critical to solve these issues and ensure the safe and efficient deployment of autonomous vehicles.

Rising initiatives by government bodies

The major factor driving the global autonomous vehicle market is Development of smart cities and rise in demand for connected cars using the internet of things (IoT), help solve the problem of traffic congestion. The increasing investments from the automakers, the rising consumer demands, and technology advancements in the automotive industry have led to the increased demand for driverless vehicles in the global market.  In the current scenario, self-driving is not just limited to cars but is also gaining popularity among public transport and trucks. Thus, most of the enterprise sectors including retail, manufacturing, transportation and logistics will prefer autonomous vehicles for delivery purposes in the future.  The rapid growth of economies ensures robust development from transport infrastructure to the development of smart cities. Many countries are deploying digital infrastructure to facilitate connectivity between vehicles and infrastructures to gather vital information, and thereby, reduce traffic congestion and increase road safety. The rise in the development of smart cities is expected to significantly drive the global autonomous vehicle market. Due to constant technological advancements, the software in the autonomous vehicle needs to be frequently upgraded to keep them compatible with the external environment. Also, the cost of all components and the sensor assembly in autonomous cars is more than emerging vehicles. Moreover, the ratio of premium consumers to that of economic consumers is very less globally, as it is difficult for ordinary people to afford high-end cars. Therefore, high initial cost coupled with maintenance cost hamper the adoption of the autonomous vehicles. Through the Internet of Things, car drivers improve their performance by receiving real-time feedback from high-speed in-memory computing systems inbuilt in connected cars. These inbuilt computers offer features such as collecting, analyzing and storing data which helps for making decisions. The wide adoption of connected cars is expected to create lucrative opportunities for autonomous and semi-autonomous vehicles.

The autonomous vehicle market is segmented based on level of automation, component, application, and region.

Based on the level of automation, the global automation vehicle market is segmented into level 3, level 4, and level 5. Based on the component, the global market is classified into hardware, software, and service. Based on the application, the target market is bifurcated into civil, robot taxi, ride-hail, rideshare, a self-driving truck, and self-driving bus.

Regional Insights:

The global autonomous vehicle market accounted for US$ 14.5 billion in 2020 and is estimated to be US$ 97.91 billion by 2030 and is anticipated to register a CAGR of 21.3%. On region the global autonomous vehicle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts highest revenue share to the global autonomous vehicle market, due to the availability of high-end infrastructure, rising investments from automakers, and government initiatives. Asia Pacific autonomous vehicle market is projected to register a high CAGR over the forecast period owing to the government bodies too are supporting electric vehicles.

Autonomous Vehicle Market Report Scope:

Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global autonomous vehicle market report based on level of automation, component, application, and region.

Autonomous Vehicle Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the global autonomous vehicle market involves BMW AG, Daimler AG, Ford Motor Company, General Motors, Groupe SA, Renault-Nissan-Mitsubishi Alliance, Tesla Inc., Toyota Motor Corporation, Volkswagen Group, and Volvo-Autoliv-Ericson-Zinuity Alliance. Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the products to gain a competitive edge in the target market. For instance, in December 2019, Volkswagen and Qatar Investment Authority teamed up to put self-driving into EC’s.

• In June 2024, IDC Research Examined Autonomous Driving Technology Progress, Features of Six Major Vehicle Brands Evaluated. Recent developments in technology, including artificial intelligence (AI) have enabled the connected, autonomous, shared, and electric (CASE) mobility trend.
• In June 2024, Swaayatt Robots, an autonomous driving start-up headquartered in Bhopal, Madhya Pradesh, has recently garnered significant attention by securing $4 million (approximately Rs 33 crores) in funding. This remarkable achievement underscores the remarkable success of the start-up’s driverless car technology, surpassing even industry giants like Elon Musk's Tesla.
• In June 2024, China out to drive new economic growth by accelerating autonomous vehicle trial. Manufacturers, including BYD and Nio, have been approved to test autonomous driving and other technologies on restricted roads. China will allow leading carmakers to test autonomous driving and other technologies on restricted roads, marking a step forward to transform its 10 trillion yuan (US$1.4 trillion) industry, while also highlighting a huge market for future economic growth.
• In March 2024, Volkswagen Partners With Mobileye For Level 4 Autonomous Vehicles. The collaboration focused on integrating Mobileye’s self-driving system into Volkswagen's future cars across the group brands.

• BMW AG
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Daimler AG
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Ford Motor Company
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• General Motors
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Groupe SA
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Renault-Nissan-Mitubishi Alliance
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Tesla Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Toyota Motor Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Volkswagen Group
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Volvo-Autoliv-Ericson-Zinuity Alliance
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies