Autonomous Vehicle Market Global Demand and Top Manufacturers 2021-2030

The Global Autonomous Vehicle Market size was valued at USD 54.21 billion in 2019 and is predicted to reach USD 2,044.93 billion by 2030, with a CAGR of 39.1% from 2020-2030.

Furthermore, the global sale of autonomous vehicles was valued at 1.4 million units in 2019 and is projected an elevation up-to 58 million units by 2030, with a CAGR of 40.3% by 2020-2030.

Light detection and ranging, radio detection and ranging, AI, IoT, along with the integration of advanced technologies, software systems and hardware systems; results in automatically operated, self-driving vehicles that function without human intervention. With trajectory control, motion planning, and creation of 3D map of the surroundings; automotive vehicles such as car, bus, truck and other ground vehicles can be automated up to Level 3, Level 4, and Level 5.

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Top Companies: Daimler AG, General Motors, Ford Motor Company., Volkswagen Group, Tesla Inc., Renault-Nissan-Mitsubishi alliance, Groupe SA, Volvo-Autoliv-Ericsson-Zenuity alliance, AB Volvo, Toyota Motor Corporation, and BMW AG among others.

Market Dynamics and Trends

The Autonomous Vehicle Market is gaining momentum owing to the number of benefits offered by unmanned vehicle as compared to traditional vehicles such as, reduced road-crash risk, enhanced safety & security, elimination in driver wages, secured mobility for disabled individuals as well as non-drivers, along with increased comfort and flexibility offered by seamless operative systems.

However, high component cost, higher maintenance in software and hardware update, plus, increasing incidences of cyber-attacks hacking the entire operating systems, are the factors likely to hamper the autonomous vehicle market growth.

Moreover, increasing investment by regulatory bodies in digitization, development of advanced infrastructures supplementing the evolution of smart cities, along with higher adoption of smart gadgets and smart automotive, technological evolution, higher standards of living with increasing per capita income, are the factors expected in supplementing the growth of global autonomous vehicle market in coming future.

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Market Segmentations and Scope of the Study:

The global autonomous vehicle market share has been analyzed based on automation level, component, application, and geography.

Based on automation level, the market is segmented into level 3, level 4, and level 5. Based on component, the market is fragmented into hardware, service, and software. Based on application, the market is divided into civil, robo-taxi, ride hail, ride share, self-driving truck, and self-driving bus. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominated the global autonomous vehicle market in the past and is expected to maintain its dominance throughout the forecast period. This is attributed to higher adoption of autonomous vehicle in this region, well-established automotive manufacturing infrastructures, presence of key manufacturers, stringent traffic regulations, adoption of advanced technologies, well-developed system of road network, and evolution of fully autonomous road transportation system.

Asia Pacific is expected to gain traction in the global autonomous vehicle market, with a substantial growth in market share over the forecast period. This is due to increase in per capita disposable income, improving standards of livings, improving traffic norms, and increasing investment in the automotive sector.

Europe region is expected to grow with the highest CAGR values in the global autonomous vehicle market throughout the forecast period, owing to growing consumer preferences for autonomous vehicles, and increasing adoption of advanced technological products.

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