Autonomous Vehicle Market Gears Up for Unprecedented Growth, Projected to Surpass $614.88 billion by 2030

According to the Next Move Strategy Consulting, the autonomous vehicle market size is anticipated to surpass $618.88 billion by 2030 reflecting a CAGR of 24.9% during the forecast period till 2030. This unprecedented growth is underpinned by a confluence of technological advancements, shifting consumer preferences, and a growing emphasis on sustainable and efficient transportation solutions.

Market Overview:

The autonomous vehicle market responds to global environmental concerns, with autonomous electric vehicles gaining traction for their potential to reduce carbon emissions. Urbanization and traffic congestion issues further drive demand, positioning autonomous vehicles as solutions for efficient urban mobility. Shifting consumer perceptions and increasing acceptance contribute to the market's expansion, reflecting a growing trust in the convenience and safety of autonomous driving.

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Key Market Drivers:

1. Technological Advancements: Breakthroughs in artificial intelligence, sensor technology, and connectivity are propelling the development of autonomous vehicles. The integration of cutting-edge technologies is enhancing safety, efficiency, and the overall performance of autonomous systems, fostering a conducive environment for market growth.

2. Environmental Sustainability: The global push for environmental sustainability is a pivotal driver in the rise of autonomous vehicles. Governments and consumers alike are recognizing the potential of autonomous electric vehicles (AEVs) to significantly reduce carbon emissions and enhance overall energy efficiency.

3. Urbanization and Traffic Congestion: The increasing urbanization and the consequent rise in traffic congestion are escalating the demand for autonomous vehicles. The automation of driving functions promises to mitigate traffic congestion, reduce accidents, and optimize transportation systems in densely populated urban areas.

4. Consumer Acceptance: Growing consumer acceptance and a shift in perception towards autonomous vehicles are key catalysts for market expansion. As trust in the technology grows, consumers are more willing to embrace the convenience and safety offered by autonomous vehicles.

Market Segmentation:

The autonomous vehicle market includes various segments, including:

Type: Based on type, the market is segmented into semi-autonomous and fully-autonomous (Level 4/5).

Propulsion Type: Based on propulsion type, the market is divided into internal combustion engine (ICE), battery electric vehicles (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV).

Mobility: Based on Mobility, the market is classified into personal mobility and shared mobility.

Component: Based on Component, the market is bifurcated into ultrasonic, lidar, radar, vision system, GPS receiver, and others.

Geographical Regions: Based on region, the market is analysed into North America, Europe, and Asia-Pacific, and Rest of World (RoW).

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Outlook and Future Prospects:

The rising popularity of electric vehicles (EVs) is driven by soaring fossil fuel prices and a growing environmental consciousness. This shift is expected to open up a plethora of opportunities for the autonomous vehicle (AV) market in the years to come. The AV market is further fueled by factors such as the increasing demand for high-performance and low-emission vehicles, stringent government regulations on vehicle emissions, declining battery costs, and surging fuel prices.

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Due to a global semiconductor shortage, several automakers have been compelled to reduce production output, and some have even been forced to halt production entirely. This has led to extended wait times for popular, feature-laden, and high-end passenger vehicles. The automotive industry has suffered significant financial losses as a result of this semiconductor scarcity, as these chips are essential components for a wide range of automotive functions, including sensing systems, safety features, power management, information displays, and vehicle control systems.

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Regional Dominance:

Asia Pacific region is a leading force in the autonomous vehicle market and is poised to maintain its position during the projected period. This dominance stems from several factors, including rising vehicle automation, government policies mandating driver assistance systems to curb traffic accidents, and the increasing adoption of ADAS technology in small cars. Technological advancements further fuel the growth of the AV market.

On the other hand, the North American autonomous vehicle market is expected to exhibit steady growth, driven by factors such as increasing demand for passenger cars, commercial vehicles, and two-wheelers, OEMs' strategic investments to expand their presence in the region, stringent emission regulations, developments in the electric vehicle market, and the growing market shares of both original equipment manufacturers (OEMs) and original equipment suppliers (OESs).

Competitive Landscape:

The autonomous vehicle market comprises of various players such as Volkswagen, BMW AG, Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Honda Motor Corp., Nissan-Renault-Mitsubishi Alliance, Tesla, Inc., Toyota Motor Corp., Baidu and AB Volvo among countries. These market players are adopting business expansion and collaboration across various regions to maintain their dominance in the autonomous vehicle market.

For instance, in September 2021, General Motors' venture capital arm invested in Oculli, a US-based startup developing software for radar sensors used in self-driving cars. This investment will allow GM to use Oculli's low-cost software to improve the resolution of radar sensors and scale up its partially automated and fully self-driving vehicles.

Moreover, Mercedes-Benz unveiled plans in September 2021 to incorporate brain-computer interface (BCI) technology into its VISION AVTR concept car. This innovative advancement establishes a direct link between the human brain and the vehicle, transcending conventional biometric interaction methods. After a brief calibration process, a BCI device worn by the user monitors brain waves and triggers corresponding vehicle functions. BCI technology enables real-time communication between the user's mind and the vehicle, establishing a seamless and intuitive driving experience.

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This release was published on openPR.