June 2024 | Report Format: Electronic (PDF)
Autonomous Vehicle Market Growth & Trends
The global autonomous vehicle market size is expected to reach USD 214.32 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 21.9% from 2023 to 2030. The potential of autonomous vehicles to optimize traffic flow, reduce congestion, and enhance fuel efficiency serves as a significant driver for the growing autonomous market. This capability allures businesses by promising cost-efficient transportation solutions, offering reduced idle time and lower operational expenses. Concurrently, consumers are attracted to the prospect of quicker and more predictable travel experiences. As vehicles demonstrate their potential to impact traffic and travel experiences positively, they gain public acceptance, driving market growth.
Advancements in artificial intelligence (AI), machine learning (ML), sensor technology, and connectivity have significantly enhanced the feasibility of autonomous vehicles. These innovations allow vehicles to gather and process real-time data from their surroundings, enabling them to perceive the environment, identify obstacles, and make split-second decisions autonomously. This evolution in technology has been pivotal in making the concept of self-driving cars a practical reality. For instance, Companies such as Waymo LLC, owned by Alphabet Inc., Tesla, Inc., NVIDIA Corporation, and Mobileye Global Inc., owned by Intel Corporation, have been utilizing advancements in artificial intelligence, machine learning, and sensor technologies to enhance the feasibility of autonomous vehicles.
The growing acceptance and interest among consumers in autonomous vehicles are fundamental in driving the market’s growth. As familiarity with the technology increases, accompanied by positive experiences and successful demonstrations of autonomous vehicle capabilities, consumer trust and confidence in these vehicles rise. This increased trust leads to a greater willingness among consumers to adopt and utilize autonomous vehicles, creating a rising demand for this innovative mode of transportation. Moreover, as more people experience the convenience, safety, and potential cost-effectiveness of autonomous vehicles, it significantly contributes to encouraging further adoption and stimulating market growth through increased consumer demand and acceptance.
There’s been a proactive approach by governments in North America to create supportive regulatory frameworks and infrastructure for autonomous vehicles. States such as California and cities such as Phoenix, Arizona, have been hubs for testing and deploying autonomous vehicles, providing an environment conducive to growth and development in the industry. North American consumers have shown increasing interest and openness toward adopting autonomous vehicles, particularly in urban centers with high traffic congestion. As people become more aware of the potential benefits, such as increased safety and convenience, the demand for these vehicles grows. North American consumers have shown increasing interest and openness toward adopting autonomous vehicles, particularly in urban centers with high traffic congestion.
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Autonomous Vehicle Market Report
Autonomous Vehicle Market Report Highlights
- The autonomous vehicle industry is expanding rapidly due to technological advancements that promise safer, more efficient transportation solutions, alongside increasing consumer acceptance and substantial investments from both tech and automotive industries.
- The passenger vehicle segment dominated the market with a share of 71.4% in 2022. Autonomous passenger vehicles offer the potential for hands-free and stress-free commuting, appealing to individuals seeking a more relaxed and productive travel experience.
- The transportation segment is dominated the market with a share of 87.7% in 2022. The integration of autonomous features can enhance safety in transportation. Advanced sensors and AI systems can detect hazards, reduce accidents, and ensure more reliable and consistent delivery times.
- Ongoing advancements in autonomous vehicle technology, including improved sensors, AI algorithms, and connectivity, have made it more feasible to deploy passenger autonomous vehicles. These advancements have increased confidence in the safety and reliability of these vehicles, driving consumer interest.
Autonomous Vehicle Market Segmentation
Grand View Research has segmented the global autonomous vehicle market based on vehicle type, level of autonomy, application, and region:
Autonomous Vehicle Type Outlook (Revenue, USD Million, 2017–2030)
- Passenger Vehicle
- Commercial Vehicle
Autonomous Vehicle Level of Autonomy Outlook (Revenue, USD Million, 2017–2030)
- Level 1
- Level 2
- Level 3
- Level 4 & 5
Autonomous Vehicle Application Outlook (Revenue, USD Million, 2017–2030)
- Transportation
- Industrial
- Commercial
- Personal
- Defense
List of Key Players in the Autonomous Vehicle Market
- AB Volvo
- Bayerische Motoren Werke AG
- Ford Motor Company
- General Motors
- Hyundai Motor Group
- Mercedes-Benz AG
- Renault SA
- Tesla, Inc
- Toyota Motor Corporation
- Volkswagen Group
