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Autonomous Vehicles Market Research Report Information By Type (Fully Autonomous and Semi-Autonomous), By Vehicle Type (Passenger Cars and Commercial Vehicles), And By Region (North America, Europe, Asia-Pacific, And the Rest Of The World) –Industry Size, Share and Forecast Till 2032

ID: MRFR/SEM/0514-CR | 110 Pages | Author: Shubham Munde| February 2020

Autonomous Vehicles Market Overview:

Autonomous Vehicles Market Size was valued at USD 26.6 Billion in 2023. The Autonomous Vehicles market industry is projected to grow from USD 28.6 Billion in 2024 to USD 145.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.20% during the forecast period (2024 - 2032). Increased demand for advanced automotive safety and automated energy-efficient vehicles are the key market drivers enhancing the market growth.

Autonomous Vehicles Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Autonomous Vehicles Market Trends

  • Growing demand for modern automotive safety and energy-efficient vehicles is driving the market growth.

Market CAGR for autonomous vehicles is being driven by the growing demand for modern automotive safety and energy-efficient vehicles. There is an increase in the acquisition of emission-free and fuel or energy-efficient vehicles. The manifestation of the strict emission norms has pushed the automakers to innovate new generation clean energy vehicles, like EVs, battery electric vehicles, and others. Furthermore, the growing incidents of road accidents because of human error or the absence of safety features in automobiles are boosting the requirement for autonomous vehicles.

The increase in the adoption of energy-efficient vehicles as an alternative to conventional fossil fuel powered vehicles is due to the growing fossil-fuel prices, as there is limited availability of the same. A significant level of autonomy and modern technologies are equipped in these vehicles to run. Therefore, they avail enhanced efficiency through efficient driving and controlled energy consumption. There is a global growth in demand for improved clean energy autonomous vehicles across the worldwide population is boosting the market growth. The manufacturers are emphasizing collaborating with autonomous cars technology developers in order to meet the requirement of the growing population. Autonomous vehicles are equipped with modern safety technologies like parking assistance systems, adaptive cruise control, blind spot detection systems, and other benefits. The manufacturers are aiming to develop driverless cars and related technologies that will help the automobile to monitor the surrounding of the vehicle and take control of the car in different situations in order to prevent crashes due to lack of safety features.

With the development of AI-based cameras like SWIR for self-driving cars, the autonomous vehicle market is gaining unprecedented technological development. Worldwide regulators have employed developing policy and legislative frameworks for the technologically evolving market. The companies have started to incline their development and resource efforts towards delivery vehicles and automated trucks in response to difficulties in commercializing Maas. The perception of go-anywhere robo-taxis has proven to be more complex than predicted due to the self-driving cars market demand and technological challenges. Thus, driving the Autonomous Vehicles market revenue.

Autonomous Vehicles Market Segment Insights:

Autonomous Vehicles Type Insights

The Autonomous Vehicles Market segmentation, based on type, includes Fully Autonomous and Semi-Autonomous. The semi-autonomous segment dominated the market, accounting for the largest market revenue. Semi-autonomous technology is available in almost all new-generation vehicles for efficient driving. Hence, the adoption of semi-autonomous vehicles is increasing, with features like ADAS, autopilot, automated vehicle braking, and parking systems, and others are likely to boost the market growth. The fully autonomous segment is the fastest-growing in the autonomous vehicle market as it has improved road safety without human interaction, hence, reducing car crashes.

Autonomous Vehicles Vehicle Type Insights

The Autonomous Vehicles Market segmentation, based on vehicle type, includes the Passenger Cars and Commercial Vehicles. The passenger cars segment dominates the market as people prefer private transport means to avoid overcrowded public transport. There is an increasing requirement for the automated SUV, and after the pandemic, maintaining social distancing drives has increased the adoption of passenger cars. The commercial vehicle segment is the fastest growing segment in the autonomous vehicles market as these vehicles have fixed paths and more distance traveled and thus creating fatigue for the drivers. Therefore, autonomous vehicles can be more applicable to this situation and prevent accidents.

Figure 1: Autonomous Vehicles Market, by Vehicle Type, 2022 & 2032 (USD Billion)

Autonomous Vehicles Market, by Vehicle Type, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Autonomous Vehicles Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North American Autonomous Vehicles dominate the market as they emphasize the integration of autonomous vehicle use with certain requirements. The government is funding research and development and initiating programs to avail safe autonomous vehicle deployment, thus boosting the rise of the market in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Autonomous Vehicles Market SHARE BY REGION 2022 (USD Billion)

Autonomous Vehicles Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Autonomous Vehicles market accounts for the second-largest market share because the region emphasizes its position by providing early regularization for the adoption of autonomous vehicles. Further, the German Autonomous Vehicles market held the largest market share, and the UK Autonomous Vehicles market was the rapid-growing market in the European region.

The Asia-Pacific Autonomous Vehicles Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing adoption of autonomous vehicles owing to the demand for safety, compelling transit features, efficient traffic, and avoiding road accidents. Moreover, China’s Autonomous Vehicles market held the largest market share, and the Indian Autonomous Vehicles market was the rapid-growing market in the Asia-Pacific region.

Autonomous Vehicles Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to spread their product lines, which will help the Autonomous Vehicles market grow even more. Market participants are also undertaking a various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Autonomous Vehicles industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Autonomous Vehicles industry to benefit clients and increase the market sector. In recent years, the Autonomous Vehicles industry has offered some of the most significant advantages to medicine. Major players in the Autonomous Vehicles market, including Baidu Apollo, Toyota Motors Corp, Aurora, Denso, General Motors Company, Volkswagen AG, Nissan Motor Co., Ltd., Cruise LLC, Volvo Group, Ford Motor Company, Mercedes Benz AG, Lumotive LLC, AutoX Inc., Uber Technologies, Tesla, and others, are attempting to increase market demand by investing in research and development operations.

Volvo Group, founded in 1927, is a global leader in manufacturing trucks, buses, construction equipment, and marine & industrial engines, headquartered in Gothenburg, Sweden. The company's product portfolio includes Volvo, Volvo Penta, Rokbak, Renault Trucks, Prevost, Nova Bus, Mack, and Arquus. The group is committed to providing sustainable transport and infrastructure solutions. In January 2022, the autonomous driving feature Ride Pilot was launched by Volvo for its consumers in California. Ride Pilot will be approachable as a supplementary subscription on the company's coming fully electric model. With the help of Volvo Car's team of developers and the developers of Luminar, the autonomous driving software company Zeneact has developed this Ride Pilot software. The setup includes sensors, like Luminar's cutting-edge Iris LiDAR sensor, that work with the developed software.

Cruise LLC, founded in 2013, is a leading autonomous vehicle company that develops the most modern and advanced self-driving cars with safety. It is a large autonomous subsidiary of general motors. Cruise LLC is a leader in producing autonomous type of cars in America, which was acquired by General Motors in 2016. In January 2020, they launched Origin, which is a fully autonomous car without the need to steer or pedal. The Origin functions on level five of autonomous driving technology. It has a lifespan of one million miles, designed for highway speeds. The Origin can be utilized as a taxi under the riding-sharing service provided by Cruise and would not be owned as a personal vehicle.

Key Companies in the Autonomous Vehicles market include

  • Baidu Apollo

  • Toyota Motors Corp

  • Aurora

  • Denso

  • General motors Company

  • Volkswagen AG

  • Nissan Motor Co., Ltd.

  • Cruise LLC

  • Volvo Group

  • Ford Motor Company

  • Mercedes Benz AG

  • Lumotive LLC

  • AutoX Inc.

  • Uber Technologies

  • Tesla

Autonomous Vehicles Industry Developments

March 2022: Baidu Apollo announced that they are allowed by the California Department of the Motor Vehicles (CMV). This permit will allow the company to test the driverless vehicles on public roads in the state.

April 2021: The new version of Lexus LS and Toyota Mirai in Japan was launched by Toyota Motor Corp., where both will be equipped with Advanced Drive features of level 2 autonomous systems. This system will help to keep the car in its lane and maintain distance from another vehicle, and provide advanced-driver assistance and help in lane changes.

February 2021: In order to build and deploy self-driving cars on a large scale, Aurora announced its entrance into a strategic collaboration with Toyota and Denso. This collaboration will help in driverless vehicle development and testing that are equipped with the Aurora Driver, starting with the Toyota Sienna. The company anticipates to start testing an initial fleet of Siennas by the end of 2021.

Autonomous Vehicles Market Segmentation:

Autonomous Vehicles Type Outlook

  • Fully Autonomous

  • Semi-Autonomous

Autonomous Vehicles Vehicle Type Outlook

  • Passenger Cars

  • Commercial Vehicles

Autonomous Vehicles Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 26.6 Billion
Market Size 2024 USD 28.6 Billion
Market Size 2032 USD 145.3 Billion
Compound Annual Growth Rate (CAGR) 21.20% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2021- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Vehicle Type, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Baidu Apollo, Toyota Motors Corp, Aurora, Denso, General Motors Company, Volkswagen AG, Nissan Motor Co., Ltd., Cruise LLC, Volvo Group, Ford Motor Company, Mercedes Benz AG, Lumotive LLC, AutoX Inc., Uber Technologies, Tesla  
Key Market Opportunities Rise in sales of vehicles and demand for autonomous vehicles globally.
Key Market Dynamics Increase adoption of modern safety systems.

Frequently Asked Questions (FAQ) :

The Autonomous Vehicles Market size was valued at USD 26.6 Billion in 2023.

The global market is foreseen to grow at a CAGR of 21.20% during the forecast period, 2024-2032.

North America had largest share of the global market

The key players in the market are Baidu Apollo, Toyota Motors Corp, Aurora, Denso, General Motors Company, Volkswagen AG, Nissan Motor Co., Ltd., Cruise LLC, Volvo Group, Ford Motor Company, Mercedes Benz AG, Lumotive LLC, AutoX Inc., Uber Technologies, Tesla.

The semi-autonomous dominated the market in 2022.

Passenger cars had the largest share of the global market.

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