Autonomous Vehicles Market will exhibit a CAGR of 22.3% in the forecast period of 2020 to 2030 and is expected to reach USD 125.67 billion by 2030.
Globally, the autonomous vehicles market size is set to grow at a CAGR of 22.3%, estimated to reach USD 125.67 Billion by 2030 driven by the rising adoption of advanced safety systems and driver assistance features.
The growing global demand for autonomous vehicles due to their convenient features accelerates their sales rate. The benefits and significance of unmanned vehicles are emerging among the public. This eliminates the need for traditional vehicles as self-driving cars have advanced and innovative features. These vehicles prevent the risk of a road crash as it is assembled with higher security and safety. It also eliminates the driver’s wage and is considered the best choice for disabled individuals. These features are accelerating the Global Autonomous Vehicles Market demand.
The current models of luxurious cars, such as the BMW, Audi, and Mercedes-Benz, includes level 1 automation. Due to this feature, the demand and sales of way cars are driving globally. The other models with level 2 automation include Tesla Autopilot, Mercedes-Benz Drive Pilot, Volvo Pilot Assist, and Cadillac Super Cruise. Conditional automation is called Level 3 automation. These features are highly accelerating the autonomous vehicles market trends.
The Autonomous Vehicles industry is gaining opportunities due to awareness of environmental concerns. The awareness among people to reduce carbon dioxide emissions and these autonomous vehicles are known for less reduction creates good growth opportunities. The accident cases have decreased with the usage of these vehicles. Also, the need for low battery capacity and less gas consumption vehicles is driving the Autonomous Vehicles Market growth rate.
The COVID-19 epidemic has had an influence on the automobile sector as a whole, forcing manufacturers to reduce output at their factories. Many OEMs' operations, from production to R&D, have been impacted by COVID-19, causing short-term interruptions and delaying the implementation and rollout of autonomous vehicles.
The increased number of benefits offered by unmanned vehicles as compared to traditional vehicles, such as reduced road-crash risk, enhanced safety and security, elimination of driver wages, secured mobility for disabled individuals and non-drivers, and increased comfort and flexibility offered by seamless operative systems, is attributed to the Autonomous Vehicles Market Share.
Cars having level 1-3 automation capabilities have been classified as semi-autonomous vehicles, according to SAE (Society of Automotive Engineers) International automated driving guidelines.
Most current car models from major automakers such as Audi, BMW, and Mercedes-Benz include level 1 automation as a standard feature. Models with level 2 automation capabilities include the Volvo Pilot Assist, Mercedes-Benz Drive Pilot, Tesla Autopilot, and Cadillac Super Cruise. Conditional automation is a type of Level 3 automation.
The reduction of carbon dioxide emissions from autonomous vehicles, as well as the elimination of accidents caused by human mistakes, are driving the Autonomous Vehicles Market forward. Furthermore, low battery capacity and gas consumption by autonomous vehicles, as well as growing market penetration in the automotive sector, all contribute to the Autonomous Vehicles Market Share.
Even during the pandemic, autonomous cars had a boost in sales, with roughly 11.2 million automobiles with level 2 characteristics sold in 2020, up 78 percent from 2019. Automakers all around the world are releasing new level 2 autonomous car models to meet the demand.
This claimed expansion is hampered by a low customer adoption ratio and the looming threat of hackers in the driving operation. The expensive cost of components for autonomous vehicles, on the other hand, may limit Autonomous Vehicles Market expansion in emerging or underdeveloped countries.
Some of the restraints that may stymie the growth of autonomous and semi-autonomous vehicles include a lack of infrastructure to support autonomous vehicles in developing countries, concerns about cyber security and the safety of users' personal data, and consumers' reluctance to accept fully autonomous vehicles.
During the projection period of 2020 to 2027, the market for self-driving vehicles is predicted to develop at a CAGR of roughly 63.5 percent. Autonomous automobiles are vehicles that are capable of sensing their surroundings and operating independently of human intervention. An autonomous vehicle is equipped with a fully automated driving system that enables it to respond to external conditions in the same way that a human driver would.
Manufacturers have been able to develop self-driving capabilities in cars thanks to recent technology advancements in the domains of artificial intelligence, machine learning, and other sensors such as RADAR, LIDAR, GPS, and computer vision. Though levels of autonomy vary, prominent firms are striving to integrate more powerful control systems into cars that can interpret sensory inputs to identify signboards or prevent crashes.
The global Autonomous Vehicles market is divided into different segments by component. Here the largest Autonomous Vehicles Market share and sub-segments are given below.
One of LiDAR's main advantages is the large number of areas where it can be improved. Solid-state sensors, which might halve the cost, sensor range expansions of up to 200m, and 4-dimensional LiDAR, which measures an object's velocity as well as its position in 3-D space, are among them. Despite these exciting advancements, LiDAR is still hampered by one major factor: its high cost. Its benefits include accurate depth perception, which allows LiDAR to know the distance to an object to within a few centimeters at distances of up to 60 meters. It's also ideal for 3D mapping, which means returning vehicles can navigate the area more predictably, which is a big plus for most self-driving systems.
During the projected period, North America is expected to lead the Autonomous Vehicles Market. The region has been a pioneer in the field of autonomous vehicles due to factors such as strong and established automotive firm clusters, as well as being home to the world's largest technological giants such as Google, Microsoft, Apple, and others. In California, Texas, Arizona, Washington, Michigan, and other places in the United States, self-driving cars have already been tested and used.
North America dominated the global HD maps for the autonomous vehicle market in 2019, and this trend is expected to continue during the forecast period. Due to rising per capita disposable income, rising living standards, evolving traffic norms, and increased investments in the automotive sector, the Asia Pacific Autonomous Vehicles industry is likely to gain pace throughout the forecast period.
Prior acceptance of innovative technologies and vehicle advancement are the primary reasons for driving regional growth. Furthermore, the increased demand for semi-autonomous vehicles in the region, particularly in the United States and Canada, is expected to enhance the Autonomous Vehicles Market growth. Furthermore, increased investment from technological innovators such as Microsoft, Google, and Delphi Automotive is expected to propel the area to the forefront of autonomous vehicle adoption, followed by Europe and Asia Pacific.
General Motors, Daimler AG, Ford Motor Company, Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi alliance, Volvo-Autoliv-Ericsson-Zenuity alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, and Tesla Inc. are among the important firms highlighted in the research. Robert Bosch GMBH, Aptiv, Continental AG, and Denso Corporation are some of the other car suppliers. Waymo, NVIDIA Corporation, Intel Corporation, Baidu, and Samsung are among the technology vendors. Uber, Lyft, and Didi Chuxing are among the companies that use AV as a service provider.
Key Players and Market Share Insights
Tesla is now recognized as the most trusted brand with fully developed autonomous vehicles. Recent studies state that Tesla has topped the list with 32 % votes. It has beaten Toyota with 19 % and BMW with 18 %. Tesla has claimed the crown for its enhanced safety and reliable features. The Tesla owner will sign up as volunteers to help with the demo of level-2 semi-autonomous.
This report provides all the information about the growth of the global Autonomous Vehicles market in the forecast period. There are different sections available that help to get in-depth information such as opportunities, challenges, drivers, COVID-19 analysis, regional analysis, competitive landscape, market Statistics, and others. All of the information is gathered from primary and secondary sources to provide the expected market growth of Autonomous Vehicles by 2027.
|Market Size||USD 125.67 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Sensors, Hardware and Software|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hitachi, Ltd. (Japan), Continental AG (Germany), Intel Corporation (U.S.), Renesas Electronics Corporation (Japan), Nvidia Corporation (U.S.), ZF Friedrichshafen AG (Germany), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Autoliv Inc. (Sweden) and Bosch (Germany)|
|Key Market Opportunities||
|Key Market Drivers||
The Autonomous vehicles (AVs) Market is set to grow at a CAGR of 22.3%, estimated to reach USD 125.67 billion by 2030
General Motors, Volkswagen, Google, BMW, and Ford Motor Company leading in autonomous driving
Lack of proper infrastructure and trained personnel can hinder the autonomous vehicles market expansion.
The rise in need to curb human errors that can lead to accidents is a major factor that is expected to cause the autonomous vehicles market surge.
The high adoption of radar sensors is likely to cause the radar sensor segment expand at 29.2% CAGR between 2022 and 2030. Other sensors that are used are LIDAR, ultrasonic, and image.
MRFR study suggests that the autonomous vehicles market in APAC is expected to thrive at 29.02% CAGR during the study period due to technological advancement.
Autonomous vehicles are robot cars that cab sense its environment and navigate with no input from humans.