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The global Autonomous Vehicle market was valued at USD 147.54 Billion in 2022 and growing at a CAGR of 40.43% from 2023 to 2032. The market is expected to reach USD 4,372.74 Billion by 2032. This market growth is attributed to several factors, such as the development of interconnected infrastructure with the advancement in technology, reduction in traffic congestion, and enhancement of safety measures. The recent trend suggests increased investment and collaboration among organizations working in the autonomous vehicle domain. Hence, the government's growing focus on the enhancement of vehicles along with safety and pedestrians, advancement in technology, ADAS & safety features, and advanced safety features offered by OEMs are some of the factors driving the growth of the autonomous vehicle market.
Self-driving car is a feasible project. In the coming 5 to 15 years, self-driving vehicles will become common as automotive manufacturers and technology organizations start mass-producing autonomous vehicles, which depend on the combination of AI, cloud, advanced sensors, and analytics to operate. These factors are propelling the growth of the autonomous vehicle market. Based on one of the studies, there was a prediction that around 200,000 fully autonomous ride-hailing automobiles would be operating in around 15 major cities by 2030; each vehicle would generate a yearly profit of USD 13,000. Similarly, based on the studies by the National Highway Traffic Safety Administration in 2017, the increase in the number of autonomous vehicles has the possibility to impact industries like insurance, healthcare, internet, and infrastructure. The adoption of autonomous vehicles helps in improving safety. More than 90% of the traffic accidents are due to human error. There were around 40,000 traffic fatalities in the US and around 1.2 million globally yearly. Hence, the removal of humans from driving substantially decreases accidents, which helps both vehicle-related injury and mortality. It also decreases healthcare spending and provides the revenue opportunity for property and casual insurance. The main difference between level 3 and level 4 automation is that the level 4 vehicles could interfere if there is some system failure or something goes wrong. Level 4 autonomous cars generally do not require human interaction in most circumstances. Such vehicles could operate fine in self-driving mode but are restricted to a limited area, like the urban area, where the top average speed could be around 30mph. The restriction will be there till the legislation and the infrastructure evolves. This restriction is known as geofencing, and most level 4 vehicles available focus on ridesharing. For instance, NAVYA, a French company, manufactures and sells level 4 shuttles and cabs in the US; they are electric cars with a speed of 55mph. All these factors drive autonomous cars in the market.
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Increase in investment by the companies for the autonomous car– Many technology giants, automaker organizations, and start-up specialist companies have invested around USD 50 Billion in the last five years in developing autonomous vehicles and their technology. Based on one of the studies, around 70 per cent of the investment is from the non-automotive sector. Public authorities are observing its huge potential and the economic and social benefits it could offer. Many companies are launching their R&D project to develop autonomous vehicle technology; for instance, Chinese electric vehicle maker Nio has relaunched its homegrown Level 4 self-driving technology R&D project. Based on one of the studies, it was estimated that the automaker expected around 1 million robotaxis in 2020. In the next two years, Tesla plans to make a car without steering wheels, pedals, etc. All these factors are driving the Autonomous Vehicle market.
Safety restraints for AI Autonomous Cars– Carmakers plan to invest in autonomous cars. Many companies involved in the making of autonomous cars are planning to remove the gas pedal, brake pedal and steering wheel as these are used for human drivers, and in driverless cars, there would be no need for drivers. These factors are against the safety regulations at present, so these factors would act as a restraint for the market. Also, it is considered that digital security features are not completely secure, which could lead to a malicious attack on software and technology. All these factors would hamper the market.
Collaboration and advancement in technology – Volvo and Baidu have also announced a strategic partnership for developing Level 4 electric vehicles together. It is planned to serve the robotaxi market in China. Similarly, Magna, a Canadian automotive supplier, has developed a technology called MAX4 to provide level 4 capabilities to urban and highway environments. The organization works with Lyft to supply high-tech kits that turn vehicles into self-driving cars. WeRide was fully open to the public in November 2019. It is very crucial to improve the vehicle’s motion perception competence in the future. High-precision positioning could be achieved by integrating high-precision positioning modules composed of IMU, 5G modules, and High-definition maps. May Mobility, a single-car intelligence or strong field terminal solution, is the way for the L4 autonomous driving. Still, in the long run, companies focus on a collaborative vehicle infrastructure system (CVIS) as the mainstream technology for L4 autonomous driving. All these factors would propel the market in the forecasting period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global Autonomous Vehicle market, with a 41.42% share of the market revenue in 2022. This lion's share is attributed to many amendments which are taking place in the traffic regulations for incorporating autonomous vehicles on public roads in the US. These regulations are slowly being adopted in every state of the US, which would help make transportation completely autonomous. All these factors are driving the Autonomous Vehicle market in the region.
North America Region Autonomous Vehicle Market Share in 2022 - 41.42%
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The component segment is divided into hardware and software and services. The hardware segment dominated the market, with a market share of around 53.21% in 2022. This market share is attributed to several automotive manufacturers investing in developing advanced hardware systems for autonomous cars. The leading organizations invest substantial amounts in hardware, piloting, and testing the vehicles.
The application segment is divided into transportation and defense. The transportation segment dominated the market, with a market share of around 92.25% in 2022. This market share is attributed to the growing adoption of autonomous vehicles in transportation. For instance, Alphabet’s Waymo has shown the level 4 self-driving taxi service in Arizona. The company has tested driverless cars without any safety drivers. It has been tested for around 10 million miles. These factors contribute to the share of the segment.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 147.54 Billion |
| Market size value in 2032 | USD 4,372.74 Billion |
| CAGR (2023 to 2032) | 40.43% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Component and Application |
North America region emerged as the largest market for the Autonomous Vehicle.
The market's growth will be influenced by increase in investment by the companies for the autonomous car.
Safety restraints for AI autonomous cars could hamper the market growth.
Collaboration and advancement in technology will provide huge opportunities to the market.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Autonomous Vehicle market based on below mentioned segments:
Global Autonomous Vehicle Market by Component:
Global Autonomous Vehicle Market by Application:
Global Autonomous Vehicle by Region:
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