Autonomous Vehicle Market

Global autonomous vehicle market touched USD 80.3 Billion in 2020 and is estimated to reach USD 1,577.8 Billion in 2028, the market is forecast to grow at a whopping CAGR of 45.1% during 2021 to 2028.

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Increasing investment in digital infrastructure, development of smart cities, intensified government allowances, and a supportive regulatory environment are some major factors driving the autonomous vehicle market growth. For example, in 2016, the UK government introduced the UK Autodrive project, jointly funded by the government and auto industry leaders, a separate group testing automated car systems. With the accelerating cases of road accidents due to human errors, the autonomous vehicles have experienced significant growth as they are relatively safe over manually controlled vehicles. Also, factors such as fuel efficiency, increased safety, decreased CO2 emissions, and a reduction in traffic congestion will contribute to the market growth. Rising technological advancements including machine learning, Internet of Things, and Artificial Intelligence and commercialization of autonomous vehicles are expected to fuel the autonomous vehicle market size over the upcoming years.

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Component Type Segment Analysis

Artificial intelligence segment is predicted to grow at a higher CAGR over the forecast period, primarily because of the ability of AI to navigate traffic and manage complicated situations, improve safety, and administer the behaviour of user as well as driver.

Fuel Type Segment Analysis

Battery electric vehicle segment is estimated to grow at a higher CAGR during the forecast period, due to the growing advancements in electric vehicle batteries. Further, strategic government initiatives which include tax incentives and subsidies for electric vehicle producers will drive the segment’s growth.

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Regional Segment Analysis

North America is predicted to witness a faster CAGR over the forecast period, owing to the innovations in transportation technology and changes in traffic rules to incorporate autonomous vehicles on public roads. Expansion in transportation sector, strategic government norms, and growing environmental concerns will drive the regional growth.

Asia Pacific is forecast to lead the market during the forecast period, primarily because of the growing demand for an effective, secure, and convenient driving experience. According to the Autonomous Vehicle Market Forecast, accelerating per-capita income in developing countries, strict safety norms, and rising partnerships by leading self-driving technology vendors will propel the market growth. For instance, in 2017, Baidu decided to invest USD 1,500 million on driverless car projects over the next three years to expand research & development activities.

Various notable players operating in the market include Robert Bosch, BMW AG, Continental AG, Daimler AG, Volkswagen AG, Nissan, General Motors, Hyundai, Tesla, and Toyota Motor Corporation, among others.

Key Developments:

• • In 2021, Honda Motor Co., Ltd. Decided to start a testing program for autonomous vehicles, which will expand autonomous vehicle mobility service (MaaS) business in Japan, which Honda has decided to design in partnership with Cruise and General Motors.
  • In 2021, General Motors Co’s venture capital arm invested in a startup Oculii based in the US to launch software for radar sensors for Autonomous / Self-driving cars. This investment will help GM to use Oculli’s cost-effective software to improve the resolution of radars and expand its partially automated vehicles and fully Autonomous / Self-driving cars.
  • In 2019, BMW AG and Daimler entered into a strategic partnership to develop automated driving technologies that include the level of automation up to SAE Level-4 and more. Through this partnership, the companies planned to develop a scalable platform for automated driving.
  • In 2019, Denso Corporation entered into a joint venture with Toyota to develop next-generation automotive-grade semiconductors and other components which can be used to provide power to the self-driving cars.
  • In 2019, BMW AG joined forces with Daimler to innovate automated driving technologies that include the level of automation up to SAE Level-4 and more. This partnership was intended to helo the companies planned to develop a scalable platform for automated driving.
  • In 2019, Denso Corporation entered into a joint venture with Toyota to develop next-generation automotive-grade semiconductors and other components which can be used to provide power to the self-driving cars.

The global autonomous vehicle market has been segmented on the basis of component type, fuel type, level of automation, and region. Based on the component type, the market is segmented into the camera, artificial intelligence, LiDAR, radar, and ultrasonic sensor. Based on the fuel type, the market is segmented into the internal combustion engine (ICE), battery electric vehicle (BEV), and hybrid electric vehicle (HEV). Based on the level of automation, the market is segmented into level-1, level-2, level-3, level-4, and level-5.

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Key questions answered in this research report:

• • At what pace is the global autonomous vehicle market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global autonomous vehicle market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global autonomous vehicle market?
  • Which component type generated maximum revenues in 2020 and identify the most promising products during the forecast period?
  • What are the various levels of automation in the autonomous vehicle, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Autonomous Vehicle Market by Component Type

• • Camera
  • Artificial Intelligence
  • LiDAR
  • Radar
  • Ultrasonic Sensor

Global Autonomous Vehicle Market by Fuel Type

• • Internal Combustion Engine (ICE)
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)

Global Autonomous Vehicle Market by Level of Automation

• • Level-1
  • Level-2
  • Level-3
  • Level-4
  • Level-5

Global Autonomous Vehicle Market by Region

• • North America Autonomous Vehicles Market (Option 1: As a part of the free 25% customization)

• • • By Component Type
    • By Fuel Type
    • By Level of Automation
    • US Market All-Up
    • Canada Market All-Up

• • Europe Autonomous Vehicles Market (Option 2: As a part of the free 25% Customization)

• • • By Component Type
    • By Fuel Type
    • By Level of Automation
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Autonomous Vehicles Market (Option 3: As a part of the free 25% Customization)

• • • By Component Type
    • By Fuel Type
    • By Level of Automation
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • RoW Autonomous Vehicles Market (Option 4: As a part of the free 25% Customization)

• • • By Component Type
    • By Fuel Type
    • By Level of Automation
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Autonomous Vehicle Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Robert Bosch
  • BMW AG
  • Continental AG
  • Daimler AG
  • Volkswagen AG
  • Nissan
  • General Motors
  • Hyundai
  • Tesla
  • Toyota Motor Corporation