An autonomous vehicle refers to the type of vehicle that senses the environment and performs the operations even in the absence of the humans. This vehicle utilizes a fully automated driving system to enable the vehicle to respond to the external conditions which can be managed by a human driver. These vehicles develop and maintain a map of its surroundings using sensors present in the different parts of the vehicle. The adaptive cruise control in the autonomous vehicle has the ability to adjust the speed of the vehicle automatically and ensures that the vehicle maintains a safe distance from the other traffic present on the road.

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The significant factors that are fuelling the growth of the global autonomous vehicle market include favorable government policies and initiatives for self-driving technology and growth in the investments for connected vehicle technology. In parallel, several technological advancements and research & development activities for the development of autonomous vehicles which are attracting many customers to the market in the coming years. The strong demand for the reliable transportation system, implementation of technology, along with the inclination towards revolutionary trends like the transition from car ownership to mobility as a service, will create innumerable growth opportunities in the market.

The autonomous vehicles offer numerous exceptional benefits such as the reduction in traffic congestion, increased safety level, enhanced walkability & livability, decrease in the carbon dioxide emissions, and reduced transportation costs. Simultaneously, the rising investments by the OEMs for introducing self-driving technology to enhance the user’s driving experience and for the development of digital infrastructure has led to the growth in the market. The factors hampering the growth of the global autonomous vehicle market include the absence of the proper infrastructure across the developing economies and cybersecurity concerns.

The emergence of the COVID-19 pandemic is likely to cause an adverse impact on the global autonomous vehicle market. The main reason behind the effect is the delay in the self-driving development programs and the reduced amount of investment in the research & development activities in 2020.

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Based on the component type, the artificial intelligence segment is expected to grow at a higher CAGR over the forecast period owing to the rising integration of artificial intelligence in an autonomous vehicles. Artificial intelligence provides vehicles the benefit to navigate traffic and complex situations, enhances safety, and monitors the behavior of the user and driver, which will also lead to the growth of this segment.

Based on the fuel type, the battery electric vehicle segment is anticipated to increase at a higher CAGR during the forecast period due to the favorable government initiatives and subsidies for the adoption of battery electric vehicles. Additionally, the rising concerns for green-house gas emissions and growing advancements are some factors fuelling the market growth if this segment.

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Based on the region, the North America region is anticipated to grow at a higher compound annual growth rate during the forecast period owing to the high adoption of autonomous vehicles and the increasing investments by the automotive manufacturers in the auto-technology. Furthermore, the rising technological advancements for the development of autonomous vehicles and several product launches will further energize the growth of the market.

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 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.

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 2019 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?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component Type, By Fuel Type, By Level of Automation, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Robert Bosch, BMW AG, Continental AG, Daimler AG, Volkswagen AG, Nissan, General Motors, Hyundai, Tesla, and Toyota Motor Corporation, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

 

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 Vehicle Market (Option 1: As a part of the free 25% customization)

• • • North America Autonomous Vehicle Market by Component Type
    • North America Autonomous Vehicle Market by Fuel Type
    • North America Autonomous Vehicle Market by Level of Automation
    • US All-Up Autonomous Vehicle Market
    • Canada All-Up Autonomous Vehicle Market

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

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

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

• • • Asia-Pacific Autonomous Vehicle Market by Component Type
    • Asia-Pacific Autonomous Vehicle Market by Fuel Type
    • Asia-Pacific Autonomous Vehicle Market by Level of Automation
    • China All-Up Autonomous Vehicle Market
    • India All-Up Autonomous Vehicle Market
    • Japan All-Up Autonomous Vehicle Market
    • Rest of APAC All-Up Autonomous Vehicle Market

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

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

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