Autonomous Vehicle Market to Reach USD 4,372.74 Billion by 2032; Development of Interconnected Infrastructure and Advanced Safety Features to Propel Growth
Autonomous vehicle industry is growing at a CAGR of 40.43% from 2023 to 2032. The government’s growing focus on the enhancement of vehicles along with safety and pedestrians, advancement in technology, ADAS & safety features driving market growth. North America emerged as the largest market for the global Autonomous Vehicle market, with a 41.42% share of the market revenue in last year.
Newark, Jan. 02, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global autonomous vehicle market is expected to grow from USD 147.54 Billion in 2022 to USD 4,372.74 Billion by 2032, at a CAGR of 40.43% during the forecast period 2023-2032.
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. For instance, 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.
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To enhance their market position in the global Autonomous Vehicle market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2018: Toyota revealed the “e-Palette” concept vehicle. It is a fully electric autonomous vehicle that can be customized by partners based on their applications like ridesharing (Uber), food deliveries (Pizza Hut) and storefronts (Amazon). These factors are helping the organization expand its market share in the Autonomous Vehicle market.
Market Growth & Trends
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. 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. 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.
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• In 2022, the hardware segment dominated the market with the largest market share of 53.21% and market revenue of USD 78.51 Billion.
The component segment is divided into hardware and software and services. In 2022, the hardware segment dominated the market with the largest market share of 53.21% and market revenue of USD 78.51 Billion. The leading organizations invest substantial amounts in hardware, piloting, and testing the vehicles.
• In 2022, the transportation segment dominated the market with the largest market share of 92.25% and market revenue of USD 136.11 Billion.
The application segment is divided into transportation and defense. In 2022, the transportation segment dominated the market with the largest market share of 92.25% and market revenue of USD 136.11 Billion. This market share is attributed to the growing adoption of autonomous vehicles in transportation.
Regional Segment Analysis of the Autonomous Vehicle Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Autonomous Vehicle industry, with a market share of 41.42% and a market value of around USD 61.11 Billion 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. The Asia Pacific region shows the fastest growth rate as there is growing demand for an efficient, safe and convenient driving experience.
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Key players operating in the global Autonomous Vehicle market are:
• AUDI AG
• TOYOTA MOTOR CORPORATION
• BMW AG
• Google LLC
• Nissan Motor Co., Ltd.
• Ford Motor Company
• General Motors
• Volvo Car Corporation
• Mercedes-Benz Group AG
• Uber Technologies Inc.
• Honda Motor Co. Ltd.
• Volkswagen Group
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:
• Software and services
Global Autonomous Vehicle Market by Application:
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About the report:
The global Autonomous Vehicle market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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