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Autonomous Vehicles Market Size Expected to Rise US$ 265.01 Billion by 2031, Due to Surge in Urbanization and Smart City Initiatives

The Autonomous Vehicles Market, according to the SNS Insider report, reached a size of USD 54 Billion in 2023. This market is expected to reach a staggering USD 265.01 Billion by 2031, reflecting a robust Compound Annual Growth Rate (CAGR) of 22% throughout the forecast period from 2024 to 2031.

Safety & Efficiency Drive Autonomous Vehicle Future

The future holds significant advancements in autonomous driving despite basic driver-assistance systems (ADAS) being prevalent in most cars today,  Vehicles will eventually achieve Level 4 autonomy, allowing for driverless control in specific situations. Consumer interest in these features is on the rise, potentially generating billions in revenue for ADAS and autonomous vehicle (AV) technologies. However, delays in launching fully autonomous vehicles and initial low consumer adoption are foreseen. Estimates suggest 4%-12% of new cars sold in 2030 may have advanced AD features, rising to 17%-37% by 2035. Regardless of adoption pace, the safety benefits of autonomous vehicles are undeniable. Programmed to avoid accidents and adhere to traffic laws, they have the potential to significantly reduce road fatalities. Additionally, they offer environmental advantages by lowering CO2 emissions and economic growth through stimulating IT, technology, and electronics sectors. The versatility of these vehicles extends beyond passenger cars, with potential applications in industrial fleets, construction, public transportation, and agriculture.

Autonomous Vehicles Market
Autonomous Vehicles Market

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Leading Key Players of Autonomous Vehicles Market

  • Audi AG
  • Google LLC
  • Honda Motor Co. Ltd.
  • Nissan Motor Company
  • Tesla
  • Toyota Motor Corporation
  • Uber Technologies
  • BMW AG
  • Daimler AG
  • Ford Motor Company
  • General Motors
  • Nissan Motors Co. Ltd.
  • Tesla Inc.
  • Robert Bosch GMBH
  • Aptiv
  • Continental AG
  • Denso Corporation
  • Honda Motor Co.Ltd.
  • Toyota Motor Corporation
  • Volkswagen AG

Market Segmentation of Autonomous Vehicles

By Type:

  • Semi-Autonomous Vehicles
  • Fully-Autonomous Vehicles

By Automation Level:

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

By Application:

  • Civil
  • Defense
  • Construction
  • Transportation & Logistics
  • Freight

Regional Coverage

  • North America
  • Europe
  • Asia-Pacific
  • The Middle East & Africa
  • Latin America

ADAS Dominates AV Market, Transportation Leads Applications

The autonomous vehicle market is segmented by type (semi-autonomous vs. fully-autonomous), automation level (Levels 1-5), and application (civil, defense, construction, transportation & logistics, freight).

As of 2023, the semi-autonomous segment dominates with a 49% share, driven by the widespread adoption of basic ADAS features (Level 1) like lane-keeping assist and adaptive cruise control. These features offer convenience and safety at a relatively low cost compared to higher automation levels.

Within the automation level segmentation, Level 1 currently dominates, reflecting the dominance of basic ADAS features. However, the future belongs to Level 4 autonomy, where vehicles can operate without human intervention under specific conditions.

Looking at application segments, the transportation sector leads the pack with a 90% share in 2023. This dominance stems from the immense potential of autonomous technology to revolutionize transportation. From optimizing logistics and ridesharing to enhancing safety and efficiency, autonomous vehicles hold the promise to transform the way we move people and goods.

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Russia-Ukraine War and Economic Downturn Changed Autonomous Vehicle Market Outlook Despite Strong Regional Growth Potential

The autonomous vehicle market, despite promising regional growth, affected negatively from the ongoing Russia-Ukraine war. Disrupted supply chains and surging chip prices are delaying production and inflating costs for autonomous vehicles and their crucial components like LiDAR sensors.  Furthermore, rising fuel prices are dampening consumer interest in electric vehicles, often seen as ideal candidates for autonomous technology. An economic downturn could exacerbate these issues by discouraging investment in research and development, and reducing consumer spending, particularly on high-tech vehicles. Finally, job displacement concerns due to automation might create resistance to adopting autonomous vehicles in sectors like transportation and logistics.

Regional Developments

While North America currently leads the autonomous vehicle market with a 40% share thanks to its well-developed infrastructure, supportive government policies, and tech-savvy population, the Asia-Pacific region is poised for the fastest growth (28% CAGR) by 2031. This surge is driven by the need for solutions in densely populated cities.  The region’s focus on electric and connected vehicles aligns perfectly with autonomous technology, and government initiatives like China’s designated testing zones further accelerate development in Asia-Pacific.

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Key Takeaways For The Autonomous Vehicles Market

  • Understand the significant growth trajectory of the AV market, fueled by safety concerns, environmental benefits, and technological advancements.
  • Identify lucrative opportunities across various segments, including transportation & logistics, construction, and agriculture.
  • Gain insights into the dominance of North America and the high-growth potential of the Asia-Pacific region due to government support and focus on electric vehicles.
  • Be informed about potential headwinds such as supply chain disruptions, economic slowdowns, and consumer adoption hesitations.
  • Stay ahead of the curve with the latest developments like partnerships between automakers and software companies for mass production of robotaxis.

The autonomous vehicle market is witnessing continuous advancements with several noteworthy developments:

  • In July 2023, Volkswagen, a German automaker, announced plans to shift its focus from Argo AI and initiate trials of self-driving vehicles in Austin, Texas. The company intends to introduce roughly 10 ID Buzz electric vans equipped with autonomous systems developed alongside Mobileye into the city by the end of 2023.
  • ai, a U.S. based software company, and Toyota Motor China Investment Co., Ltd. and GAC Toyota Motor Co., Ltd. formed a joint venture in August 2023 to develop fully autonomous robotaxis for mass production and deployment.

Table of Content- Major Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
  5. Value Chain Analysis
  6. Porter’s 5 forces model
  7. PEST Analysis
  8. Autonomous Vehicles Market Segmentation, By Type
  9. Autonomous Vehicles Market Segmentation, By Automation Level
  10. Autonomous Vehicles Market Segmentation, By Application
  11. Regional Analysis
  12. Company Profiles


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