Global Autonomous Vehicles Market Report and Forecast 2024-2032

Global Autonomous Vehicles Market Outlook

The global autonomous vehicles market size reached a value of approximately USD 119.14 billion in 2023. The market is further expected to grow at a CAGR of 27.7% between 2024 and 2032, reaching a value of USD 1,075.95 billion by 2032.

Key Trends in the Market

Autonomous vehicles, also known as driverless vehicles, are vehicles that can operate without any human intervention. Sensors and other devices aid in detecting and responding to external surroundings and conditions to avoid accidents. Autonomous vehicles are considered to have superior safety features as compared to human-driven vehicles as they minimise fatigue and human errors.

• Key autonomous vehicle market trends include rising requirement for efficient and safe modes of transportation. With growing number of accidents every year due to human errors and rash driving, the need for safe and reliable vehicles with advanced safety and danger detecting features is increasing.

• Technological advancements including internet of things, machine learning, and artificial intelligence robotics are supporting the autonomous vehicles market growth. Increased application of radio detection and ranging sensing technology along with light detection and ranging sensing technology is also aiding the market.

• Rising disposable incomes have increased the demand for luxury vehicles, this in turn is propelling the growth of the autonomous luxury vehicle market across the globe. Autonomous luxury vehicles increase the satisfaction level of consumers by providing enhanced safety, mobility, privacy, and comfort in the vehicle without need of a separate driver.

• Major developments in mobility as a service and the accelerating preference of consumers for technologically advanced products is expected to boost the autonomous vehicle market size over the forecast period. Growing application of advanced driver assistance systems and adoption of autonomous ride sharing technology is also fuelling the expansion of the market.

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Autonomous Vehicle Market Analysis

On the basis of level of automation, the market is segregated into level 1, level 2, level 3, level 4, and level 5. Based on application, the market is classified into civil, defence, transportation and logistics, and construction. On the basis of drive type, the market is bifurcated into semi-autonomous and fully autonomous. Based on vehicle type, the market is segregated into passenger car and commercial vehicle. the regional markets for autonomous vehicles are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global autonomous vehicle market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Tesla, Inc.

• General Motors

• Bayerische Motoren Werke AG

• Toyota Motor Corporation

• The Mercedes-Benz Group AG

• Ford Motor Company

• Zoox, Inc.

• Volkswagen AG

• Groupe Renault

• Others

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Autonomous Car Market Share by Automation

Level 3 automation accounts for a significant share of the market due to their advanced decision making and environment and threat detection capabilities, while also supporting manual takeover as needed. Level 3, also known as conditional driving automation, employs various artificial intelligence tools and driver assistance systems that aid in altering the path of the vehicle depending upon driving situation and traffic around the vehicle. Incorporation of traffic jam assistance technology in level 3 automotive vehicles are also expected to boost the demand for level 3 automation.

Autonomous Vehicle Market Share by Region

On the basis of region, North America accounts for a major share of the autonomous vehicle market owing to the growing popularity of driverless cars in the region. Launch of new products by key players in the region with enhanced features to improve the quality of the drive along with increased safety features are also aiding the growth of the regional market. According to the, growing initiatives taken by the governments in North America for autonomous vehicles are also fuelling the growth of the market in the region. Advancements in automated transportation technologies due to increasing research and development activities are further propelling autonomous vehicle market growth in North America.

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Competitive Landscape

Tesla, Inc. is a multinational automotive company that was founded in 2003 and is based in Texas, United States. Their mission is to expedite the adoption of sustainable energy in order to reduce the reliance on fossil fuels and achieve a zero-emission future. Tesla manufactures a range of popular electric cars and also offers solar roofs, solar panels, power walls, and insurance.

General Motors is an automotive manufacturing company that was established in 1908 and is headquartered in Michigan, United States. One of the largest automakers across the globe, General Motors focuses on electrification, vehicle safety, and social impact, with a vision for autonomous vehicles. Some of the major brands of General Motors include Buick, Cadillac, Chevrolet, and GMC.

Bayerische Motoren Werke AG is a leading luxury vehicle company that was founded in 1916 and is based in Munich, Germany. With over 30 production sites, the company has a sales network spanning over 140 countries. Apart from manufacturing motorcycles and automobiles, they also provide premium mobility and financial services.

Other market players include Toyota Motor Corporation, The Mercedes-Benz Group AG, Ford Motor Company, Zoox, Inc., Volkswagen AG, and Groupe Renault, among others.

Key Highlights of the Report

Autonomous Vehicles Market Report Snapshots

Autonomous Vehicles Market Size

Autonomous Vehicle Market Analysis

Autonomous Vehicles Market Share

Autonomous Vehicles Companies