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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Autonomous Vehicles Market Size
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.
Autonomous Vehicles Market Report Snapshots
Autonomous Vehicles Market Size
Autonomous Vehicle Market Analysis
Autonomous Vehicles Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market size for autonomous vehicles reached a value of approximately USD 119.14 billion in 2023.
The market for autonomous vehicles is expected to grow at a CAGR of 27.7% between 2024 and 2032.
The market for autonomous vehicles is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 1,075.95 billion by 2032.
According to major drivers of the market include increasing consumer preference for autonomous vehicles and rising advancements in automotive technology.
The key trends fuelling the growth of the market include rising requirement for efficient and safe modes of transportation, technological advancements, and increasing demand for luxury autonomous vehicles.
The significant applications in the market are civil, defence, transportation and logistics, and construction.
The objectives of autonomous vehicle include identification of acceleration to apply on a given path, avoidance of obstacles that come in the way, and general adherence to safe driving protocols.
The various vehicle types in the market are passenger car and commercial vehicle.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key players in the global autonomous vehicles market are Tesla, Inc., General Motors, Bayerische Motoren Werke AG, Toyota Motor Corporation, The Mercedes-Benz Group AG, Ford Motor Company, Zoox, Inc., Volkswagen AG, and Groupe Renault, among others.
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United States (Head Office)
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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124