Autonomous Vehicles Industry Overview
The global autonomous vehicles market demand was estimated at 51.6 thousand units in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 53.6% from 2022 to 2030. Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry, with high growth potential, and act as a catalyst in the technological development of automobiles. Developing a supportive regulatory framework, government funding, and investment in digital infrastructure is expected to play a key role in positively affecting the market growth during the forecast period.
The improvements in the technology, such as adaptive algorithms, sensor processing, high-definition mapping, and enhanced infrastructure, are prompting various companies to expand the production of autonomous vehicles. The market has a wide range of products and systems that make up the autonomous vehicle infrastructure. Autonomous cars enable independent mobility for non-drivers and people suffering from certain disabilities. It allows travelers to travel with more comfort and flexibility to read, rest, or even work while traveling, increasing their efficiency. It will also reduce the paid driver cost for commercial vehicles and taxis. Other benefits such as increased safety with reduced crash risks and increased road capacity with reduced costs will significantly adopt these vehicles in the market.
Gather more insights about the market drivers, restraints, and growth of the Global Autonomous Vehicles Market
Various leading players are working towards enhancing the experience of using autonomous vehicles, with the help of new technologies. For instance, in 2019, the leading automobile company Volkswagen announced its collaboration with Ford to invest in AI vendor Argo AI. The partnership's goal was to introduce autonomous vehicle technology in Europe and the US. The company decided to invest more than 4 billion USD through 2023 to develop and enhance its autonomous or self-driving services.
The autonomous car is made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently to carry out operations automatically without the help of drivers. By performing situational analysis, motion planning, and trajectory control, these sensors help in navigation. The rising safety concerns and advancements in automotive technologies have led to the penetration and acceptance of autonomous vehicles by governments of various countries, such as the U.S., Germany, China, and Japan. Such factors are anticipated to drive market growth in the forecast period.
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Commercial Vehicles Market - The global commercial vehicles market size was estimated at USD 1.35 trillion in 2022 and is projected to register a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030.
Intelligent Transportation System Market - The global intelligent transportation system market size was valued at USD 28.25 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030.
Autonomous Vehicles Market Segmentation
Grand View Research has segmented the global autonomous vehicles market based on application and region:
Autonomous Vehicles Application Outlook (Volume, Thousand Units, 2021 - 2030)
- Transportation
- Defense
Autonomous Vehicles Regional Outlook (Volume, Thousand Units, 2021 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- MEA
Market Share Insights:
August 2019: Audi announced its partnership with Daimler and BMW to create and develop an advanced driving system. These collaborations will help the companies develop highly functioning autonomous vehicles with autonomous driving and autonomous parking.
August 2017: BMW AG, Intel Corporation, Mobileye, a subsidiary company of Intel Corporation, and Fiat Chrysler Automobiles (FCA) signed an MoU for FCA to join the companies in developing autonomous vehicle driving platforms. The memorandum aims to combine all companies' resources, capabilities, and strengths to reduce time to market, increase development efficiency, and enhance the application’s technology.
Key Companies profiled:
Some prominent players in the global Autonomous Vehicles market include
- Audi AG
- BMW AG
- Daimler AG
- Ford Motor Company
- General Motors Company
- Google LLC
- Honda Motor Co., Ltd.
- Nissan Motor Company
- Tesla
- Toyota Motor Corporation
- Uber Technologies, Inc.
- Volvo Car Corporation
- Volkswagen AG
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