In terms of revenue, the global autonomous vehicle market was valued at $xx billion in 2021 and is expected to reach $xx billion by 2030, growing with a CAGR of xx% during the forecast period. The market study has also analyzed the impact of COVID-19 on the global autonomous vehicle market qualitatively as well as quantitatively. The autonomous vehicle market includes passenger cars that are partially or completely made autonomous.

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The upcoming report will cover level 1 to level 5 autonomous vehicles. However, LCV (light commercial vehicles), MCV (medium commercial vehicles), HCV (heavy-duty commercial vehicles), buses, and others, will not be covered in the report.

Key growth enablers driving the global autonomous vehicle market:

• Increased demand for safety and passenger comfort
  • According to the data from the World Health Organization (WHO), around 1.3 million people die because of road crashes every year.
  • Moreover, human error is responsible for up to 96% of all auto accidents, as per a 2016 research by the National Highway Transportation Safety Administration (NHTSA).
  • In this regard, a semi-autonomous or completely autonomous vehicle can potentially be used to reduce accidents that occur due to human error.
  • As a result, companies are researching autonomous technologies that can not only reduce accidents but also increase the driver’s comfort.
• Advancements in automation technologies
• Rise in demand for luxury vehicles

Key factors restraining market growth:

• Lack of proper road infrastructure
• Initial hesitance of consumers to adopt autonomous vehicles
• Risk of cyber attacks
  • Autonomous vehicles use numerous advanced systems running on electronics, sensors, information technology (IT) systems, etc.
  • In order to guarantee that the systems perform as intended and are constructed to minimize safety hazards, they require proper cyber security.
  • However, cyber security is emerging as one of the greatest concerns of the market, with shifting trends trend toward driverless cars and vehicles featuring millions of lines of code.
  • Besides, with the rise in sophisticated cyber-attacks globally, this concern is a major factor challenging the autonomous vehicle market’s growth.

Global Autonomous Vehicle Market | Top Trends

• Adoption of blockchain technology may have various advantages for autonomous vehicle technology,
• Smart city projects will help create better infrastructure for the global autonomous vehicle market.
• Growth opportunities in connected car technologies are set to provide the market with lucrative prospects.
• The increased growth in 5G infrastructure across countries fuels the global autonomous vehicle market.

Market Segmentation – By Type –

Market by Type:

• Semi-Autonomous Vehicle
  • The semi-autonomous vehicle segment currently dominates the type category.
  • However, fully-autonomous vehicles are still in the nascent stage with multiple challenges ahead.
  • Companies are increasingly incorporating advanced autonomous systems in their vehicles to remain ahead of the competition.
  • Moreover, drivers’ comfort and increased safety are crucial aspects in terms of the purchasing decisions of vehicle buyers.
  • Thus, the demand for semi-autonomous vehicles is expected to rise during the forecast period.
• Fully-Autonomous Vehicle

Geographical Study Based on Four Major Regions:

• North America: The United States and Canada
  • The United States is the dominating country in the North America autonomous vehicle market.
  • With a highly developed road infrastructure, the nation has a well-established presence of major automotive giants such as General Motors, Ford Motor Company, Tesla, etc.
  • Numerous partnerships and collaborations are undertaken by companies in the region’s autonomous vehicle market.
• Europe: The United Kingdom, Germany, France, Netherlands, Sweden, and Rest of Europe
• Asia-Pacific: China, Japan, India, South Korea, Singapore, Australia & New Zealand, and Rest of Asia-Pacific
• Rest of World: Latin America, the Middle East & Africa

Major players in the global autonomous vehicle market are:

• Volkswagen AG
• Toyota Motor Company
• General Motor Company
• Daimler AG
• Tesla Inc
• Uber Technologies Inc
• Waymo LLC (Google Inc)
• Nuro

Key strategies adopted by some of these companies:

• In April 2022, Baidu & Pony.ai received permission from the Chinese government for the first robotaxi services in the country. The project is currently limited to Yizhuang, China.
• Cyngn released DriveMod Kit, a fully-equipped autonomous vehicle hardware integration module, in April 2022. The DriveMod Kit was created to make retrofitting existing industrial vehicles or integrating newly built vehicles easier.
• In April 2022, Qualcomm acquired Veoneer’s advanced driver assistance/self-driving vehicle software arm.

Report Synopsis