The global autonomous vehicle market is expected to expand at a CAGR of 30.6% during the forecast period from 2023 to 2030. The projected growth of the autonomous vehicle market worldwide is bolstered by a combination of factors including continually growing adoption of Artificial Intelligence (AI), rising adoption of Internet of Things (IoT) in connected mobility, and development of state-of-the-art infrastructure. These vehicles integrates software and sensors to operate and navigate the vehicle, which includes technologies such as light detection & ranging (LiDAR), and RADAR sensing. With the autonomous vehicle market still in infancy, automotive manufacturers, service operators, and technology providers are partnering up with each other to develop fully automated vehicles and gain first movers advantage. Companies such as Tesla, Ford Motors and others have announced their plans to launch large fleet of autonomous cars in the upcoming years. A disruption in automotive sector could be a game changer for all participants across the autonomous vehicle ecosystem. It will provide solutions to all existing problems of traffic congestion, road accidents, parking’s and will be environmental friendly. It is expected to reduce the amount of private vehicles by almost 30% - 40%.

L4 autonomy to Dominate; L3 autonomy to Register Maximum Growth throughout the Forecast Period

Based on type, the global autonomous vehicle market is categorized into two major categories, namely: semi-autonomous vehicles and fully autonomous. Semi-autonomous vehicles, being the most widely adopted technology amongst automotive manufacturers’, is expected to dominate the automotive market during the forecast period. For instance, In 2019 Audi has announced to launch its A8L model with L3 autonomy. This is the first L3 automated vehicle by the company and is the first car to equip LiDAR at its front. Other companies such as BMW and Porsche AG too are developing L3 automated cars. On the other hand, fully autonomous vehicles are also being developed and tested by various automotive manufacturer companies alongside their technology partner firms. L4 autonomy vehicles are expected to register superior growth on account of rapid technological advancement in AI and its adoption by every automotive manufacturer across the globe. Currently, companies such as Tesla, Inc., and Waymo LLC among others are launching vehicles with L4 autonomy. For instance, Waymo LLC has already started its robo-taxi services for customers in California, USA.

Europe Dominates; Asia Pacific Touted to Register Fastest Growth during the Forecast Period

In 2021, Europe was the largest region that contributes a large part of value to the global autonomous vehicle market followed by North America and Asia Pacific respectively. Europe accounts for around 30% of the market share of global autonomous vehicle market. This is attributable to the significant growth in development of infrastructure observed across countries such as Germany, France, and the UK among others. Currently, new players from technology sector and mobility startups are leading and huge investments made by manufacturing organizations in research & development is projected to encourage the Europe autonomous vehicle market growth in the upcoming years. In contrast, North America is anticipated to register robust growth, during the initial years due to presence of state of the art infrastructure and rapid adoption of advanced technology in the region.

Some of the leading manufacturers profiled in the study include Tesla, Inc., Daimler AG, Lyft, Inc., Uber Technologies Inc., Volkswagen AG, Volvo Car Corporation, Waymo LLC, Ford Motor Company, General Motors Company, BMW AG, and Aptiv PLC among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Autonomous Vehicle market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Autonomous Vehicle market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Autonomous Vehicle market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Autonomous Vehicle market?
• Which is the largest regional market for Autonomous Vehicle market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Autonomous Vehicle market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Autonomous Vehicle market worldwide?