According to the latest report by IMARC Group “Autonomous Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The global autonomous vehicle market size reached US$ 58.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 411.3 Billion by 2028, exhibiting a growth rate (CAGR) of 38.3% during 2023-2028.
An autonomous vehicle (AV), also known as a driverless vehicle, is capable of sensing the environment and operating without human intervention. It relies on sensors, actuators, complex algorithms, machine learning systems, and powerful processors that help gather information and perform tasks and responsive actions, such as steering, braking, and acceleration. It can be driven by individuals with physical disabilities as compared to manually-driven vehicles and assists in enhancing safety on the road and minimizing human errors and fatigue.
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Increasing sales of AVs and the rising awareness about its benefits are among the major factors strengthening the market growth around the world. The growing demand for automation, rapid urbanization, and inflating income levels are also contributing to the market growth. Moreover, the increasing focus on driver and passenger safety on account of the expanding number of fatal road accidents is bolstering the growth of the market to minimize the severity of injuries and collisions with other vehicles. Additionally, due to the growing environmental concerns, governing agencies of numerous countries are implementing stringent policies to reduce carbon emissions, which is driving the market. They are also undertaking initiatives to improve public transportation systems, which is impelling the market growth.
In addition, leading players are introducing efficient light detection and ranging (LiDAR) and radio detection and ranging (RADAR) sensing technology for extensive monitoring and generation of 3D maps of the surroundings. There is a rise in the integration of artificial intelligence (AI), robotics, machine learning (ML), and the Internet of Things (IoT) in AVs. These advanced technologies help keep the vehicle in the lane, maintain distance from other vehicles, assist in lane changing, and offer advanced-driver assistance, which, in turn, is providing lucrative growth opportunities to leading players operating in the industry. Apart from this, the increasing need for efficient delivery solutions to ensure a faster supply of products among consumers is catalyzing the demand for AVs worldwide. They assist in improving the overall operational efficiency and maintaining freight operations and systems. Furthermore, they are employed in the military and defense sectors to reduce the number of casualties. This, in confluence with the increasing number of cross-border terrorist activities, drug trafficking, and illegal trespassing incidences, is creating a positive outlook for the market. Besides this, extensive investments in research and development (R&D) projects to develop more advanced product variants with improved performance are expected to propel the market growth in the coming years.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AB Volvo
- AUDI Aktiengesellschaft (Volkswagen Group)
- Bayerische Motoren Werke AG
- Daimler AG
- Ford Motor Company
- General Motors
- Tesla Inc.
- Toyota Motor Corporation
- Uber Technologies Inc.
- Waymo LLC (Alphabet Inc.).
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The report has segmented the market on the basis of Component, Type, Level of Automation, Application and Region.
Breakup by Component:
- Software and Services
Breakup by Level of Automation:
- Level 3
- Level 4
- Level 5
Breakup by Application:
- Transportation and Logistics
- Military and Defense
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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