Autonomous Vehicles Market

Autonomous Vehicles Market Overview:

Autonomous Vehicles Market Size was valued at USD 26.6 Billion in 2023. The Autonomous Vehicles market industry is projected to grow from USD 28.6 Billion in 2024 to USD 145.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.20% during the forecast period (2024 - 2032). Increased demand for advanced automotive safety and automated energy-efficient vehicles are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Autonomous Vehicles Market Trends

• Growing demand for modern automotive safety and energy-efficient vehicles is driving the market growth.

Market CAGR for autonomous vehicles is being driven by the growing demand for modern automotive safety and energy-efficient vehicles. There is an increase in the acquisition of emission-free and fuel or energy-efficient vehicles. The manifestation of the strict emission norms has pushed the automakers to innovate new generation clean energy vehicles, like EVs, battery electric vehicles, and others. Furthermore, the growing incidents of road accidents because of human error or the absence of safety features in automobiles are boosting the requirement for autonomous vehicles.

The increase in the adoption of energy-efficient vehicles as an alternative to conventional fossil fuel powered vehicles is due to the growing fossil-fuel prices, as there is limited availability of the same. A significant level of autonomy and modern technologies are equipped in these vehicles to run. Therefore, they avail enhanced efficiency through efficient driving and controlled energy consumption. There is a global growth in demand for improved clean energy autonomous vehicles across the worldwide population is boosting the market growth. The manufacturers are emphasizing collaborating with autonomous cars technology developers in order to meet the requirement of the growing population. Autonomous vehicles are equipped with modern safety technologies like parking assistance systems, adaptive cruise control, blind spot detection systems, and other benefits. The manufacturers are aiming to develop driverless cars and related technologies that will help the automobile to monitor the surrounding of the vehicle and take control of the car in different situations in order to prevent crashes due to lack of safety features.

With the development of AI-based cameras like SWIR for self-driving cars, the autonomous vehicle market is gaining unprecedented technological development. Worldwide regulators have employed developing policy and legislative frameworks for the technologically evolving market. The companies have started to incline their development and resource efforts towards delivery vehicles and automated trucks in response to difficulties in commercializing Maas. The perception of go-anywhere robo-taxis has proven to be more complex than predicted due to the self-driving cars market demand and technological challenges. Thus, driving the Autonomous Vehicles market revenue.

Autonomous Vehicles Market Segment Insights:

Autonomous Vehicles Type Insights

The Autonomous Vehicles Market segmentation, based on type, includes Fully Autonomous and Semi-Autonomous. The semi-autonomous segment dominated the market, accounting for the largest market revenue. Semi-autonomous technology is available in almost all new-generation vehicles for efficient driving. Hence, the adoption of semi-autonomous vehicles is increasing, with features like ADAS, autopilot, automated vehicle braking, and parking systems, and others are likely to boost the market growth. The fully autonomous segment is the fastest-growing in the autonomous vehicle market as it has improved road safety without human interaction, hence, reducing car crashes.

Autonomous Vehicles Vehicle Type Insights

The Autonomous Vehicles Market segmentation, based on vehicle type, includes the Passenger Cars and Commercial Vehicles. The passenger cars segment dominates the market as people prefer private transport means to avoid overcrowded public transport. There is an increasing requirement for the automated SUV, and after the pandemic, maintaining social distancing drives has increased the adoption of passenger cars. The commercial vehicle segment is the fastest growing segment in the autonomous vehicles market as these vehicles have fixed paths and more distance traveled and thus creating fatigue for the drivers. Therefore, autonomous vehicles can be more applicable to this situation and prevent accidents.

Figure 1: Autonomous Vehicles Market, by Vehicle Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Autonomous Vehicles Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North American Autonomous Vehicles dominate the market as they emphasize the integration of autonomous vehicle use with certain requirements. The government is funding research and development and initiating programs to avail safe autonomous vehicle deployment, thus boosting the rise of the market in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Autonomous Vehicles Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Autonomous Vehicles market accounts for the second-largest market share because the region emphasizes its position by providing early regularization for the adoption of autonomous vehicles. Further, the German Autonomous Vehicles market held the largest market share, and the UK Autonomous Vehicles market was the rapid-growing market in the European region.

The Asia-Pacific Autonomous Vehicles Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing adoption of autonomous vehicles owing to the demand for safety, compelling transit features, efficient traffic, and avoiding road accidents. Moreover, China’s Autonomous Vehicles market held the largest market share, and the Indian Autonomous Vehicles market was the rapid-growing market in the Asia-Pacific region.

Autonomous Vehicles Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to spread their product lines, which will help the Autonomous Vehicles market grow even more. Market participants are also undertaking a various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Autonomous Vehicles industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Autonomous Vehicles industry to benefit clients and increase the market sector. In recent years, the Autonomous Vehicles industry has offered some of the most significant advantages to medicine. Major players in the Autonomous Vehicles market, including Baidu Apollo, Toyota Motors Corp, Aurora, Denso, General Motors Company, Volkswagen AG, Nissan Motor Co., Ltd., Cruise LLC, Volvo Group, Ford Motor Company, Mercedes Benz AG, Lumotive LLC, AutoX Inc., Uber Technologies, Tesla, and others, are attempting to increase market demand by investing in research and development operations.

Volvo Group, founded in 1927, is a global leader in manufacturing trucks, buses, construction equipment, and marine & industrial engines, headquartered in Gothenburg, Sweden. The company's product portfolio includes Volvo, Volvo Penta, Rokbak, Renault Trucks, Prevost, Nova Bus, Mack, and Arquus. The group is committed to providing sustainable transport and infrastructure solutions. In January 2022, the autonomous driving feature Ride Pilot was launched by Volvo for its consumers in California. Ride Pilot will be approachable as a supplementary subscription on the company's coming fully electric model. With the help of Volvo Car's team of developers and the developers of Luminar, the autonomous driving software company Zeneact has developed this Ride Pilot software. The setup includes sensors, like Luminar's cutting-edge Iris LiDAR sensor, that work with the developed software.

Cruise LLC, founded in 2013, is a leading autonomous vehicle company that develops the most modern and advanced self-driving cars with safety. It is a large autonomous subsidiary of general motors. Cruise LLC is a leader in producing autonomous type of cars in America, which was acquired by General Motors in 2016. In January 2020, they launched Origin, which is a fully autonomous car without the need to steer or pedal. The Origin functions on level five of autonomous driving technology. It has a lifespan of one million miles, designed for highway speeds. The Origin can be utilized as a taxi under the riding-sharing service provided by Cruise and would not be owned as a personal vehicle.

Key Companies in the Autonomous Vehicles market include

• Baidu Apollo

• Toyota Motors Corp

• Aurora

• Denso

• General motors Company

• Volkswagen AG

• Nissan Motor Co., Ltd.

• Cruise LLC

• Volvo Group

• Ford Motor Company

• Mercedes Benz AG

• Lumotive LLC

• AutoX Inc.

• Uber Technologies

• Tesla

Autonomous Vehicles Industry Developments

In January 2024, an introduction of MG Astor 2024 by Morris Garages (MG) in India. This first car to introduce the Personal AI Assistant for Butler is called the latest Astor 2024. Additionally, this new Astor 2024 has other features, such as a Wireless Charger, Wireless Android Auto and Apple CarPlay. The car comes with ventilated front-row seats, a Panoramic sunroof, Auto-Dimming IRVM for added safety, and an updated I-Smart 2.0 with Advanced User Interface that enhances the driving experience.

Another autonomous driving similar to Tesla's autopilot is being developed in Bengaluru for the Indian market, in March 2024. Minus Zero demonstrated an autonomous concept last year and aspired to be the first Indian technology provider that offers hub-to-hub autonomous driving. Conversely, their tie-up with OEM Ashok Leyland can potentially be the first among many more partnerships aimed at launching additional self-driving capabilities.

Volkswagen announced its plans to develop driverless vehicles for ride-hailing and goods delivery services around July 2023. Volkswagen intends to try out ten ID Buzz electric cars refitted with Mobileye's autonomous driving platform, which would have human drivers behind them in small areas of Austin, including downtown.

In October 2023, Uber forged a partnership with Waymo, autonomous car company under Google's parent company, Alphabet. Phoenix has become the inaugural city where Uber has officially introduced access to Waymo's autonomous cars. Waymo vehicles are responsible for providing the autonomous rides offered by Uber, and the pricing for these rides is consistent with the pricing of traditional car rides provided by Uber.

August 2023 witnessed Baidu Inc.'s declaration that Apollo, its robotic taxi service, will now include Wuhan Tianhe International Airport.

In May 2023, Valeo partnered and made an investment pact in Didi Chuxing's self-driving unit. They are investing in DiDi Autonomous Driving while partnering to create intelligent safety solutions for L4 robotaxis.

In December 2022, Apple revised its self-driving objectives for forthcoming electric vehicle, opting to delay the vehicle's targeted launch date by approximately one year to 2026.

In October 2022, Ford decided not to partner with Argo on development of autonomous vehicles and instead chose to develop lower-level autonomous driving technology in-house. The vehicles that Argo designed had no manual controls such as steering wheel, pedals, etc., and this is what is referred to as L4 Technology.

March 2022: Baidu Apollo announced that they are allowed by the California Department of the Motor Vehicles (CMV). This permit will allow the company to test the driverless vehicles on public roads in the state.

Autonomous Vehicles Market Segmentation:

Autonomous Vehicles Type Outlook

• Fully Autonomous

• Semi-Autonomous

Autonomous Vehicles Vehicle Type Outlook

• Passenger Cars

• Commercial Vehicles

Autonomous Vehicles Regional Outlook

• North America

  • US
  • Canada

• Europe

  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• Rest of the World

  • Middle East

  • Africa

  • Latin America

Autonomous Vehicles Market Segmentation

Autonomous Vehicles Type Outlook (USD Billion, 2018-2032)

• Fully Autonomous

• Semi-Autonomous

Autonomous Vehicles Vehicle Type Outlook (USD Billion, 2018-2032)

• Passenger Cars

• Commercial Vehicles

Autonomous Vehicles Regional Outlook (USD Billion, 2018-2032)

• North America Outlook (USD Billion, 2018-2032)

  • North America Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • North America Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • US Outlook (USD Billion, 2018-2032)

  • US Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • US Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • CANADA Outlook (USD Billion, 2018-2032)

  • CANADA Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • CANADA Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

• Europe Outlook (USD Billion, 2018-2032)

  • Europe Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Europe Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • Germany Outlook (USD Billion, 2018-2032)

  • Germany Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Germany Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • France Outlook (USD Billion, 2018-2032)

  • France Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • France Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • UK Outlook (USD Billion, 2018-2032)

  • UK Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • UK Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • ITALY Outlook (USD Billion, 2018-2032)

  • ITALY Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • ITALY Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • SPAIN Outlook (USD Billion, 2018-2032)

  • Spain Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Spain Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • Rest Of Europe Outlook (USD Billion, 2018-2032)

  • Rest Of Europe Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • REST OF EUROPE Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

• Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Asia-Pacific Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Asia-Pacific Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • China Outlook (USD Billion, 2018-2032)

  • China Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • China Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • Japan Outlook (USD Billion, 2018-2032)

  • Japan Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Japan Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • India Outlook (USD Billion, 2018-2032)

  • India Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • India Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • Australia Outlook (USD Billion, 2018-2032)

  • Australia Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Australia Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • Rest of Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Rest of Asia-Pacific Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Rest of Asia-Pacific Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

• Rest of the World Outlook (USD Billion, 2018-2032)

  • Rest of the World Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Rest of the World Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • Middle East Outlook (USD Billion, 2018-2032)

  • Middle East Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Middle East Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • Africa Outlook (USD Billion, 2018-2032)

  • Africa Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Africa Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles

  • Latin America Outlook (USD Billion, 2018-2032)

  • Latin America Autonomous Vehicles by Type

    • Fully Autonomous

    • Semi-Autonomous

  • Latin America Autonomous Vehicles by Vehicle Type

    • Passenger Cars

    • Commercial Vehicles