Global Autonomous Vehicles Market Size to Grow at a CAGR of 27.7% in the Forecast Period of 2023–2028

Autonomous Vehicles Market Report and Forecast 2023-2028

The ‘Global Autonomous Vehicles Market Trends, Size, Share, Price, Growth, Report and Forecast 2023–2028’ by Expert Market Research gives an extensive outlook of the global autonomous vehicles market, assessing the market on the basis of its segments like levels of automation, applications, drive types, vehicle types, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

The key highlights of the report include:

Market Overview (2018–2028)

  • Historical Market Size (2022): Around USD 93.3 Billion
  • Forecast CAGR (2023–2028): 27.7%
  • Forecast Market Size (2028): Nearly USD 427.9 Billion

A major factor driving the global autonomous vehicles market is increasing incidences of road accidents and fatalities due to human errors and rash driving. These vehicles can assess traffic conditions and adjust their speed accordingly to enhance the safety of passengers. Furthermore, they are also an efficient option for individuals who are unable to drive due to disabilities, old age, and other conditions.

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The rise in disposable incomes is another crucial factor that augments the market growth as the preference for autonomous features to gain the best driving experience is growing. Moreover, it is also a fuel-efficient option as it maintains an optimal speed throughout the journey, unlike in manual driving.

There is an increasing usage of level 3 automation due to its features such as decision-making ability, manual driving facility, and threat-detecting ability. Moreover, the implementation of artificial intelligence and other driver assistance properties aids in choosing a path with less traffic congestion.

Semi-autonomous cars occupy a significant share of the global autonomous vehicles market due to the growing production of vehicles with some automated features. These features include autopilot, acceleration, deacceleration, parking and staying in the lane, which makes the driving experience even better.

Autonomous Vehicles Industry Definition and Major Segments

Autonomous vehicles, also referred to as self-driving cars or driverless vehicles, are vehicles which can be driven without any human interference. These vehicles contain sensors and other smart technologies that can perceive the surroundings to control their movement, reduce human errors, and prevent chances of accidents.

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On the basis of level of automation, the market is classified into:

  • Level 1
  • Level 2
  • Level 3
  • Level 4
  • Level 5

Based on application, the market is segmented into:

  • Civil
  • Defence
  • Transportation and Logistics
  • Construction
  • Others

On the basis of drive type, the autonomous vehicles market is categorised into:

  • Semi-Autonomous
  • Fully Autonomous

Based on vehicle type, the market is classified into:

  • Passenger Car
  • Commercial Vehicle

On the basis of region, the market is divided into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Autonomous Vehicles Market Trends

A key trend propelling the growth of the global autonomous vehicles market is technological advancements such as machine learning, the Internet of things, and intelligent robotics. Evolution in sensor technology such as light detection and radio detection is also expected to provide growth opportunities to the market. Moreover, the growing implementation of autonomous ride-sharing also favours the market.

Increased demand for energy-efficient autonomous vehicles also promotes the market as these vehicles provide efficient driving and enhance fuel efficiency. Furthermore, many manufacturers are now focused on incorporating autonomous features into electric vehicles to improve the efficiency and sustainability of vehicles.

Moreover, market players are taking automation to the next level by enhancing sensor technologies, mapping, and adapting algorithms so they can stay ahead of their competitors. Several government policies and incentives regarding road safety and energy-efficient vehicles are also expected to boost the production of autonomous vehicles.

North America accounts for a sizeable share of the global autonomous vehicles market owing to the rising popularity of driverless vehicles in the region. Moreover, the implementation of superior safety features, launches of new autonomous vehicles with innovative technology, and increased research into automated transportation are expected to drive the market in upcoming years.

Key Market Players

The major players in the global autonomous vehicles market report are Tesla, Inc., General Motors, Bayerische Motoren Werke AG, Toyota Motor Corporation, The Mercedes-Benz Group AG, Ford Motor Company, Zoox, Inc., Volkswagen AG, and Groupe Renault, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players

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