The global autonomous vehicle market is expected to reach US$ 99,451 Million in 2032, exhibiting a prolific CAGR of 10.9% for the forecast period of 2022 to 2032. Autonomous vehicle market is anticipated to reach an estimated US$ 35,282.8 Million by the end of 2022.
Advancing government funding and investment along with a favorable regulatory framework are fostering a positive market environment for autonomous vehicles over the forecast period.
Autonomous vehicles are self-driving cars that can be controlled by a computer system. These vehicles are yet to be commercialized and include a GPS tracker, lasers, computer vision, and other smart technology that aids it driverless status.
With increasing sustainability drives and changing consumer preferences, more and more people are showing inclination for autonomous vehicles over the conventional ones. This is owing to the benefits associated with autonomous vehicles like fuel efficiency, greater safety, low emissions and many others. Thus, the future market prospects of autonomous vehicles look positive.
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The rising adoption of autonomous vehicles is presumably because of the diminished impact on the environment as it carbon emission levels of these vehicles is very low. In addition to this, autonomous vehicles also offer better parking solutions, greater safety which lessens the stress level while driving as well as being fuel efficient. Autonomous vehicles reduce the incidences of road accidents occurring due to human error. Thus, these vehicles are safer than the manually operated ones.
The numerous benefits of an autonomous vehicle, such as increased safety, decreased driving stress, effective parking, reduced costs, fuel efficiency, and reduced CO2 emissions to the environment, are what primarily drive the global market for autonomous vehicles. Additionally, an ageing population will have a positive effect on the Autonomous / Self-driving Cars market .
Moreover, the commercialization of autonomous vehicles is expected to generate market opportunities for other industry verticals like electronics, IT, and technology.
“The introduction of robo-taxis, ride-sharing and other commercial activities are expected to promote the market prospects for autonomous vehicles over the forecast period,” says an FMI analyst.
Key Takeaways:
Integration of advancing technologies is likely to foster market growth.
Data security concerns may hinder market possibilities over the assessment period.
Europe is expected to lead the market with ownership of almost 38% market share.
Autonomous vehicle market in North America is the second largest, accounting for 25% market share.
By application, the passenger car segment is predicted to record the fastest growth.
Competitive Landscape
Google LLC, BMW AG, Mercedes-Benz, Tesla Motors, and Audi AG among others are some of the major players in the autonomous vehicle market profiled in the full version of the report.
Major market players are focusing on developing their autonomous driving technology. These organizations are also engaging in strategic partnerships, collaborations, and mergers to maintain a competitive advantage.
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Key Segments Covered in the Autonomous Vehicles Industry Analysis
Autonomous Vehicles Market by Level of Automation:
Driver Assistance
Partial Automation
Conditional Automation
High Automation
Full Automation
Autonomous Vehicles Market by Application:
Autonomous Passenger Cars
Autonomous Public Transportation
Autonomous Industrial Fleet
Autonomous Construction
Autonomous Agricultural Applications
More Insights into the Autonomous Vehicles Market Report
In its latest report, FMI offers an unbiased analysis of the global autonomous vehicle market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on level of automation (driver assistance, partial automation, conditional automation, high automation, full automation), application (autonomous passenger cars, autonomous public transport, autonomous industrial fleet, autonomous construction, autonomous agricultural application) and region.
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