The global autonomous vehicles market size is projected to reach US$ 30,539.0 million in 2023. To positively impact the market growth during the forecast period, developing a supportive regulatory framework, government funding, and investment in digital infrastructure is expected to play a key role.
Furthermore, the overall demand for autonomous vehicles is estimated to grow at a CAGR of 8.7% between 2023 and 2033, ultimately reaching around 70,331.5 million by 2033.
Drivers: Accelerating the Adoption of Autonomous Vehicles
Challenges: Navigating the Roadblocks in the Autonomous Vehicles Industry
Investment Opportunities: Boosting Growth in the Autonomous Vehicles Market
Latest Trends: Paving the Way for the Future of Autonomous Vehicles
| Data Points | Key Statistics |
|---|---|
| Autonomous Vehicles Market Value 2023 | US$ 30,539.0 million |
| Autonomous Vehicles Market Projected Value (2033) | US$ 70,331.5 million |
| Autonomous Vehicles Market CAGR (2023 to 2033) | 8.7% |
Autonomous vehicles, also known as robot cars, are driverless vehicles controlled by a computer, which are yet to be commercialized in the market. Autonomous vehicles have sensors installed in them, which detect the objects in their surroundings via radar, GPS tracker, lasers, and computer vision and choose the appropriate path and direction.
Self-driving vehicles, also known as autonomous cars, consist of multiple components, with their arrangement varying based on the incorporated features and employed technology. These systems include microcontroller units, electronic control units, and various sensors. The control units utilize different sensors such as radar, LiDAR, ultrasonic, image, radio or laser sensors, and infrared sensors. The systems also integrate a human-machine interface, which assists or alerts the driver whenever required.
Autonomous Vehicles' Rise Amidst Road Safety Concerns and Diverse Industry Prospects
The increasing number of road accidents due to human error while driving provides lucrative opportunities for autonomous vehicles over the forecast period, as autonomous vehicles are comparatively safe when compared with manually controlled vehicles. Autonomous vehicles will also help in reducing CO2 emissions to the environment.
The commercialization of autonomous vehicles is likely to contribute to the revenue growth of different industries such as IT, technology, and electronics. The use of autonomous vehicles is not limited to passenger cars, and it can be used in the industrial fleet, construction, public transportation, and agricultural applications
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The global demand for autonomous vehicles is projected to increase at a CAGR of 8.7% during the forecast period between 2023 and 2033, reaching a total of US$ 70,331.5 million in 2033, according to a report from Future Market Insights. From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 5.6%.
Over the years, prominent manufacturers have made significant investments in the development of novel technologies and in minimizing the risks associated with autonomous cars. These efforts have greatly fostered the demand for autonomous vehicles.
Furthermore, the autonomous/self-driving cars market, particularly within the commercial mobility segment, is anticipated to expand at the fastest rate throughout the futuristic outlook. This rapid expansion is attributed to the introduction of ridesharing, Robo-taxi services, goods transportation, and various other commercial activities. As a result, these developments are expected to robustly fuel the market growth of autonomous vehicles in the coming years.
| Regions | Market Share (2023 to 2033) |
|---|---|
| United States Market | 28.1% |
| Germany Market | 8.0% |
| Japan Market | 9.3% |
| Australia Market | 0.2% |
Regarding geographic divisions, North America held the second-largest share, accounting for approximately 28.1% of the market in Autonomous Vehicles in 2023. According to Future Market Insights analysis, the region is poised to experience substantial growth over the forecast period. Moreover, the growth across the mobility as a service sector is projected to provide an impetus to the autonomous car market.
Besides, encouraging amendments in United States traffic regulations to incorporate autonomous cars on public roads. The bylaw is slowly being adopted across all the states of the United States to make transportation fully autonomous.
For instance, the National Highway Traffic Safety Association (NHTSA), a traffic regulations body in the United States, under its policy in 2013, permitted self-driving car testing in several states, including Nevada, California, Florida, Michigan, and Washington D.C.
Based on Future Market Insight’s recent analysis, Europe is the largest region in terms of revenue share, accounting for nearly 38% share of the autonomous vehicles industry. European nations are anticipated to hold vital opportunities owing to technological advancements and soaring investments in the Research and Development segment.
Growing consumer preference for adopting techno-advanced products is another key driver of the regional market. Additionally, encouraging governmental initiatives and grants given to the new manufacturers are projected to fuel market growth.
For instance, in August 2020 in the United Kingdom, The Department of Transport (DFT) launched the Automated Lane-Keeping System (ALKS), which can automatically take control of vehicles running at low speeds. This technology will allow the driver to delegate driving to the vehicles, and the system will keep the vehicle moving along its lane. Besides, several governments are favoring the manufacturing of new vehicles, which is expected to propel the market for autonomous vehicles
| Regions | Value CAGR (Latest Period) |
|---|---|
| China | 9.4% |
| India | 8.1% |
| United Kingdom | 6.9% |
Transitioning into the discussion, according to Future Market Insights, the Asia Pacific region emerges as one of the most significant areas contributing to the development of the autonomous vehicles market. Furthermore, it is anticipated to witness impressive growth throughout the forecast period. This market growth, as identified by experts, is primarily attributed to several key factors. Notably, there's a swelling demand for a safe, efficient, and convenient driving experience within the region. Moreover, the mounting disposable income observed in emerging economies plays a pivotal role, driving the adoption of autonomous vehicles.
In addition to these factors, stringent safety regulations have been identified as prominent growth drivers, particularly in countries like China and India. These regulations not only foster a safer driving environment but also stimulate the adoption of advanced driving technologies.
For instance, Baidu is a major service provider of autonomous / self-driving technology in China. This firm has already successfully test-driven more than 1 million miles in more than 13 Chinese cities. It is collaborating with Ford and NVIDIA to amplify investments in autonomous / self-driving vehicles in China. Asia Pacific also has one of the largest ridesharing industries.
Principal Consultant
The public transportation segment accounted for the majority share in 2023 in the global market. However, the passenger car category is expected to emerge as the fastest-growing segment during the forecast period. Owing to the rising number of initiatives across various regions, this category has witnessed huge traction in the past three to five years.
For instance, in March 2020, Sikorsky and the United States Defense Advanced Research Projects Agency (DARPA) announced testing autonomous flight software on S-70 Black Hawk and S-76 commercial helicopters. Based on application, autonomous vehicles are categorized into transportation and defense.
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| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.7% from 2023 to 2033 |
| Market Value in 2023 | US$ 30,539.0 million |
| Market Value in 2033 | US$ 70,331.5 million |
| Base Year for Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
The market is pegged to achieve US$ 70,331.5 million by 2033.
The growth prospects for the market are high, as the market is expected to expand at a CAGR of 8.7%.
Google LLC, BMW AG, and Mercedes-Benz lead the market.
Rise in MaaS platforms is a leading trend in the market.
Heightened fundings for innovative solutions and autonomous vehicle startups are offering new market opportunities.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Level of Automation
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Level of Automation, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Level of Automation, 2023 to 2033
5.3.1. Driver Assistance
5.3.2. Partial Automation
5.3.3. Conditional Automation
5.3.4. High Automation
5.3.5. Full Automation
5.4. Y-o-Y Growth Trend Analysis By Level of Automation, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Level of Automation, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Passenger Cars
6.3.2. Public Transportation
6.3.3. Industrial Fleet
6.3.4. Construction
6.3.5. Agricultural Applications
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Level of Automation
8.2.3. By Application
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Level of Automation
8.3.3. By Application
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Level of Automation
9.2.3. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Level of Automation
9.3.3. By Application
9.4. Key Takeaways
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Level of Automation
10.2.3. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Level of Automation
10.3.3. By Application
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Level of Automation
11.2.3. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Level of Automation
11.3.3. By Application
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Level of Automation
12.2.3. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Level of Automation
12.3.3. By Application
12.4. Key Takeaways
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Level of Automation
13.2.3. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Level of Automation
13.3.3. By Application
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Level of Automation
14.2.3. By Application
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Level of Automation
14.3.3. By Application
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Level of Automation
15.1.2.2. By Application
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Level of Automation
15.2.2.2. By Application
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Level of Automation
15.3.2.2. By Application
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Level of Automation
15.4.2.2. By Application
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Level of Automation
15.5.2.2. By Application
15.6. UK
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Level of Automation
15.6.2.2. By Application
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Level of Automation
15.7.2.2. By Application
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Level of Automation
15.8.2.2. By Application
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Level of Automation
15.9.2.2. By Application
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Level of Automation
15.10.2.2. By Application
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Level of Automation
15.11.2.2. By Application
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Level of Automation
15.12.2.2. By Application
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Level of Automation
15.13.2.2. By Application
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Level of Automation
15.14.2.2. By Application
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Level of Automation
15.15.2.2. By Application
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Level of Automation
15.16.2.2. By Application
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Level of Automation
15.17.2.2. By Application
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Level of Automation
15.18.2.2. By Application
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Level of Automation
15.19.2.2. By Application
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Level of Automation
15.20.2.2. By Application
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Level of Automation
15.21.2.2. By Application
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2022
15.22.2.1. By Level of Automation
15.22.2.2. By Application
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2022
15.23.2.1. By Level of Automation
15.23.2.2. By Application
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Level of Automation
16.3.3. By Application
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. AB Volvo
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.1.5.2. Product Strategy
17.1.1.5.3. Channel Strategy
17.1.2. BMW AG
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.2.5.2. Product Strategy
17.1.2.5.3. Channel Strategy
17.1.3. Daimler AG
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.3.5.2. Product Strategy
17.1.3.5.3. Channel Strategy
17.1.4. Ford Motor Company
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.4.5.2. Product Strategy
17.1.4.5.3. Channel Strategy
17.1.5. General Motors
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.5.5.2. Product Strategy
17.1.5.5.3. Channel Strategy
17.1.6. Honda Motor Co., Ltd.
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.6.5.2. Product Strategy
17.1.6.5.3. Channel Strategy
17.1.7. Nissan Motors Co., Ltd.
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.7.5.2. Product Strategy
17.1.7.5.3. Channel Strategy
17.1.8. Tesla, Inc.
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.8.5.2. Product Strategy
17.1.8.5.3. Channel Strategy
17.1.9. Toyota Motor Corporation
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.9.5.2. Product Strategy
17.1.9.5.3. Channel Strategy
17.1.10. Volkswagen AG
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.10.5.2. Product Strategy
17.1.10.5.3. Channel Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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