Global Autonomous Vehicle Market Overview, 2024-29
The Global Autonomous Vehicle Market is segmented into By Vehicle Type (Passenger Car, Commercial Vehicle), By Type (Semi-autonomous, Fully Autonomous), By Application (Transportation, Defense), By Level of Automation (Level 1, Level 2, Level 3, Level 4, Level 5), By Component (Hardware, Software and Services)
- Bonafide Research
- 29-02-2024
- Pages : 105
- Figures : 16
- Tables : 31
- Region : Global
- Category : IT & Telecommunications
- Telecommunications & Networks
The Global Autonomous Vehicle market is anticipated to cross USD 140 Billion by 2029, increasing from USD 37.16 Billion in 2023
- Historical Period2018-2023
- Base Year2023
- Forecast Period2024-2029
- Market Size (2023) USD 37.16 Billion
- Market Size (2029) USD 140 Billion
- CAGR (2023-2029) 22.03%
- Largest Market North America
- Fastest Market Asia-Pacific
- Format
Featured Companies
- 1. BMW Group
- 2. Ford Motors
- 3. General Motors
- 4. Nissan Motor
- 5. Toyota Motor Corporation
- 6. Volkswagen
- 7. Alphabet Inc
- 8. Uber Technologies, Inc
- 9. The Mercedes-Benz Group AG
- More...
Autonomous Vehicle Market Analysis
The global autonomous vehicle market stands at the forefront of a transformative revolution in the automotive industry, poised to redefine the way people perceive and interact with transportation. Characterized by vehicles equipped with advanced sensors, artificial intelligence, and connectivity, autonomous vehicles represent a convergence of cutting-edge technologies aimed at reshaping mobility as we know it. This burgeoning market is fueled by a convergence of factors, including advancements in sensor technology, rapid developments in artificial intelligence and machine learning, and the increasing demand for safer, more efficient transportation solutions. Autonomous vehicle technology is being developed and deployed in various regions across the globe. While Europe is leading the market in terms of technology development and regulatory frameworks, countries such as China, Japan, South Korea, and Israel are also making significant strides in autonomous vehicle innovation and deployment. Autonomous vehicles have diverse applications beyond passenger transportation. They are increasingly being utilised in sectors such as logistics, delivery services, agriculture, mining, and public transportation. This versatility opens up a wide range of opportunities for autonomous vehicle technology to revolutionise various industries and sectors. The widespread adoption of autonomous vehicles is expected to have a significant economic impact. Studies suggest that autonomous vehicles could lead to cost savings in areas such as fuel consumption, accident avoidance, and productivity gains. Additionally, the rise of new business models and services enabled by autonomous technology could create new revenue streams and job opportunities. According to the research report, “Global Autonomous Vehicle Market Overview, 2029” published by Bonafide Research, the market is anticipated to cross USD 140 Billion by 2029, increasing from USD 37.16 Billion in 2023. The market is expected to grow with 22.03% CAGR by 2024-29. One of the primary drivers of the demand for autonomous vehicles is their potential to enhance road safety. Autonomous vehicles are equipped with advanced sensors and AI algorithms that can detect and respond to potential hazards more quickly and accurately than human drivers, thereby reducing the risk of accidents caused by human error. Autonomous vehicles have the potential to alleviate traffic congestion by optimising traffic flow and reducing stop-and-go traffic patterns. Through coordination and communication between vehicles, autonomous systems can improve traffic efficiency and reduce travel times, benefiting both individual commuters and commercial transportation networks. Autonomous vehicles, particularly electric autonomous vehicles (AEVs), can contribute to environmental sustainability by reducing greenhouse gas emissions and air pollution. As the transportation sector transitions towards electric and autonomous vehicles, the global demand for more sustainable mobility solutions is expected to drive the adoption of autonomous technology. The rapid advancement of technology, including improvements in sensors, AI algorithms, connectivity, and vehicle-to-everything (V2X) communication, is driving the demand for autonomous vehicles. As these technologies mature and become more affordable, the cost of autonomous vehicles is expected to decrease, further stimulating market demand. Autonomous vehicles have the potential to enhance accessibility for individuals who are unable to drive due to age, disability, or other mobility limitations. By providing autonomous transportation options, these individuals can gain greater independence and mobility, improving their quality of life.
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Download SampleMarket Dynamic
Market Drivers • Technological Advancements: Continuous advancements in sensor technology, artificial intelligence, machine learning, and computing power are driving the development of autonomous vehicle technology. These innovations enable vehicles to perceive their environment, make real-time decisions, and navigate autonomously, leading to safer and more efficient transportation solutions. • Safety Improvements: Safety concerns and the potential to improve road safety are significant drivers of the autonomous vehicle market. Autonomous vehicles have the potential to reduce the number of accidents caused by human error by implementing advanced driver assistance systems (ADAS) and autonomous driving technology. Additionally, autonomous vehicles can optimise traffic flow, reduce congestion, and improve fuel efficiency, leading to overall transportation efficiency. Market Challenges • Infrastructure Readiness: The widespread adoption of autonomous vehicles requires significant investment in infrastructure, including road infrastructure, communication networks, and charging infrastructure for electric autonomous vehicles. Ensuring that infrastructure is ready to support autonomous vehicles, including infrastructure for vehicle-to-everything (V2X) communication and high-definition mapping, is crucial for enabling safe and efficient autonomous operations. • Ethical and Societal Implications: Autonomous vehicles raise complex ethical and societal questions that require careful consideration and debate. Issues such as liability and accountability in the event of accidents, ethical decision-making in critical situations, and the impact of autonomous technology on employment and society need to be addressed proactively. Developing ethical frameworks and guidelines for the deployment and use of autonomous vehicles is essential for ensuring that autonomous technology benefits society as a whole.
Autonomous Vehicle Segmentation
| By Vehicle Type | Passenger Car | |
| Commercial Vehicle | ||
| By Type | Semi-autonomous | |
| Fully Autonomous | ||
| By Application | Transportation | |
| Defense | ||
| By Level of Automation | Level 1 | |
| Level 2 | ||
| Level 3 | ||
| Level 4 | ||
| Level 5 | ||
| By Component | Hardware | |
| Software and Services | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Russia | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| South America | Brazil | |
| MEA | United Arab Emirates | |
Based on the vehicle type, they are segmented into passenger cars and commercial vehicles. In terms of the types, they are segmented into semi-autonomous and fully autonomous. Commercial vehicles significantly contribute to the highest growth rate by forecast period. Commercial vehicles play a crucial role in various industries, including logistics, transportation, and delivery services. The adoption of autonomous technology in commercial vehicles has the potential to drive significant economic benefits by improving operational efficiency, reducing costs, and enhancing productivity for businesses. Autonomous technology enables commercial vehicles to optimise logistics operations by streamlining route planning, scheduling, and delivery processes. Autonomous commercial vehicles can autonomously navigate complex urban environments, efficiently manage traffic, and optimise delivery routes to reduce delivery times and costs. Many regions are experiencing shortages of qualified commercial vehicle drivers, leading to increased demand for autonomous technology as a solution to address this workforce challenge. Autonomous commercial vehicles can operate autonomously for long distances or in specific environments, reducing the reliance on human drivers and mitigating the impact of driver shortages on logistics operations. Furthermore, the fully autonomous market is significantly growing; fully autonomous vehicles represent the pinnacle of autonomous driving technology, where vehicles operate without any human intervention under all conditions. Technological advancements in sensors, artificial intelligence, and computing power have made significant progress in recent years, enabling the development of fully autonomous driving systems with high levels of reliability and safety. Major players in the automotive and technology industries are heavily investing in the development of fully autonomous driving technology. These investments drive innovation, accelerate technology development, and pave the way for the commercialization and widespread adoption of fully autonomous vehicles in various applications, including ride-hailing, transportation-as-a-service (TaaS), and logistics. Based on the application, they are segmented into transportation and defense. Based on the level of automation, they are segmented into Level 1, Level 2, Level 3, Level 4, and Level 5. Defence significantly contributes to the market; autonomous vehicles offer the military enhanced mission capabilities, allowing for greater flexibility, agility, and precision in various operational scenarios. Autonomous vehicles can operate in environments that are hazardous or inaccessible to human personnel, including areas with hostile terrain, chemical or biological threats, or enemy presence. The use of autonomous vehicles in the defence sector helps reduce the risk to military personnel by minimising their exposure to dangerous or high-risk environments. Autonomous vehicles can perform tasks such as reconnaissance, surveillance, and logistics support without putting human operators in harm's way, thereby enhancing force protection and operational safety. Furthermore, autonomous vehicles can help reduce operational costs for the military by improving efficiency, optimising logistics, and reducing the need for human resources. By automating tasks such as transportation, resupply, and maintenance, autonomous vehicles can help streamline military operations and reduce overall operational expenses. Furthermore, level 3 autonomous vehicles significantly contribute to the market. Level 3 autonomous vehicles represent a significant advancement in autonomous driving technology, offering a high level of automation while still requiring human intervention under certain conditions. These vehicles are equipped with advanced sensors, cameras, and AI algorithms that enable them to perceive their environment, make driving decisions, and navigate autonomously in most situations. Level 3 autonomous vehicles are increasingly gaining acceptance and adoption among consumers. Unlike lower levels of automation, Level 3 vehicles offer a higher degree of autonomy and convenience, allowing drivers to disengage from driving tasks and engage in other activities while the vehicle operates autonomously. This level of autonomy appeals to consumers seeking a balance between automated driving and driver control. In terms of the components, they are segmented into hardware, software, and Software and Services. Hardware components such as LiDAR (light detection and ranging), radar, cameras, and ultrasonic sensors are essential for providing autonomous vehicles with real-time perception of their surroundings. These sensors collect data on nearby objects, road conditions, and traffic patterns, allowing the vehicle's AI system to make informed decisions and navigate safely. High-performance computing hardware, including CPUs (Central Processing Units), GPUs (Graphics Processing Units), and specialised AI processors, is crucial for processing the vast amount of data generated by autonomous vehicle sensors in real-time. These processing units enable rapid sensor fusion, data analysis, and decision-making, allowing the vehicle to respond to changing environmental conditions quickly. Hardware components such as onboard communication modules, antennas, and connectivity systems facilitate communication between autonomous vehicles and external infrastructure, such as traffic lights, road signs, and other vehicles. These communication systems enable vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, enhancing situational awareness and coordination on the road.
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Autonomous Vehicle Market Regional Insights
Based on the report, the major regions covered in the report include North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific significantly contributes to the market; there is a growing need for effective and sustainable transport options as a result of the Asia Pacific region's fast urbanisation and population expansion. By easing traffic, increasing accessibility, and lowering congestion, autonomous cars have the ability to alleviate problems related to urban mobility. This is especially true in highly populated areas. Governments in the Asia-Pacific region are actively supporting the development and deployment of autonomous vehicles through regulatory initiatives, funding programmes, and public-private partnerships. These government efforts provide a conducive environment for innovation, investment, and collaboration in the autonomous vehicle industry, driving market growth and adoption. The Asia-Pacific region is home to some of the world's leading technology hubs, research institutions, and automotive manufacturers, fostering a culture of innovation and entrepreneurship in the autonomous vehicle industry. The region benefits from a skilled workforce, strong research and development capabilities, and a vibrant startup ecosystem, driving technological advancements and market competitiveness. The Asia-Pacific region is experiencing rapid economic growth and rising disposable incomes, leading to increased consumer demand for advanced transportation solutions. Autonomous vehicles offer opportunities for businesses to optimise logistics, enhance productivity, and tap into new markets, driving market growth and investment in the region.
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Key Development
• On May 2023, Toyota and NVIDIA provided $43 million in Series C funding to Foretellix to support the creation of testing software for autonomous vehicles. With contributions from 83North Ventures, Woven Capital, Nvidia, Artofin VC, MoreTech Ventures, Nationwide, and Jump Capital, the financing round brought capital to over $93 million. • On May 2023, Ouster and May Mobility signed an agreement to expand their autonomous car solutions with purchase of 1,000 lidar sensors. The binding agreement was for the distribution of autonomous cars with Ouster OS1 and Alpha PrimeTM VLS-128 sensors by 2024. • On May 2023, the autonomous taxi service offered by Waymo will be expanded in San Francisco and the greater Phoenix area. In the Phoenix area, Waymo is launching its service in Scottsdale and extending its reach to Tempe, Chandler, and Mesa. Around 10,000 people are on the Waymo waiting list to use the service in San Francisco. The emphasis changes as the business grows from collecting more miles driven to providing better services. Users have been using Waymo's taxis for late-night travels when they might otherwise be concerned about safety, relishing the seclusion that the self-driving service gives. • In August 2023, Pony.ai, a U.S.-based software company, partnered with Toyota Motor (China) Investment Co., Ltd. and GAC Toyota Motor Co., Ltd. to create a joint venture aimed at advancing fully driverless robotaxis for mass production and deployment. This initiative combines Pony.ai's autonomous driving tech, Toyota's branded electric vehicles, and GTMC's production expertise. Together, they'll offer safe and convenient robotaxi services, propelling the industry towards commercialized autonomous mobility. • In July 2023, Volkswagen, a German-based Automobile manufacturer, plans to initiate trials of self-driving vehicles in Austin, Texas, shifting away from Argo AI. The German auto manufacturer intends to introduce roughly 10 ID Buzz electric vans, equipped with autonomous systems developed alongside Mobileye, into the city by the end of 2023. • On January 2023, Microsoft will invest $10 million in autonomous vehicle company, Gatik. With the investment, Gatik's valuation would increase to almost $700 million, and the company would commit to creating autonomous delivery truck technology using Microsoft's Azure cloud and edge platform. The push towards autonomous vehicles has been tempered by the difficulties, costs, and safety concerns associated with R&D. By 2030, there will be 4x as many L4 autonomous vehicles worldwide as there were in the previous year, according to Gartner experts. Microsoft plans to market its Azure cloud, AI, edge platform, and Internet of Things services to businesses in the sector.
Companies Mentioned
- BMW Group
- Ford Motors
- General Motors
- Nissan Motor
- Toyota Motor Corporation
- Volkswagen
- Alphabet Inc
- Uber Technologies, Inc
- The Mercedes-Benz Group AG
- The Volvo Group
Table of Contents
- 1. Executive Summary
- 2. Market Dynamics
- 2.1. Market Drivers & Opportunities
- 2.2. Market Restraints & Challenges
- 2.3. Market Trends
- 2.4. Covid-19 Effect
- 2.5. Supply chain Analysis
- 2.6. Policy & Regulatory Framework
- 2.7. Industry Experts Views
- 3. Research Methodology
- 3.1. Secondary Research
- 3.2. Primary Data Collection
- 3.3. Market Formation & Validation
- 3.4. Report Writing, Quality Check & Delivery
- 4. Market Structure
- 4.1. Market Considerate
- 4.2. Assumptions
- 4.3. Limitations
- 4.4. Abbreviations
- 4.5. Sources
- 4.6. Definitions
- 5. Economic /Demographic Snapshot
- 6. Global Autonomous Vehicle Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Region
- 6.3. Market Size and Forecast, By Geography
- 6.4. Market Size and Forecast, By Vehicle Type
- 6.5. Market Size and Forecast, By Type
- 6.6. Market Size and Forecast, By Application
- 6.7. Market Size and Forecast, By Level of Automation
- 6.8. Market Size and Forecast, By Component
- 7. North America Autonomous Vehicle Market Outlook
- 7.1. Market Size By Value
- 7.2. Market Share By Country
- 7.3. Market Size and Forecast, By Vehicle Type
- 7.4. Market Size and Forecast, By Type
- 7.5. Market Size and Forecast, By Application
- 7.6. Market Size and Forecast, By Level of Automation
- 7.7. Market Size and Forecast, By Component
- 8. Europe Autonomous Vehicle Market Outlook
- 8.1. Market Size By Value
- 8.2. Market Share By Country
- 8.3. Market Size and Forecast, By Vehicle Type
- 8.4. Market Size and Forecast, By Type
- 8.5. Market Size and Forecast, By Application
- 8.6. Market Size and Forecast, By Level of Automation
- 8.7. Market Size and Forecast, By Component
- 9. Asia-Pacific Autonomous Vehicle Market Outlook
- 9.1. Market Size By Value
- 9.2. Market Share By Country
- 9.3. Market Size and Forecast, By Vehicle Type
- 9.4. Market Size and Forecast, By Type
- 9.5. Market Size and Forecast, By Application
- 9.6. Market Size and Forecast, By Level of Automation
- 9.7. Market Size and Forecast, By Component
- 10. South America, Middle East & Africa Autonomous Vehicle Market Outlook
- 10.1. Market Size By Value
- 10.2. Market Share By Country
- 10.3. Market Size and Forecast, By Vehicle Type
- 10.4. Market Size and Forecast, By Type
- 10.5. Market Size and Forecast, By Application
- 10.6. Market Size and Forecast, By Level of Automation
- 10.7. Market Size and Forecast, By Component
- 11. Competitive Landscape
- 11.1. Competitive Dashboard
- 11.2. Business Strategies Adopted by Key Players
- 11.3. Key Players Market Share Insights and Analysis, 2022
- 11.4. Key Players Market Positioning Matrix
- 11.5. Porter's Five Forces
- 11.6. Company Profile
- 11.6.1. The Mercedes-Benz Group AG
- 11.6.1.1. Company Snapshot
- 11.6.1.2. Company Overview
- 11.6.1.3. Financial Highlights
- 11.6.1.4. Geographic Insights
- 11.6.1.5. Business Segment & Performance
- 11.6.1.6. Product Portfolio
- 11.6.1.7. Key Executives
- 11.6.1.8. Strategic Moves & Developments
- 11.6.2. Uber Technologies, Inc
- 11.6.3. Bayerische Motoren Werke AG
- 11.6.4. Toyota Motor Corporation
- 11.6.5. General Motors Company
- 11.6.6. Volkswagen AG
- 11.6.7. Alphabet Inc.
- 11.6.8. Volvo Cars
- 11.6.9. Nissan Motor Co., Ltd.
- 11.6.10. Ford Motor Company
- 12. Strategic Recommendations
- 13. Annexure
- 13.1. FAQ`s
- 13.2. Notes
- 13.3. Related Reports
- 14. Disclaimer
Table 2: Influencing Factors for Autonomous Vehicle Market, 2023
Table 3: Top 10 Counties Economic Snapshot 2022
Table 4: Economic Snapshot of Other Prominent Countries 2022
Table 5: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 6: Global Autonomous Vehicle Market Size and Forecast, By Geography (2018 to 2029F) (In USD Billion)
Table 7: Global Autonomous Vehicle Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 8: Global Autonomous Vehicle Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 9: Global Autonomous Vehicle Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 10: Global Autonomous Vehicle Market Size and Forecast, By Level of Automation (2018 to 2029F) (In USD Billion)
Table 11: Global Autonomous Vehicle Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Table 12: North America Autonomous Vehicle Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 13: North America Autonomous Vehicle Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 14: North America Autonomous Vehicle Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 15: North America Autonomous Vehicle Market Size and Forecast, By Level of Automation (2018 to 2029F) (In USD Billion)
Table 16: North America Autonomous Vehicle Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Table 17: Europe Autonomous Vehicle Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 18: Europe Autonomous Vehicle Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 19: Europe Autonomous Vehicle Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 20: Europe Autonomous Vehicle Market Size and Forecast, By Level of Automation (2018 to 2029F) (In USD Billion)
Table 21: Europe Autonomous Vehicle Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Table 22: Asia-Pacific Autonomous Vehicle Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 23: Asia-Pacific Autonomous Vehicle Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 24: Asia-Pacific Autonomous Vehicle Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 25: Asia-Pacific Autonomous Vehicle Market Size and Forecast, By Level of Automation (2018 to 2029F) (In USD Billion)
Table 26: Asia-Pacific Autonomous Vehicle Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Table 27: South America, Middle East & Africa Autonomous Vehicle Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 28: South America, Middle East & Africa Autonomous Vehicle Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 29: South America, Middle East & Africa Autonomous Vehicle Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 30: South America, Middle East & Africa Autonomous Vehicle Market Size and Forecast, By Level of Automation (2018 to 2029F) (In USD Billion)
Table 31: South America, Middle East & Africa Autonomous Vehicle Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Autonomous Vehicle Market Share By Region (2023)
Figure 6: North America Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: North America Autonomous Vehicle Market Share By Country (2023)
Figure 8: Europe Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Europe Autonomous Vehicle Market Share By Country (2023)
Figure 10: Asia-Pacific Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Asia-Pacific Autonomous Vehicle Market Share By Country (2023)
Figure 12: South America Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: South America Autonomous Vehicle Market Share By Country (2023)
Figure 14: Competitive Dashboard of top 5 players, 2023
Figure 15: Market Share insights of key players, 2023
Figure 16: Porter's Five Forces of Global Autonomous Vehicle Market
Autonomous Vehicle Market Research FAQs
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