Global Autonomous Vehicle Market was valued at US $ 60.3 billion in 2023 and is expected to reach US $448.6 billion by 2032 growing at a CAGR of 19% during the forecast period 2024 – 2032.

Driver interference with automated vehicles should be slight or even zero. For autonomous vehicles, the sensors may immediately decide whether to brake, stop or accelerate and compassionately develop an escape plan. Protective measures, alerting drivers and ultimately controlling the entire vehicle are therefore methods for increasing safety. In addition, autonomous vehicles can respond to things like construction sites or cyclists. They've also slammed into pedestrians and other cars in traffic jams. Compared with human operators intentionally or unintentionally breaking principles of safety, these vehicles get it right every time. Many factors, such as the emergence of integrated infrastructures made possible by technological advances; declining traffic pressure and enhanced safety measures for road users; plus rising investments and inter-firm cooperation among companies active within autonomous vehicles spaces are contributing to market growth. But both of these factors have been dragging on the development of this market-cybersecurity concerns and high production costs for hardware.

For example, in July of this year, ZF started production at its own ADAS technology plant near Monterrey in Nuevo Leon. Similarly, Luminar, another organization has also been expanded its market footprint and will begin business operations in Mexico next year. In future years, Mexico could become a leading producer of autonomous lorry technology. This expansion is expected to boost the market for autonomous vehicles and related technologies.

In other words, during the year 2022 alone government budgets worldwide set aside for R & D will reach a sum of US $ 118.16 billion just in Europe (the figure concerning this exerpt is uncertain). That represented 0.74 % of Gross Domestic Product (GDP). This was an improvement on 2021's figure of US $ 117.79 billion, which grew by only a small amount that year (5.4 %). In addition, 5G tests already underway are fostering new possibilities for the use of autonomous vehicles in countries such as France. Yet, security issues on the web and high hardware production costs have slowed growth in this market. One more, it is expected that greater investment in the infrastructure for smart cities combined with R & D activities will spur market growth over the forecast period.

The Autonomous Vehicle Market Trend Analysis

Elevating Demand for Road Safety

The frequency of road accidents is increasing. It has been estimated by the Association for Safe International Road Travel (ASIRT) that an average of more than one million people a year are killed as a result of road incidents. Because most accidents involve incidents of irrational human behaviour, like head-on collisions created by motorists 'misunderstandings. Furthermore, machine or component breakages like brakes and axles may lead to accidents. Many governments are now attaching more stringent rules in an attempt to improve road safety.

The reason for this is that autonomous vehicles are far more technologically advanced than traditional drivers, with a variety of driving-related systems (such as navigation or lane management) being integrated and centrally processed by their many sensors to make decisions. This makes them much safer than conventional vehicles.

According to one source of authoritative information on the automotive industry, Automotive World Ltd., it is predicted that by 2050 there will be two billion cars in the world. Hence there would be a great deal of anxiety about traffic congestion if large numbers of automobiles were involved. Autonomous vehicles, however, could help solve traffic jams. Autonomous vehicles would also be able to bypass traffic jams by communicating with other cars. Moreover, as the sharing economy grows so will autonomous vehicles be able to provide point-to-point transportation that is convenient and efficient with little investment in infrastructure leading to low levels of traffic congestion.

Segmentation Analysis of the Autonomous Vehicle Market

As a result of technological development, connected infrastructure will expand.

Advancing technology Increasing the connected infrastructure is a major factor in growing autonomous vehicle market share. The autonomous vehicle stays in contact with the outside world through automation technology, such as sensors that gather information and intelligence ability devices (such as software), machine learning systems, processors, RADARs, LiDARs (light detection and ranging radar) cameras and other related equipment. The purpose of autonomous vehicle technology is to coordinate the entire system; in addition to allowing complete control over an automated driving experience, it also requires concurrently perceiving one's surroundings. Like human bodies, autonomous vehicles require the ability to receive sensory inputs, make judgments and reach conclusions in order effectively respond to stimuli from external sources. Autonomous vehicle technology is key to enabling these capabilities. This is done by putting in place intelligent transportation systems which let vehicles make autonomous plans and optimize traffic flow. Public Wi-Fi end-to end architectures combined with LTE and 5G small cell technologies are all integrated into newly designed modular street equipment, which motivates the development of autonomous vehicles through its emphasis on urban connectivity solutions.

Growing numbers of corporate collaborators and investors in self-driving cars.

The increase in corporate cooperation and investments is spurring market growthFor example, a February 2017 agreement between VW Group and Mobileye (an Intel subsidiary) set up in October last year was aimed at developing an autonomous-driving taxi service. This self-driving transportation service is expected to be up and running by 2025.. In addition, last September V.A.S and Boliden signed a Memorandum of Understanding (MOU), outlining both parties 'mutual commitment to collaborating on various ventures. The first task of this partnership involved the design and installation of a automated transportation system at Garpenberg which would facilitate movement of rock fill from an on-site quarry. This is expected to involve a first stage of setting up an autonomous transportation system to move boulder fill material from nearby quarry into the construction site. The above investments have caused the market for autonomous vehicles to grow.

Cybersecurity issues related to the safety of an autonomous vehicle.

Because autonomous vehicles have no human operators, they rely upon sensor technology to survey their surroundings. These sensors include radar systems, light detection and ranging (lidar), global positioning system (GPS), sonar, visual sensors, ultrasonic sensors and trunk closure sensor. In addition, the Global Positioning System (GPS) used by autonomous vehicles to decide on routes and choose directions is also at risk. These vulnerabilities are susceptible to exploitation via two main techniques: spoofing and interference.

Regional Analysis of the Autonomous Vehicle Market

With the gradual popularization of hybrid and electric models, North America has become by far the leading regional market in this sphere for 2022. Moreover, continuous growth is expected over the forecast period. These changes to the rules of traffic are due entirely to adjustments made in preparation for allowing autonomous vehicles onto public roads. The government is taking road infrastructural measures to make transportation fully self-sufficient.

Primary in this respect are government amendments to traffic regulations that would allow autonomous mobility on public roads. These changes will facilitate rapid development of the region. In 2013, the US National Highway Traffic Safety Administration (NHTSA), which is responsible for regulating traffic maintenance, approved testing of self-driven cars in California, Nevada and Michigan as well as Florida7a.

He also expects that in the next few years, Europe will become by far the most profitable region for autonomous cars because as more and more people begin driving vehicles with some degree of autonomy, consumer attitudes toward automatic products are changing. In 2018, the U.K.'s Department of Transport declared a jurisdiction in which any autonomous vehicle could be used on public roads without extra insurance or permits. In 2018 the nation set up successful centers for autonomous and connected vehicles. Moreover, the UK government has shown its commitment to autonomous vehicles through laws that would allow all on-road transportation cars and trucks fully converted by 2021.

Top Key Players

• BMW AG
• Audi AG
• Ford Motor Company
• Daimler AG
• Google LLC
• General Motors Company
• Nissan Motor Company
• Honda Motor Co., Ltd.
• Toyota Motor Corporation
• Tesla
• Volvo Car Corporation
• Uber Technologies, Inc.
• Volkswagen AG

Key Industry Developments in the Autonomous Vehicle Market

• The Volkswagen Group of America, Inc. (VWGoA) is set to launch its first automated vehicle test program in Austin this July. It is expected that launches of the program will include a fleet of 10 fully electric ID. Buzz vehicles which include a system for autonomous driving (AD). This system was developed by the global Volkswagen Group in cooperation with Mobileye, a domestic technology firm.
• The plan calls for Pony.ai to receive a fleet of Toyota-branded battery electric vehicles from supplier group GTMC in August 2023. Toyota is expected to provide these vehicles with advanced redundant systems designed for use in R & D on Level 4 autonomous driving. These vehicles should be able to use Pony.ai's autonomous driving systems in a smooth way, and run on the company's robotaxi network platform-PonyPilot + system.

Table of Contents

1. Introduction Of Global Autonomous Vehicle Market
   1. Overview of the Market
   2. Scope of Report
   3. Assumptions
2. Executive Summary
3. Research Methodology
   1. Data Mining
   2. Validation
   3. Primary Interviews
   4. List of Data Sources
4. Global Autonomous Vehicle Market Outlook
   1. Overview
   2. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
   3. Porters Five Force Model
      1. Bargaining Power of Suppliers
      2. Threat of New Entrants
      3. Threat of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power among Buyers
   4. Value Chain Analysis
5. Global Autonomous Vehicle Market, By Level of Automation
   1. Overview
   2. Level 3
   3. Level 4
   4. Level 5
6. Global Autonomous Vehicle Market, By Application
   1. Overview
   2. Civil
   3. Robo Taxi
   4. Ride Share
   5. Ride Hail
   6. Self-Driving Truck
   7. Self-Driving Bus
7. Global Autonomous Vehicle Market, By Component
   1. Overview
   2. Hardware
   3. Software and Services
8. Global Autonomous Vehicle Market, By Region
   1. North America
      1. U.S.
      2. Canada
   2. Europe
      1. Germany
      2. U.K.
      3. France
      4. Rest of Europe
   3. Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Singapore
      6. Malaysia
      7. Australia
      8. Thailand
      9. Indonesia
      10. Philippines
      11. Rest of Asia Pacific
   4. Others
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Egypt
      5. Israel
      6. Rest of Middle East and Africa (MEA)
      7. Brazil
      8. Argentina
      9. Mexico
      10. Rest of South America
9. Company Profiles
   1. BMW AG
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   2. Audi AG
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   3. Ford Motor Company
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   4. Daimler AG
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   5. Google LLC
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   6. General Motors Company
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   7. Nissan Motor Company
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   8. Honda Motor Co., Ltd.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   9. Toyota Motor Corporation
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   10. Tesla
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
   11. Volvo Car Corporation
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
   12. Uber Technologies, Inc.
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
   13. Volkswagen AG
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News

Global Autonomous Vehicle Market Segmentation

Autonomous Vehicle by Level of Automation: Market Size & Forecast 2024-2032

• Level 3

• Level 4
• Level 5

Autonomous Vehicle by Application: Market Size & Forecast 2024-2032

• Civil

• Robo Taxi
• Ride Share
• Ride Hail
• Self-Driving Truck
• Self-Driving Bus

Autonomous Vehicle by Component: Market Size & Forecast 2024-2032

• Hardware

• Software and Services

Autonomous Vehicle by Geography: Market Size & Forecast 2024-2032

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
• South America (Brazil, Argentina, Columbia, Rest of South America)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

• BMW AG
• Audi AG
• Ford Motor Company
• Daimler AG
• Google LLC
• General Motors Company
• Nissan Motor Company
• Honda Motor Co., Ltd.
• Toyota Motor Corporation
• Tesla
• Volvo Car Corporation
• Uber Technologies, Inc.
• Volkswagen AG