The report incorporates the study of the global autonomous vehicle market that focuses on the penetration of hardware and software technology developments taking place in the market along with the development of autonomous vehicle technology by the major OEMs (original equipment manufacturers). Autonomous cars enhance vehicle utilization by enabling continuous use throughout the day for various groups of people. For instance, in the morning, an autonomous vehicle can transport students to school and adults to their workplaces. Later in the day, the same autonomous vehicle can serve as transportation for tourists visiting landmarks, provide transportation for elderly individuals going to medical appointments, and assist people in running errands. Finally, in the evening, it can be employed to help students and working adults return home.
The growth of connected infrastructure due to advancements in technology, a reduction in traffic congestion with improved safety, and increase in investments and tie-ups between companies in autonomous vehicles have driven market growth. Moreover, advancements in technology, encompassing adaptive algorithms, sensor processing, high-definition mapping, and upgraded infrastructure, have driven numerous companies to scale up the manufacturing of autonomous vehicles. They provide travelers with increased comfort and flexibility, allowing them to read, relax, or even work while on the move, thereby enhancing their productivity. For instance, in January 2023, autonomous vehicle startup Oxbotica raised $140 million in funding. This funding is expected to increase the penetration of software in the market, as the company supplied software to partners including BP and Ocado Group. Moreover, Mercedes-Benz offers fleet management services for autonomous vehicles. These services enable real-time monitoring and remote operations of AV functions. These software and services support the development of autonomous vehicles by incorporating the required features for functioning in the vehicles.
The increase in investments and tie-ups among the companies drives the growth of the market. For instance, in October 2022, Volkswagen Group partnered with Mobileye of Intel for an autonomous vehicle robotaxi service. It is an autonomous ride-hailing service with a focus on being launched by 2025. Moreover, in September 2023, V.A.S. and Boliden entered into a Memorandum of Understanding (MOU), outlining their joint commitment to collaborate on multiple projects. The initial project within this partnership involved the introduction of an autonomous transportation solution at Garpenberg, designed to facilitate the movement of rock fill from a quarry located on-site. The initial phase of this project is anticipated to involve the deployment of an autonomous transport system to transfer rock fill materials from a nearby quarry to the construction site.
The market is segmented into levels of automation, components, applications, and regions. On the basis of level of automation, it is categorized into levels 3, 4, and 5. Based on the basis of component, it is bifurcated into hardware, software, and services. The application segment is divided into civil, robo taxi, ride hail, ride share, self-driving truck, and self-driving bus. Based on the basis of region, the market is analysed across North America, Europe, Asia-Pacific and LAMEA.
The leading players operating in the Autonomous Vehicles Market are General Motors, Mercedes-Benz, Ford Motor Company, Volkswagen Group, Bayerische Motoren Werke AG, Renault Group SA, AB Volvo, Toyota Motor Corporation, Tesla, Inc., Hyundai Motor Company.
The growth of connected infrastructure due to advancements in technology, a reduction in traffic congestion with improved safety, and increase in investments and tie-ups between companies in autonomous vehicles have driven market growth. Moreover, advancements in technology, encompassing adaptive algorithms, sensor processing, high-definition mapping, and upgraded infrastructure, have driven numerous companies to scale up the manufacturing of autonomous vehicles. They provide travelers with increased comfort and flexibility, allowing them to read, relax, or even work while on the move, thereby enhancing their productivity. For instance, in January 2023, autonomous vehicle startup Oxbotica raised $140 million in funding. This funding is expected to increase the penetration of software in the market, as the company supplied software to partners including BP and Ocado Group. Moreover, Mercedes-Benz offers fleet management services for autonomous vehicles. These services enable real-time monitoring and remote operations of AV functions. These software and services support the development of autonomous vehicles by incorporating the required features for functioning in the vehicles.
The increase in investments and tie-ups among the companies drives the growth of the market. For instance, in October 2022, Volkswagen Group partnered with Mobileye of Intel for an autonomous vehicle robotaxi service. It is an autonomous ride-hailing service with a focus on being launched by 2025. Moreover, in September 2023, V.A.S. and Boliden entered into a Memorandum of Understanding (MOU), outlining their joint commitment to collaborate on multiple projects. The initial project within this partnership involved the introduction of an autonomous transportation solution at Garpenberg, designed to facilitate the movement of rock fill from a quarry located on-site. The initial phase of this project is anticipated to involve the deployment of an autonomous transport system to transfer rock fill materials from a nearby quarry to the construction site.
The market is segmented into levels of automation, components, applications, and regions. On the basis of level of automation, it is categorized into levels 3, 4, and 5. Based on the basis of component, it is bifurcated into hardware, software, and services. The application segment is divided into civil, robo taxi, ride hail, ride share, self-driving truck, and self-driving bus. Based on the basis of region, the market is analysed across North America, Europe, Asia-Pacific and LAMEA.
The leading players operating in the Autonomous Vehicles Market are General Motors, Mercedes-Benz, Ford Motor Company, Volkswagen Group, Bayerische Motoren Werke AG, Renault Group SA, AB Volvo, Toyota Motor Corporation, Tesla, Inc., Hyundai Motor Company.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the autonomous vehicle market analysis from 2025 to 2035 to identify the prevailing autonomous vehicle market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the autonomous vehicle market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global autonomous vehicle market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Level of Automation
- Level 3
- Level 4
- Level 5
By Application
- Civil
- Robo Taxi
- Ride Share
- Ride Hail
- Self-Driving Truck
- Self-Driving Bus
By Component
- Hardware
- Software and Services
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Russia
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Volkswagen Group
- Ford Motor Company
- Renault SA
- AB Volvo
- General Motors
- Mercedes-Benz AG (Daimler AG)
- Toyota Motor Corporation
- Tesla, Inc.
- Bayerische Motoren Werke AG (BMW AG)
- Hyundai Motor Group
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTONOMOUS VEHICLE MARKET, BY LEVEL OF AUTOMATION
CHAPTER 5: AUTONOMOUS VEHICLE MARKET, BY APPLICATION
CHAPTER 6: AUTONOMOUS VEHICLE MARKET, BY COMPONENT
CHAPTER 7: AUTONOMOUS VEHICLE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Autonomous Vehicles Market is expected to experience a significant growth rate of 22.2% from 2025-2035 owing to government initiatives supporting the growth of autonomous vehiclesMany developing countries, such as China, India, and others, have made changes to their existing legislation, such as the Road Traffic Act and the Road Transport Vehicle Act, to accommodate the advancements in autonomous driving technology. China has positioned itself as a prominent player in the global advancement of autonomous vehicle technology and regulatory frameworks. The Chinese government has highlighted autonomous vehicle development as a top-tier focus under the strategic act known as Made in China 2025. China has set up designated testing areas and facilities for autonomous vehicle experimentation and has put in place regulatory measures for on-road testing. Furthermore, the nation has instituted policies aimed at fostering R&D, encompassing tax incentives and financial support for manufacturers of autonomous vehicles. Notably, China is actively engaged in the formulation of nationwide standards and guidelines for autonomous vehicles, with a keen emphasis on safety, cybersecurity, and data protection. These government initiatives are anticipated to propel market growth during the forecast period.
Information and communication technology (ICT) is used in smart cities to increase operational effectiveness, disseminate information to the public, and improve the quality of public services and citizen welfare. A smart city aims to improve citizen quality of life, optimize city operations, and foster economic growth by utilizing smart technologies and data analysis. The investments going on for the development of smart cities are expected to propel market growth soon as autonomous vehicles play a significant role in shaping the future of urban transportation. For instance, in December 2022, Austin University and the government of Uttar Pradesh, India, signed a contract for the construction of smart cities. The contract valued $42 billion.
Communication between AVs and traffic infrastructure, including traffic lights and road sensors, is possible. Real-time traffic control is possible through this communication, which improves flow and lessens congestion. Intelligent judgments concerning traffic management and infrastructure upgrades are made in smart cities using AV data. Smart cities are able to incorporate AVs into their public transportation systems to offer shared mobility services that are available on demand. AVs are a component of a larger ecosystem of transportation choices, providing practical and affordable options for locals and guests.
The increase in investments and tie-ups among the companies drives the growth of the market. For instance, in October 2022, Volkswagen Group partnered with Mobileye of Intel for an autonomous vehicle robotaxi service. It is an autonomous ride-hailing service with a focus on being launched by 2025. Moreover, in September 2023, V.A.S. and Boliden entered into a Memorandum of Understanding (MOU), outlining their joint commitment to collaborate on multiple projects. The initial project within this partnership involved the introduction of an autonomous transportation solution at Garpenberg, designed to facilitate the movement of rock fill from a quarry located on-site. The initial phase of this project is anticipated to involve the deployment of an autonomous transport system to transfer rock fill materials from a nearby quarry to the construction site.
Companies have focused on the manufacturing of autonomous vehicles equipped with advanced driver assistance systems, such as the BMW 3 Series, which utilizes a combination of cameras, ultrasonic sensors, and radar sensors to gather information about their surroundings. Apart from its sensory capabilities, it incorporates a"stop-and-go" brake function, which proves particularly beneficial for commuters enduring prolonged periods of traffic congestion, relieving strain on the lower extremities of the driver. Furthermore, the camera sensor is capable of detecting traffic signs, such as speed limits, and adjusting the speed of the vehicle to align with the indicated speed limit.
Moreover, the U.S. is set to channel $200 billion in funding toward international infrastructure initiatives through its approach, the Partnership for Global Infrastructure and Investment (PGII). The collective target for investments, which includes contributions from G7 nations and private entities, aims to reach a total of $600 billion by the end of 2025. The emergence of connected and autonomous vehicles (CAVs) has the potential to decrease road accidents attributed to human errors. CAVs can simultaneously function as sensors, continuously monitoring real-time traffic conditions.
Key players operating in the global autonomous vehicle market are General Motors, Mercedes-Benz AG, Ford Motor Company, Volkswagen Group, BMW AG, AB Volvo, Renault Group SA, Toyota Motor Corporation, Tesla, Inc., and Hyundai Motor Company, among others. The leading companies adopt strategies such as product launch, partnership, acquisition, expansion and collaboration to strengthen their market position. The developments carried out by these companies supplement the growth of the market across the globe. For instance, in March, 2023, General Motors launched Super Cruise that is equipped with LiDAR, radar, GPS, and 3D cameras to identify orientation of the vehicle and offers several new features such as object avoidance, automatic parking, speed limits, and automatic lane change. Similarly, in July, 2023, Tesla, Inc. announced an investment of USD 1 billion for the development of project Dojo that aims to manage extensive volumes of data, with a specific focus on video feeds originating from Tesla vehicles, a crucial element in the advancement of autonomous driving software of the company.
Key Market Insights
By level of automation, the level 5 segment dominated the global market, and is estimated to reach $65.20 billion by 2035, with a CAGR of 25.1%.By application, the civil segment was the highest revenue contributor to the market, with $114.49 billion in 2035, with a CAGR of 22.7%.
By Component, the hardware segment was the highest revenue contributor to the market, with $302.58 billion in 2035, with a CAGR of 23.4%.
By region, North America is the highest revenue contributor, accounting for $151.93 billion in 2035, with a CAGR of 23.3% during the forecast period.
Companies Mentioned
- Volkswagen Group
- Ford Motor Company
- Renault SA
- AB Volvo
- General Motors
- Mercedes-Benz AG (Daimler AG)
- Toyota Motor Corporation
- Tesla, Inc.
- Bayerische Motoren Werke AG (BMW AG)
- Hyundai Motor Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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