Autonomous Cars Global Market Report 2024

The autonomous cars market size has grown rapidly in recent years. It will grow from $1047.13 billion in 2023 to $1176.95 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth observed during the historic period can be attributed to several factors, including the growth of emerging markets, high adoption of connected cars, an increasing demand for driverless vehicles, a rise in occurrences of vehicle theft, and an enhanced focus on road safety.

The autonomous cars market size is expected to see rapid growth in the next few years. It will grow to $1851.15 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The anticipated growth in the forecast period can be attributed to several factors, including increasing research and development (R&D) investments for self-driving vehicles, supportive government initiatives, a growing demand for electric vehicles, increasing concerns about vehicle safety, and rising urbanization. Major trends expected in the forecast period include investments in artificial intelligence (AI), collaborations with telecom service providers, investments in cybersecurity software, building relationships with taxi services, integrating improved vision solutions, utilizing augmented reality (AR) and virtual reality (VR) technologies, and a focus on pre-collision assist and pedestrian detection technology.

The proliferation of smart cities stands as a pivotal driver propelling the expansion of the autonomous cars market. Electric autonomous vehicles play a crucial role in reducing air pollution and combating climate change within these smart city environments. Their deployment contributes to a substantial decrease in traffic accidents, potentially lowering incidents by as much as 90%, thereby significantly enhancing road safety. Countries such as Mexico, Canada, and the United States are actively implementing digital infrastructure to facilitate seamless communication between vehicles and networks, leveraging essential data exchange to alleviate traffic congestion and bolster road safety. Consequently, the ascent of smart city development is poised to fuel the growth of the autonomous cars market.

The escalating issue of traffic congestion serves as a catalyst driving the trajectory of the autonomous cars market. As traffic congestion intensifies - characterized by increased vehicle queues, slower speeds, and extended travel times - autonomous vehicles emerge as a solution. These vehicles possess the capability to communicate with each other and traffic infrastructure, orchestrating coordinated traffic flow efficiently. Their ability to anticipate traffic patterns and enact real-time adjustments optimizes roadway utilization. Notably, a report published by Government Technology in January 2023 revealed that drivers in the United States spent nearly 4.8 billion hours stuck in traffic in 2022, with the average American driver experiencing losses of $869 due to traffic delays, a significant increase from $305 in 2021. Hence, the mounting traffic congestion is a driving force behind the growth of the autonomous cars market.

The trend toward full automation vehicles marks a significant stride within the autonomous cars market. These vehicles, capable of executing all driving functions under various circumstances, are being developed for applications such as Robo-taxis, exemplified by Waymo. Progressing through six stages of driver assistance technology - from requiring full driver engagement to complete autonomous operation - these self-driving cars, exemplified by Tesla, are anticipated to integrate seamlessly into U.S. roadways. Tesla has indicated plans for a software update by late 2019 or early 2020, with expectations of achieving full autonomy by the end of 2020, as reported by Wired.

Prominent entities within the autonomous car market are actively innovating to introduce new products, such as mapping platforms tailored to cater to broader customer bases, bolster sales, and augment revenue streams. Mapping platforms encompass digital tools and systems devised for the creation, visualization, and analysis of maps and geospatial data. A case in point is Nvidia, a US-based software company, which unveiled Drive Map in March 2022, marking a significant addition to its product portfolio. Drive Map distinguishes itself by its capacity to cover an extensive network of approximately 300,000 miles of roads across North America, Europe, and Asia by 2024, providing comprehensive ground truth mapping capabilities. Designed to facilitate advanced levels of autonomous driving, this platform is accessible to all Nvidia customers and serves as a complementary offering to the company's existing suite of solutions tailored for the autonomous vehicle industry.


In January 2022, Magna International, a Canadian company specializing in the development of car mobility technology, successfully acquired Optimus Ride for an undisclosed amount. This strategic acquisition enhances Magna International's capabilities in advancing advanced driver assistance systems (ADAS). Optimus Ride, a United States-based autonomous vehicle company, focuses on the development of autonomous cars and provides mobility services.

Major companies operating in the autonomous cars market report are Toyota Motor Corporation, Volkswagen AG, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, BMW AG, Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Volvo Car Group, Tesla Inc., Hyundai Motor Company, Audi AG, PSA Group, Renault, Jaguar Land Rover, NIO, Daimler AG, Vauxhall, Kia, Haval, Chevrolet, Fiat.

Asia-Pacific was the largest region in the autonomous cars market in 2023. Western Europe was the second largest region in the autonomous cars market share. The regions covered in the autonomous cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the autonomous cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary product types within the autonomous cars market include semi-autonomous vehicles and fully-autonomous vehicles. Semi-autonomous vehicles possess the ability to accelerate, decelerate, and stop without requiring direct human intervention. Applications of autonomous cars encompass civil use, robot taxi services, ride-hailing, ride-sharing, and other related sectors. Various vehicle types are involved, including battery electric vehicles (BEV), internal combustion engines (ICE), and hybrid electric vehicles (HEV).

The autonomous cars market research report is one of a series of new reports that provides autonomous cars market statistics, including global market size, regional shares, competitors with an autonomous cars market share, detailed autonomous cars market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous car industry. This autonomous cars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The autonomous cars market consists of sales of driver assistance cars, partial automation cars, conditional automation cars and high automation cars. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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