Autonomous Vehicle Global Market Report 2024

The autonomous vehicle market size has grown exponentially in recent years. It will grow from $54.6 billion in 2023 to $73.53 billion in 2024 at a compound annual growth rate (CAGR) of 34.7%. The expansion observed in the historic period can be attributed to several factors, including the rising aging populations, increasing consumer acceptance of autonomous vehicles, growth in the geriatric population, increasing demands for delivery services, and a growing awareness of environmental concerns.

The autonomous vehicle market size is expected to see exponential growth in the next few years. It will grow to $221.32 billion in 2028 at a compound annual growth rate (CAGR) of 31.7%. The projected growth in the forecast period can be attributed to several factors, including the increasing demand for safer and more efficient transportation solutions, rising investments in research and development for autonomous vehicles, urbanization trends, the growing demand for energy-efficient vehicles, and the increasing adoption of autonomous vehicle technology. Significant trends expected in the forecast period include a heightened focus on safety and efficiency, continuous technological advancements, the rise of ride-sharing platforms, enhanced mobility options for the elderly and disabled, and rapid progress in the development of autonomous vehicle technology.

The increasing demand for energy-efficient vehicles is anticipated to drive the expansion of the autonomous vehicle market in the foreseeable future. Energy-efficient vehicles are engineered to accomplish tasks using less energy compared to their non-efficient counterparts. As governments worldwide intensify efforts to combat climate change and reduce greenhouse gas emissions, autonomous vehicles are poised to play a significant role in curbing energy consumption. The development of connected and autonomous vehicles prioritizes the reduction of fuel and energy consumption, with energy-efficient vehicles serving as crucial contributors to shaping the success of the autonomous vehicle market. For example, data from the International Energy Agency in 2022 reveals a 40% increase in fuel cell electric vehicles (FCEVs) compared to 2021, with over 72,000 vehicles deployed globally. Thus, the escalating demand for energy-efficient vehicles acts as a driving force behind the growth of the autonomous vehicle market.

Leading companies in the autonomous vehicle market are actively engaged in developing innovative technologies, such as autonomous driving technology, to enhance the overall customer experience and market penetration. Autonomous driving technology enables vehicles to perceive their environment and operate without direct human intervention. For instance, in March 2021, Honda Motor Co. Ltd., a prominent Japan-based automobile manufacturer, introduced the world's first level 3 self-driving car equipped with a sophisticated system capable of automatically accelerating, braking, and steering while monitoring its surroundings using data from high-definition mapping and various sensors. This system can engage at speeds below 30 km per hour and remain operational until the speed reaches 50 km per hour, enabling the vehicle to execute various driving tasks without continuous human intervention.

In December 2022, Stellantis N.V., a multinational automotive manufacturing corporation headquartered in the Netherlands and known for its innovative mobility solutions, acquired AiMotive for an undisclosed sum. This strategic acquisition is geared towards strengthening Stellantis' presence in the autonomous driving sector. It enables the company to provide a comprehensive suite of integrated software, tools, and hardware products tailored for the accelerated development and implementation of automated driving features. AiMotive, headquartered in Ireland, is a pioneering autonomous vehicle technology company specializing in level-agnostic automated driving solutions.

Major companies operating in the autonomous vehicle market report are Volkswagen AG, Google LLC, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., The Hyundai Motor Group, Tesla Inc., Nissan Motor Co. Ltd., Audi AG, Intel Corporation, AB Volvo, Groupe Renault, Denso Corporation, Mercedes-Benz Group AG, Uber Technologies Inc., NVIDIA Corporation, Baidu Inc., Waymo LLC, WeRide Corporation, Aurora Innovation Inc., Cruise LLC, AutoX Inc., Oxbotica Ltd.

North America was the largest region in the autonomous vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the autonomous vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the autonomous vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An autonomous vehicle, also known as a driverless vehicle, operates and performs essential tasks without human intervention, relying on a combination of hardware and software technologies for navigation. These vehicles can operate in autonomous mode, where they handle driving tasks independently, or in testing mode, equipped with autonomous technology for evaluation.

Autonomous vehicles feature various levels of automation, including driver assistance, partial automation, conditional automation, high automation, and full automation. Driver assistance systems, such as advanced driver-assistance systems (ADAS), automate, improve, or adapt vehicle operation tasks to enhance safety. They encompass hardware, software, and services and find applications in transportation, logistics, civil, defense, and other sectors.

The autonomous vehicle market research report is one of a series of new reports that provides autonomous vehicle market statistics, including autonomous vehicle industry global market size, regional shares, competitors with autonomous vehicle market share, detailed autonomous vehicle market segments, market trends, and opportunities, and any further data you may need to thrive in the autonomous vehicle industry. This autonomous vehicle 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 vehicle market consists of revenues earned by entities by providing services such as autonomous vehicle platforms, and safety and security solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The vi autonomous vehicle market also includes sales of fully autonomous and semi-autonomous vehicles. 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 goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD, unless otherwise specified).

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


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