Autonomous Vehicle Market Size, Share & Growth Report | 2031

Report Description

The global autonomous vehicle market is projected to expand at a high CAGR during the forecast period, between 2021 and 2028. The autonomous vehicle, often known as a driverless car, can perceive and read its function and surroundings with little or no human intervention.  Autonomous vehicles, commonly known as self-driving automobiles, employ light detection, artificial intelligence (AI) software, and RADAR, and ranging (LiDAR) sensing technology to monitor a 60-meter radius around the vehicle and create an active 3D model of the present environment. Self-driving automobiles have ushered in a new era of automation and networking technologies. Computers, cell phones, the internet, and advanced technologies are integrating with automobiles to help and automate driving operations.

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Market Trends, Drivers, Restraints, and Opportunities:

• Growing auto-tech investments and rising R&D operations for the development of self-driving automobiles are expected to drive market.
• Increasing concern for security and safety, as well as the necessity for comfort in driving, leads to high demand for autonomous vehicles.
• The widespread implementation of the ADAS platform, and supportive government measures, fuel the market.
• High expense of autonomous vehicles, as well as the growing threat from cyber-attacks in driving operations, is expected to hinder the market expansion.
• Lack of infrastructural development in developing nations is expected to hamper the market growth.
• Advances in numerous in-vehicle innovative technologies, combined with a large demand for autonomous vehicles, are likely to offer lucrative opportunities for autonomous vehicles.

Scope of the report:

The report on autonomous vehicle market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Autonomous Vehicle Market Segment Insights:

The semi-autonomous segment is projected to hold significant market share

Based on types, the autonomous vehicle market can be bifurcated into autonomous and semi-autonomous. The autonomous segment can be further categorized into conventional vehicles, electric vehicles, and hybrid vehicles. The semi-autonomous segment can be classified into conventional vehicles, electric vehicles, and hybrid vehicles. The semi-autonomous segment is projected to hold significant market share. ADAS functions in semi-autonomous automobiles include adaptive cruise control and intelligent park assist, among others.

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The passenger cars segment is anticipated to account for a substantial share

On the basis of vehicle types, the market can be divided into commercial vehicles and passenger cars. The passenger cars segment is anticipated to account for a substantial share, due to the increasing urbanization, rising living standards, rapid demographic expansion, and increased purchasing power. Furthermore, organizations and governments from various countries are investing heavily in the development of technologically enhanced vehicles.

The software segment is estimated to grow at a high rate during the forecast period

In terms of components, the autonomous vehicle market can be fragmented into service, software, and hardware. The software segment is estimated to expand at a high rate during the forecast period, owing to increasing digitization around the world. Advances in numerous in-vehicle innovative technologies are estimated to offer lucrative opportunities for autonomous vehicles.

The level 4 segment expands at a robust pace in the coming years

In terms of level of automation, the market can be segmented into level 5, level 4, and level 3. The level 4 segment is projected to expand at a robust pace in the coming years, due to increased R&D activities in the self-driving technology arena. Automobile manufacturers have increased their R&D spending in order to step up their attempts to develop level-4 autonomous cars. For the mass production of autonomous vehicles, these companies are partnering with semiconductor equipment providers and technological players.

The robo taxi segment is anticipated to register a substantial growth rate in the coming years

Based on applications, the autonomous vehicle market can be segregated into civil, ride hail, ride share, Robo taxi, self-driving bus, and self-driving truck. Robo taxi segment is anticipated to register a substantial growth rate in the coming years. The sheer need for taxis, fuelled by urbanization and rising disposable income, is growing demand for the autonomous vehicle market.

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Asia Pacific is expected to dominate the market

In terms of regions, the market can be classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market, due to growing popularity of these vehicles and consumer preferences for technologically superior features. Automobile manufacturers intend to increase production units and achieve quick technological improvement in manufacturing facilities in rising markets like India and China. The market is being driven by the growing efforts of Chinese manufacturers to develop self-driving technologies. Chinese tech giants are significantly investing in self-driving vehicle technology. Furthermore, the Chinese government is trying hard to establish a competitive advantage in self-driving vehicle technology.

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