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2022
Autonomous Vehicle Market

Autonomous Vehicle Market

by Level of Automation (Level 1, Level 2, Level 3, Level 4, and Level 5), Application (Civil, Defense, Transportation & Logistics, and Construction), Drive Type (Semi-autonomous and Fully Autonomous), and Vehicle Type (Passenger Car and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2021-2030

✷  Report Code: A04295
Pages: 207
Feb 2022 | 104462 Views
Author(s) : Abhay S , Sonia M
Tables: 168
Charts: 83
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Autonomous Vehicle Market Statistics 2030 -

The global autonomous vehicle market was valued at $76.13 billion in 2020, and is projected to reach $2,161.79 billion by 2030, registering a CAGR of 40.1% from 2021 to 2030.

The COVID-19 crisis is creating uncertainty in the market by slowing down the logistics services, hampering business growth, and increasing panic among the customer segments. Governments across different regions announced total lockdown and temporarily shut down of industries, leading to the border closures that restricted the movement of transportation & logistics services. The global business outlook has changed dramatically post COVID-19 health crisis. Moreover, the overall service activities of market players have declined, owing to drastic fall of demand in the cash usage to avoid the risk of contamination. Presently, world is getting back on track slowly with the new restriction and policies along with a significant recovery in product sales across the retail sector. These factors may assert a positive influence on the autonomous vehicle market to support the economic activities across all industries.

An autonomous vehicle or a driverless vehicle can operate itself and execute necessary functions without the need for any human intervention, owing to its ability to sense its surroundings. It primarily uses artificial intelligence (AI) software, light detection & ranging (LiDAR), radio detection and ranging (RADAR), and cameras to sense the environment and navigate by forming an active 3D map of that environment. Most self-driving systems create and maintain an internal map of their surroundings based on a wide array of sensors, such as RADAR. Different levels of autonomy include semi-autonomous that requires driver assistance to fully autonomous. The Society of Automotive Engineers (SAE) defines 6 levels of driving automation ranging from level 0 (fully manual) to level 5 (fully autonomous). These levels have been adopted by the U.S. Department of Transportation. Presently, many automobile manufacturers, such as Ford, Volvo, and Tesla, have made dives and boundaries with self-driving technology, and many newer cars have come up with many autonomous systems. Furthermore, these vehicles have several advantages over conventional vehicles, including improved safety, limited use of fuel, and reduced traffic congestion & emissions by consuming less gas & less battery capacity, which result in less pollution. These factors are advantageous to make it environmentally friendly.

	Autonomous-Vehicle-Market

Factors such as improvement in safety, reduction in traffic congestion, growth in connected infrastructure, and transition from ownership to mobility-as-a-service (MaaS) supplement the market growth across the globe. However, factors such as high manufacturing cost and data management challenges hinder the market growth across the globe. Conversely, factors such as development of smart cities and supportive government regulations create ample opportunities for the market growth during the forecast period.

The global autonomous vehicle market is segmented into level of automation, component, application, propulsion type, vehicle type, and region. Depending on level of automation, it is categorized into level 1, level 2, level 3, level 4, and level 5 automation. As per application, it is classified into into civil, defense, transportation & logistics, and construction. According to propulsion type, it is divided into semi-autonomous and fully autonomous. On the basis of vehicle type, it is bifurcated into passenger car and commercial vehicle. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players operating in the global autonomous vehicle market are AB Volvo, BMW AG, Daimler AG, Ford Motor Company, General Motors, Honda Motor Co., Ltd., Nissan Motors Co., Ltd., Tesla, Inc., Toyota Motor Corporation, and Volkswagen AG. 

Improved Safety Along with the Reduction in Traffic Congestion

The advent of autonomous vehicles has introduced many benefits to existing road systems. These vehicles have several advantages over conventional vehicles, including improved safety,  limited fuel use, and traffic congestion & emissions. An autonomous vehicle is installed with several sensors, including LiDAR, RADAR, camera, and GPS, which helps with the timely processing of traffic information & reduce M2M latency. Moreover, this superior connectivity enables and incorporates advanced AI-based traffic management and navigation services through smart streets that connect to sensors in autonomous vehicles, optimized traffic signals, predictive merging, and slowdowns. In September 2018, AB Volvo developed the next-generation transport solution for commercial vehicles, including the autonomous system. Vehicles are coordinated by ensuring parameters such as vehicle’s location and battery charge & load to offer as efficient & safe transport as possible. In addition, safety improved as traffic became more ordered and fewer lane transitions occur. Hence, owing to such technological advancements regarding connectivity & security in the automotive industry, the demand for autonomous vehicles increased significantly .

Autonomous Vehicle Market
By Application

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Defense is projected as the most lucrative segments

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Growth in Connected Infrastructure

Automation of routine tasks is currently a concept that interests many industries. Thus, with the rapid adoption of the Internet of Things (IoT), the global transportation infrastructure is rapidly evolving. Companies such as Cisco and IBM have created digital platforms to automate street and traffic lights, optimize trash pickup, and augment surveillance. Furthermore, connected infrastructure includes car parks, toll booths, and intelligent street & traffic lights. Autonomous vehicles can interact with smart street lights to enable traffic without congestion. In 2018, Audi A8 was the first production car equipped with an automated driving system with a possible connection to many telecommunication networks. In addition, public authorities are  promoting the emergence of connected technologies in terms of mobility, environment, and public health that can generate new revenues. According to a consulting firm KPMG, Netherlands is the most prepared country for the new infrastructure . It could serve as a model for other countries to follow and accelerate the global adoption of the technology.  Therefore, growth in connected infrastructure is projected to boost the demand for autonomous vehicles.     

Autonomous Vehicle Market
By Drive Type

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Fully Autonomous is projected as the most lucrative segments

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Data Management Challenges

Autonomous vehicles have many components, each with unique data management requirements that interact with other intelligent transportation systems, which create large amount of data, therefore needs a proper data storage and processing system. Moreover, autonomous vehicles require a lot of computational power as the amount of data generated is enormous. Furthermore, they require a large set of datasets for training. Neural networks of autonomous vehicles need to be trained on representative datasets, including examples of all possible conditions such as driving, weather, roads, and other situational conditions.

Autonomous Vehicle Market
By Vehicle Type

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Aftermarket products is projected as the most lucrative segments

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Supportive Government Regulations

The development of autonomous vehicle is accelerating, as a result of which many countries have established laws and regulations associated with the technology. These guidelines are meant to address safety, liability, privacy, and security related to the new-wave automobiles. For instance, in China, the Ministry of Industry & Information Technology, Ministry of Public Security, and Ministry of Transport introduced regulations for the administration of road testing of autonomous vehicles. It is primarily settled for the autonomous driving industry as a part of the country’s overall plan & to reorient its economy towards a more high-tech industrial model that includes autonomous vehicles and related technologies. In addition, the U.S. Department of Transportation (USDOT) developed the Automated Vehicles Comprehensive Plan in partnership with a broad coalition of industry, academic, state, local, safety, advocacy, and transportation stakeholders to support the safe development & testing and integration of automated vehicle technologies. Hence, the modernized regulatory environment & supportive government regulations electrify autonomous vehicles market opportunities. 

Autonomous Vehicle Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific region would exhibit the highest CAGR of 42.4% during 2021-2030.

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Covid-19 Impact Analysis

  • The COVID-19 crisis is creating uncertainty in the market by slowing down the logistics services, hampering business growth, and increasing panic among the customer segments.
  • Governments across different regions announced total lockdown and temporarily shut down of industries, leading to the border closures that restricted the movement of transportation & logistics services.
  • The global business outlook has changed dramatically post COVID-19 health crisis.
  • Moreover, the overall service activities of market players have declined, owing to drastic fall of demand in the cash usage to avoid the risk of contamination.
  • Presently, world is getting back on track slowly with the new restriction and policies along with a significant recovery in product sales across the retail sector. These factors may assert a positive influence on the autonomous vehicle market to support the economic activities across all industries.

Key Benefits For Stakeholders

  • This study presents the analytical depiction of the global autonomous vehicle market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Autonomous Vehicle Market Report Highlights

Aspects Details
By Level of Automation
  • Level 1
  • Level 2
  • Level 3
  • Level 4
  • Level 5
By Application
  • Civil
  • Defense
  • Transportation & Logistics
  • Construction
By Propulsion Type
  • Semi-autonomous
  • Fully Autonomous
By Vehicle Type
  • Passenger Car
  • Commercial Vehicle
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
KEY PLAYERS
  • AB Volvo
  • BMW AG
  • Daimler AG
  • Ford Motor Company
  • General Motors
  • Honda Motor Co., Ltd.
  • Nissan Motors Co., Ltd.
  • Tesla, Inc.
  • Toyota Motor Corporation
  • Volkswagen AG
 

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In accordance with the insights of the CXOs of leading companies, the autonomous vehicle market is highly competitive & concentrated and indicates positive growth in the future. The current business scenario experiences a rapid development in infrastructure and connectivity, leading to the readiness to adopt this technology, particularly in the developed regions such as North America and Europe. Companies in this industry adopted various innovative techniques to provide customers with advanced and innovative features. The factors such as government funding and investment in digital infrastructure are expected to play a vital role in positively affecting the autonomous vehicle market growth throughout the forecast period. For instance, in February 2018, the European Union (EU), the ENSEMBLE consortium, and TNO announced the implementation plan of multi-brand truck platooning on European roads, enabling a single truck to form a connected convoy with other trucks. Furthermore, improvement in safety of drivers and passengers, reduction in emission of CO2, and rise in demand for smart cars are expected to create lucrative opportunities for the key players operating in the autonomous vehicle market.

According to insights gathered from primary sources, the leading players in the autonomous vehicle market are involved in collaborations, business expansions, and innovative solutions to stay ahead of the competition. For instance, in December 2019, Daimler AG established partnership with Bosch to work on the automated ride-hailing project to provide integrated self-driving vehicles in their service portfolio. Furthermore, the emergence of IoT and connected devices leads to smart transportation in smart cities. In January 2020, Toyota revealed the plan to build a prototype city on a 175-acre site in Japan, fully powered by hydrogen cells that can test and develop technologies such as autonomy, robotics, personal mobility, smart homes, and artificial intelligence in a real-world environment.

Factors such as improvement in safety, reduction in traffic congestion, growth in connected infrastructure, and transition from ownership to mobility-as-a-service (MaaS) supplement the market growth across the globe. However, factors such as high manufacturing cost and data management challenges hinder the market growth. On the contrary, factors such as development of smart cities and supportive government regulations create ample opportunities for the market growth during the forecast period.

Among the analyzed regions, North America is the highest revenue contributor, followed by Europe, Asia-Pacific, and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to maintain its lead during the forecast period, owing to increase in automation across vehicles in Asia-Pacific.

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FREQUENTLY ASKED QUESTIONS?

A. The global autonomous vehicle market was valued at $76,126.43 million in 2020, and is projected to reach $2,161,787.29 million by 2030, registering a CAGR of 40.1% from 2021 to 2030.

A. Level 1 to Level 5 are the different levels defined for autonomous vehicles

A. The sample/company profiles for global autonomous vehicle market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report

A. Fully Autonomous vehicles are projected to be introduced from 2025 post which the sales are expected to be increased as compared to other vehicles

A. Currently Level 1, Level 2 and Level 3 autonomous vehicles are gaining traction in the global market

A. The company profiles of the top market players of autonomous vehicles market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the autonomous vehicle market

A. Autonomous vehicles holds a significant market share in the global automobile industry

A. Numerous companies are operating in the autonomous vehicle industry and they hold a significant market share in the global market

A. Companies such as Tesla, BMW and others are some of the leading companies in the autonomous driving

A. Introduction of fully autonomous vehicles are the upcoming trends in autonomous vehicle industry.

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