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Autonomous Vehicle Market Expected to Reach $448.6 Billion by 2035

 
2022
Autonomous Vehicle Market

Report Code : A04295

quote The global autonomous vehicles market is projected to hold a suitable growth in the global market due to the increased developments carried out by the governments towards supporting the autonomous driving technology. In addition, technological advancements in the automotive industry are expected to create ample opportunities for the growth of the market across the globe. By level of automation, the level 5 segment is expected to dominate the global autonomous vehicles market in 2025, in terms of revenue. By Component, the hardware segment is anticipated to dominate the global market in 2025, in terms of revenue. By application, the civil segment is projected to dominate the global market in 2025, in terms of revenue. Presently, North America is projected to be the highest revenue contributor and is expected to lead the market during the forecast period, followed by Asia-Pacific. quote

Smita Banerjee - Lead Analyst
Automotive and Transportation at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Autonomous Vehicle Market," The autonomous vehicle market was valued at $60.3 billion in 2025, and is estimated to reach $448.6 billion by 2035, growing at a CAGR of 22.2% from 2025 to 2035.

Automotive manufacturers have developed autonomous vehicles featuring advanced AI functionalities, such as personal AI assistants, radar detection systems, and cameras, all aimed at emphasizing safety and various other functions. These self-driving cars have incorporated AI-enhanced features that represent a significant leap forward from their earlier iterations. These self-driving systems can learn from the driver's habits, including driving speed, preferred cabin temperature, adherence to traffic signals, favorite songs, and radio station preferences. By evaluating driving skills, these autonomous vehicles have contributed to modifying undesirable driving behaviors and patterns. Autonomous driving technology enhances road safety, optimizing traffic flow, facilitating personal mobility, promoting eco-friendly driving practices, and boosting driver productivity. These various technologies that support human drivers can be categorized based on their degree of autonomy such as level 3, level 4 and level 5.

Growth in development and innovation continues to fuel the growth of autonomous vehicles. In addition, the global market is fueled by the positive impact of robo taxi developments by many startups and major players, such as in May 2023, Waymo, a division of Alphabet announced a multi-year partnership with Uber to offer autonomous driving and delivery through Uber Eats, starting at the end of 2023 in the largest fully autonomous service area in the world. Moreover, in May 2023, DiDi Autonomous Driving, the self-driving technology division of DiDi Global, announced the strengthening of its partnership with GAC AION, a subsidiary of Guangzhou Automobile Group (GAC Group) to establish a joint venture for mass production of electronic robot taxi under the joint project AIDI.

In October, 2023, Nvidia and Foxconn joined forces to establish "AI factories," which are data centers specially designed to accelerate the advancement of self-driving vehicles and autonomous machines. The AI factory will harness Nvidia's GPU computing infrastructure to process and enhance data, converting it into valuable AI models and information. This will result in the enhancement of software and updates for the entire AI fleet. This partnership builds upon an ongoing collaboration, where Foxconn has pledged to manufacture electronic control units using Nvidia's next-generation system-on-a-chip, known as Drive Thor, starting in 2025. 

The development of self-driving technology is still in its early stages due to the lack of infrastructure required for its proper implementation. However, various automotive companies have made substantial investments in Mexico and expanded their facilities within the country. For example, in July 2023, ZF commenced the production of its advanced driver assist system (ADAS) technology at its Monterrey, Nuevo Leon plant in Mexico. Similarly, another company, Luminar, has expanded its presence and is anticipated to commence operations in Mexico in 2023. Mexico is poised to emerge as a significant manufacturing hub for self-driving truck technology in the forecast period.

The global transportation infrastructure has changed swiftly due to the expansion of use of the Internet of Things (IoT). Digital platforms developed by firms such as Cisco and IBM that enhance surveillance, optimize waste collection, and manage traffic and streetlights. An autonomous vehicle is one that can carry out the difficult task of driving without the assistance of a human driver. It is also referred to as a self-driving vehicle, driverless vehicle, or automated vehicle.  Autonomous cars use complex computer algorithms with sensing technologies including light- and radio-detection-ranging (LiDAR), infrared (IR) and visible cameras, and specialized short-range communications (DSRC) systems to achieve this. Certain systems are intentionally designed to be redundant, such obstacle detection systems, so that in the event of a malfunction, a backup system is expected to take over.

COVID-19 Impact Analysis:

The self-driving technology sector experienced a negative influence from the COVID-19 pandemic. The global market encountered a standstill, with disruptions in the supply of essential materials such as automotive components in 2020 and 2021 as the pandemic occurred. Original equipment manufacturers (OEMs) engaged in vehicle production were compelled to cease their manufacturing and assembly lines to prevent the transmission of the COVID-19 virus among their workforces. Moreover, the testing of new vehicles and associated technologies was also impeded owing to these circumstances.

KEY FINDINGS OF THE STUDY

  • By level of automation, the level 5 segment dominated the global autonomous vehicles market in terms of growth rate.
  • By Component, the hardware segment dominated the global autonomous vehicles market in terms of growth rate.
  • By application, the civil segment dominated the global autonomous vehicles market in terms of growth rate.

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 which offers lucrative opportunities for the growth of the market.

 

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quote Autonomous Vehicle Market 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): Global Opportunity Analysis and Industry Forecast, 2025-2035 quote

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