The global autonomous vehicle market size is expected to reach US$ 99,451 Million in 2032, exhibiting a prolific CAGR of 10.9% for the forecast period of 2022 to 2032. Autonomous vehicle market is anticipated to reach an estimated US$ 35,282.8 Million by the end of 2022.
Autonomous vehicles, also known as self-driving cars or driverless cars, are vehicles equipped with advanced sensors, artificial intelligence, and computer systems that enable them to operate and navigate without human intervention. These vehicles have the potential to revolutionize the transportation industry, offering numerous benefits such as improved safety, increased efficiency, and enhanced mobility.
One of the primary goals of autonomous vehicles is to enhance road safety. With their advanced sensor systems, including cameras, radar, lidar, and ultrasonic sensors, autonomous vehicles can perceive and analyze their surroundings in real-time. This allows them to detect and respond to potential hazards, such as other vehicles, pedestrians, and obstacles, with greater precision and speed than human drivers. By minimizing human error, which is a leading cause of accidents, autonomous vehicles have the potential to significantly reduce traffic collisions and save lives.
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Autonomous vehicles also hold promise for enhancing mobility, particularly for individuals who are unable to drive due to age, disability, or other reasons. These vehicles have the potential to provide greater independence and access to transportation services for those who cannot operate traditional vehicles. Additionally, autonomous ride-sharing services can offer convenient and affordable transportation options, potentially reducing the need for private vehicle ownership and freeing up urban space currently dedicated to parking.
The rising adoption of autonomous vehicles is presumably because of the diminished impact on the environment as it carbon emission levels of these vehicles is very low. In addition to this, autonomous vehicles also offer better parking solutions, greater safety which lessens the stress level while driving as well as being fuel efficient. Autonomous vehicles reduce the incidences of road accidents occurring due to human error. Thus, these vehicles are safer than the manually operated ones.
Moreover, the commercialization of autonomous vehicles is expected to generate market opportunities for other industry verticals like electronics, IT, and technology.
“The introduction of robo-taxis, ride-sharing and other commercial activities are expected to promote the market prospects for autonomous vehicles over the forecast period,” says an FMI analyst.
Key Takeaways:
- Integration of advancing technologies is likely to foster market growth.
- Data security concerns may hinder market possibilities over the assessment period.
- Europe is expected to lead the market with ownership of almost 38% market share.
- Autonomous vehicle market in North America is the second largest, accounting for 25% market share.
- By application, the passenger car segment is predicted to record the fastest growth.
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Competitive Landscape
Google LLC, BMW AG, Mercedes-Benz, Tesla Motors, and Audi AG among others are some of the major players in the autonomous vehicle market profiled in the full version of the report.
Major market players are focusing on developing their autonomous driving technology. These organizations are also engaging in strategic partnerships, collaborations, and mergers to maintain a competitive advantage.
Key Segments Covered in the Autonomous Vehicles Industry Analysis
Autonomous Vehicles Market by Level of Automation:
- Driver Assistance
- Partial Automation
- Conditional Automation
- High Automation
- Full Automation
Autonomous Vehicles Market by Application:
- Autonomous Passenger Cars
- Autonomous Public Transportation
- Autonomous Industrial Fleet
- Autonomous Construction
- Autonomous Agricultural Applications
Autonomous Vehicles Market by Region:
- North America Autonomous Vehicles Market
- Latin America Autonomous Vehicles Market
- Europe Autonomous Vehicles Market
- East Asia Autonomous Vehicles Market
- South Asia Autonomous Vehicles Market
- Oceania Autonomous Vehicles Market
- Middle East & Africa Autonomous Vehicles Market
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More Insights into the Autonomous Vehicles Market Report
In its latest report, FMI offers an unbiased analysis of the global autonomous vehicle market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on level of automation (driver assistance, partial automation, conditional automation, high automation, full automation), application (autonomous passenger cars, autonomous public transport, autonomous industrial fleet, autonomous construction, autonomous agricultural application) and region.
According to the latest FMI reports, based on region, autonomous vehicle market in Europe is predicted to retain its lead over the forecast period. This region is expected to account for around 38% of market share. The availability of a plethora of market opportunities due to the rapidly advancing technology sector as well as surging investments in research and development activities are accountable for the growth of the market in this region.
The autonomous vehicles market in North America is right behind Europe, accounting for almost 25% of market share. The increasing development in the mobility as a service sector is likely to prompt the market growth in this region. In addition, favorable traffic regulations in the U.S as well as easy adoption of technological advancements in this country further propels regional market growth.
The Asia Pacific’s autonomous vehicles market is also predicted to witness considerable growth in the forecast period. An upsurge in the demand for safe, sustainable and convenient driving experience is the primary factor fueling the regional market growth. Strict road safety regulation in countries like India and China also bode well for the market in this region.
Based on segmentation, by application type, the public transport segment is likely to account for a major portion of the global market share whereas the passenger car segment will register the fastest growth over the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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