Autonomous Vehicles Market Is Expected To Exhibit CAGR 21.9% From 2023 To 2030
Autonomous Vehicle Industry Overview
The global autonomous vehicle market size was valued at USD 42.37 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 21.9% from 2023 to 2030.
Advancements in AI, connectivity, and sensor capabilities are crucial for the market's growth, enabling vehicles to make more informed decisions and navigate complex environments efficiently. These technological strides enhance vehicle safety and reliability and also expand the scope of autonomous applications across industries, from logistics and transportation to ridesharing and delivery services. The cost-efficiency brought about by these advancements makes autonomous solutions more appealing to businesses seeking innovative and competitive edge offerings, ultimately propelling the market's expansion and adoption.
Gather more insights about the market drivers, restrains and growth of the Autonomous Vehicle Market
The growth in delivery demands driven by the growth of e-commerce necessitates faster and more effective logistics solutions. Autonomous vehicles, encompassing drones and self-driving delivery vans, present the potential to optimize last-mile delivery processes, addressing the increasing need for rapid and dependable shipments. These vehicles promise optimized routes, reduced operational costs, and quicker delivery times, aligning with the goals of e-commerce companies aiming to meet customer expectations for faster shipping. As e-commerce expands its reach, the need for innovative logistics solutions amplifies, fueling investment and research into autonomous technologies ultimately accelerating the advancement and adoption of autonomous vehicles within the e-commerce supply chain.
Industries adopting self-driving transport demonstrate a willingness to embrace innovative technology. As these industries experience the benefits of increased efficiency, reduced costs, and enhanced safety brought by autonomous transport, it encourages further adoption and investment in autonomous vehicle technology across various sectors. For instance, in September 2023, Volvo Autonomous Solutions (V.A.S.), a Sweden-based company that offers autonomous transport solutions, and Boliden, a Swedish Mining company, are teaming up for a long-term partnership to introduce self-driving transport solutions in Boliden's operations. They'll work on various projects, starting with using autonomous transport at Boliden's Garpenberg site in Sweden.
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- The global mountain e-bikes market size was estimated at USD 7.52 billion in 2023 and is expected to grow at a CAGR of 9.4% from 2024 to 2030.
- The global commercial vehicles market size was estimated at USD 1.35 trillion in 2022 and is projected to register a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030.
Autonomous Vehicle Market Segmentation
Grand View Research has segmented the global autonomous vehicle market based on vehicle type, level of autonomy, application, and region:
Autonomous Vehicle Type Outlook (Revenue, USD Million, 2017 - 2030)
- Passenger Vehicle
- Commercial Vehicle
Autonomous Vehicle Level of Autonomy Outlook (Revenue, USD Million, 2017 - 2030)
- Level 1
- Level 2
- Level 3
- Level 4 & 5
Autonomous Vehicle Application Outlook (Revenue, USD Million, 2017 - 2030)
- Transportation
- Industrial
- Commercial
- Personal
- Defense
Autonomous Vehicle Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- KSA
- UAE
- South Africa
Key Companies profiled:
- AB Volvo
- Bayerische Motoren Werke AG
- Ford Motor Company
- General Motors
- Hyundai Motor Group
- Mercedes-Benz AG
- Renault SA
- Tesla, Inc
- Toyota Motor Corporation
- Volkswagen Group
Key Autonomous Vehicle Company Insights
The market is marked by intense competition, with a small number of global competitors holding substantial market share. The primary emphasis is on creating innovative products and fostering collaboration among the key industry participants. For instance, in July 2023, Volkswagen, a German-based Automobile manufacturer, plans to initiate trials of self-driving vehicles in Austin, Texas, shifting away from Argo AI. The German auto manufacturer intends to introduce roughly 10 ID Buzz electric vans, equipped with autonomous systems developed alongside Mobileye, into the city by the end of 2023.
In another instance, In August 2023, Pony.ai, a U.S.-based software company, partnered with Toyota Motor (China) Investment Co., Ltd. and GAC Toyota Motor Co., Ltd. to create a joint venture aimed at advancing fully driverless robotaxis for mass production and deployment. This initiative combines Pony.ai's autonomous driving tech, Toyota's branded electric vehicles, and GTMC's production expertise. Together, they'll offer safe and convenient robotaxi services, propelling the industry towards commercialized autonomous mobility.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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