Autonomous Vehicles Market Size, Share, & Trends Analysis Report 2022 - 2030

 Autonomous Vehicles Industry Overview

The global autonomous vehicles market demand is expected to reach 3,195.5 thousand units by 2030, according to a new report by Grand View Research. The market is projected to expand at a CAGR of 53.6% from 2022 to 2030. An autonomous vehicle is a combination of various networking systems and sensors that assist the computer in driving the vehicle. The significant advancements in technology, such as sensor processing, adaptive algorithms, high processing maps, and enhanced AI, have contributed to companies increasing their production capacity and taking the autonomous vehicle market to the next level.

Several technology providers such as Google LLC and Tesla Motors have also entered the market and have contributed toward the research and development of autonomous vehicles. The automobile industry is dynamic and changes with advancements in technologies. Several major players in the industry, such as General Motors Company, Volkswagen AG, Mercedes-Benz, BMW AG, and others, invest a significant part of their revenue toward researching and developing technologies.

Currently, there is a growing trend of autonomous vehicles in the automotive industry, thus attracting larger investments in developing these vehicles. Also, governments in the U.K have granted permission to test autonomous cars on public roads. Furthermore, Switzerland's Federal Department of Environment, Transport, Energy, and Communications has permitted driverless testing on Zurich streets. Governments of different nations have taken the initiative to promote autonomous vehicles.

For instance, in January 2021, the U.S. Department of Transportation (USDOT) released its comprehensive plan for automated vehicles. This is initiated to advance the department's work, prioritizing safety and preparing for a smooth transportation system for autonomous vehicles. The initiative also promotes collaboration and transparency in the Automated Driving Systems (ADS).

The market has been segmented, based on application, into transportation and defense. The transportation segment is expected to have a higher market share; however, the defense segment is expected to portray the highest growth during the projection period. The North American region accounted for the largest share of the market in 2021. The demand for autonomous vehicles is expected to increase during the forecast period, in line with rising government regulations and increased acceptance of self-driving vehicles in the U.S.


Autonomous Vehicles Market Segmentation

Grand View Research has segmented the global autonomous vehicles market based on application and region:

Based on the Application, the market is segmented into Transportation, and Defense.

  • The defense sector is expected to emerge as the fastest-growing segment during the forecast period. This is due to the rising number of initiatives across various regions, such as North America. For instance, in March 2020, Sikorsky and the U.S. Defense Advanced Research Projects Agency (DARPA) announced testing autonomous flight software on S-70 Black Hawk and S-76 commercial helicopters.
  • The transportation segment is expected to account for a high share of the autonomous vehicles market in the coming years, due to the rising adoption of AVs in transportation. For instance, in December 2019, Baidu, a provider of Internet-related products and services, announced that it had secured 40 licenses that will enable the company to test driverless cars.

 

Key Companies & Market Share Insights

Leading players in the market stay ahead of the competition through collaborations and the development of innovative solutions. For instance, in August 2019, Audi announced its partnership with Daimler and BMW to create and develop an advanced driving system. These collaborations will help the companies develop highly functioning autonomous vehicles with autonomous driving and autonomous parking.

In August 2017, BMW AG, Intel Corporation, Mobileye, a subsidiary company of Intel Corporation, and Fiat Chrysler Automobiles (FCA) signed an MoU for FCA to join the companies in developing autonomous vehicle driving platforms. The memorandum aims to combine the resources, capabilities, and strengths of all companies to reduce time to market, increase development efficiency, and enhance the application’s technology. Various leading companies collaborate to offer advanced technology, and such initiatives will substantially contribute to market growth. Some of the key players operating in the global autonomous vehicles market include:

  • Audi AG
  • BMW AG
  • Daimler AG
  • Ford Motor Company
  • General Motors Company
  • Google LLC
  • Honda Motor Co., Ltd.
  • Nissan Motor Company
  • Tesla
  • Toyota Motor Corporation
  • Uber Technologies, Inc.
  • Volvo Car Corporation
  • Volkswagen AG


Order a free sample PDF of the Autonomous Vehicles Market Intelligence Study, published by Grand View Research.

 

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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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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