Autonomous Vehicle Market by Level of Automation (Level 3, Level 4, and Level 5) and Component (Hardware, Software, and Service) and Application (Civil, Robo Taxi, Self-driving Bus, Ride Share, Self-driving Truck, and Ride Hail)

In 2019, the level 3 segment is estimated to dominate the global autonomous vehicle market based on the level of automation segment, in terms of revenue. Furthermore, based on component, hardware is projected to lead the global market, followed by software in 2019. Autonomous vehicles use artificial intelligence (AI) software, light detection & ranging (LiDAR), and RADAR sensing technology which further is used to monitor a 60-meter range around the car and form active 3D map of the current environment. In addition, advancements in technology used in autonomous vehicles such as reading driver‐™s facial expression and activities such as drifting, braking, and accelerations to prevent possible accidents makes them more powerful, efficient, and attractive as well.

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Allied Market Research published a report, titled, Autonomous Vehicle Market by Level of Automation, Component, and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026, The global autonomous vehicle market would garner $54.23 billion in 2019, and is expected to garner $556.67 billion by 2026, with a CAGR of 39.47% from 2019 to 2026. North America accounted for the largest share in the market, followed by Europe. The U.S. would hold the dominant share in the North America market, while the U.K. is expected to maintain its leadership status in Europe.

The reduction of rate of accidents due to manual errors and lesser carbon dioxide emissions drive the growth in the global autonomous vehicle market. Moreover, less amount of battery capacity and reduced consumption of gas supplement the market growth. However, less consumer acceptance and the rise in threat of hacking hamper the growth.

The key players profiled in the report are General Motors, Daimler AG, Ford Motor Company., Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi alliance, Volvo-Autoliv-Ericsson-Zenuity alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, and Tesla Inc. Other companies in accordance with auto suppliers are Robert Bosch GMBH, Aptiv, Continental AG, and Denso Corporation. Also by technology providers, it includes Waymo, NVDIA Corporation, Intel Corporation, Baidu, and Samsung. And based on AV as service provider, it includes Uber, Lyft, and Didi Chuxing.

The autonomous vehicle market is segmented based on level of automation, component, application, and region. Based on level of automation, the market is divided into level 3, level 4, and level 5. By component, it is classified into hardware, software, and service. The applications discussed in this study are civil, robo taxi, ride hail, ride share, self-driving truck, and self-driving bus. Based on region, the market is analyzed across North America, Europe, AsiaPacific, and LAMEA.

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Development of smart cities and rise in demand for connected cars using internet of things (IoT), help solve the problem of traffic congestion, and impact the growth of the market. In addition, development in automotive sector, demand for the luxury cars, government regulation, high cost, and the burgeoning threat from hackers in driving operation also affect the growth of the global autonomous vehicle market. These factors are anticipated to either drive or hamper the market growth.

Through Internet of Things, car drivers improve their performance by receiving the real-time feedback from high speed in-memory computing systems inbuilt in connected cars. These inbuilt computers offer features such as collecting, analyzing, and storing data which helps for making decisions. The wide adoption of connected cars is expected to create lucrative opportunities for autonomous and semi-autonomous vehicles.

Rapid growth of economies ensures robust development from transport infrastructure to development of smart cities. Many countries such as Mexico, Canada, and the U.S. are deploying digital infrastructure to facilitate connectivity between vehicles and infrastructures to gather vital information, and thereby, reduce traffic congestion and increase road safety. Rise in the development of smart cities is expected to significantly drive the Autonomous Vehicle Market.

Analyst Review:

An autonomous car is a vehicle that senses its environment and navigates without human input. Presently, there is an increase in demand for the autonomous vehicles from developed countries such as the U.S, Canada, and others. Companies in this industry adopt various techniques to provide customers with advanced and innovative product offerings.

Autonomous vehicles use less battery capacity & less consumption of gas, which reduces pollution. In addition, development in automotive sector, demand for luxury cars, and government regulation also contribute to the market growth. However, high cost and the burgeoning threat from hackers in driving operation impede the growth of the market. In future, rise in investment for smart cars, and favorable government regulations are expected to create lucrative opportunities for the key players operating in the autonomous vehicle market.

Among the analyzed geographical regions, North America is expected to account for the highest revenue in the global market throughout the forecast period (2019-2026) followed by Asia-Pacific, Europe, and LAMEA. However, Europe is expected to grow at a higher growth rate, predicting a lucrative market growth for autonomous vehicle.

General Motors, Daimler AG, Ford Motor Company, Volkswagen Group, BMW AG, Renault-Nissan-Mitsubishi Alliance, Volvo-Autoliv-Ericsson-Zenuity Alliance, Groupe SA, AB Volvo, Toyota Motor Corporation, and Tesla Inc. Other companies listed in accordance with auto suppliers are Robert Bosch GMBH, Aptiv, Continental AG, Denso Corporation. Also, by technology providers the list includes Waymo, NVDIA Corporation, Intel Corporation, Baidu, and Samsung. And based on autonomous vehicle as service provider, it includes Uber, Lyft, and Didi Chuxing. These are the key market players that occupy a significant revenue share in the autonomous vehicle market.

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