Autonomous Vehicles Market Growth, Trends & Forecast to 2030
The growth of this market is fueled by technological advancements in the field of connected cars and driver assistance features used in the vehicles. Connected cars are the stepping stones for autonomous vehicles as they can communicate with other vehicles and their surroundings and driver assistance features help the driver control the vehicle in case of emergencies.
The ecosystem of the semi-autonomous and autonomous vehicles consists of manufacturers such as Volkswagen (Germany), Daimler (Germany), Nissan Motor (Japan), Robert Bosch (Germany), Continental AG (Germany), Google (US), Cisco Systems (US), Tesla (US), and Visteon (US) and suppliers such as Continental (Germany), Robert Bosch (Germany), Delphi Automotive (UK), Denso (Japan), and Valeo (France).
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The semi-autonomous and autonomous vehicle's market has been segmented on the basis of the level of automation (under semi-autonomous- level 1 and level 2&3). The level 2&3 segment of the semi-autonomous vehicles market is expected to show the fastest growth. Its adoption rate is currently low but later it will be having more penetration as compared to level 1 due to increasing technological advancements.
The semi-autonomous vehicle market has been segmented, by ADAS feature, into Adaptive Cruise Control, Lane Change Assist, Intelligent Park Assist, Cross-Traffic Alert, Traffic Jam Assist and Others. Automatic Emergency Braking and Intelligent Park Assist segments will be having the fastest CAGR due to government mandates regarding the implementation of AEB. In the US, automatic emergency braking systems are expected to be standard in vehicles by 2022 according to NHTSA (National Highway Traffic Highway Safety Association).
By component, the market has been segmented into Artificial Intelligence, radar, LIDAR, ultrasonic, and camera. The market for artificial intelligence is expected to be the largest for autonomous vehicles as it will be the brain of the autonomous vehicle. Its contribution will be highest as compared with other segments, whereas the radar segment is expected to dominate the semi-autonomous vehicles market.
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By fuel type (conventional vehicle, hybrid vehicle, electric vehicle) and region (Asia Pacific, Europe, North America and ROW). In terms of fuel type, the electric vehicle (EV) semi-autonomous and autonomous market is projected to grow at the highest CAGR during the forecast period, as these are anticipated to will propel the overall growth of the semi-autonomous and autonomous vehicles market.
The North America region is estimated to dominate the semi-autonomous vehicles market, in terms of volume, in 2017, followed by Europe and the Asia Pacific as it comprises some of the technologically advanced countries in the world, including the US and Canada. Semi-autonomous vehicles volumes have increased in recent years, with OEMs catering not only to the domestic demand but also to the overseas demand. Moreover, in 2025 the region is likely to lead the autonomous vehicles market in terms of volume followed by Europe and the Asia Pacific, as key technology innovators such as Google, Microsoft, and Delphi automotive are significantly investing in and testing the technology to commercialize the same.
1. Tier 1 manufacturer
2. Automotive associations
3. Raw material suppliers
4. Vehicle manufacturers/OEMs
5. Automotive software providers
6. Service providers
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