Autonomous Vehicle Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Autonomous Vehicle Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $221.32 billion In 2028 At A CAGR Of 31.7% :

The autonomous vehicle market size has grown exponentially in recent years. It will grow from $54.60 billion in 2023 to $73.53 billion in 2024 at a compound annual growth rate (CAGR) of 34.7%. The growth in the historic period can be attributed to rising aging populations, increasing consumer acceptance, increasing geriatric population, growth in delivery demands, and growing environmental awareness.

The autonomous vehicle market size is expected to see exponential growth in the next few years. It will grow to $221.32 billion in 2028 at a compound annual growth rate (CAGR) of 31.7%. The growth in the forecast period can be attributed to growing demand for safer and more efficient transportation solutions, increasing investments in autonomous vehicle research and development, rising urbanization, growing demand for energy-efficient vehicles, and increasing demand for autonomous vehicles. Major trends in the forecast period include rising focus on maintaining safety and efficiency, technological advancements, rise of ride-sharing platforms, improved mobility for elderly and disabled, and rapid development of autonomous vehicle technology.

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Autonomous Vehicle Market Major Segments
The autonomous vehicle market covered in this report is segmented -

1) By Level of Automation: Driver Assistance, Partial Automation, Conditional Automation, High Automation, Full Automation
2) By Component: Hardware, Software, Service
3) By Application: Transportation and Logistics, Civil, Defense, Other Applications

Key Driver - Energy-Efficient Vehicles Fueling The Rise Of Autonomous Vehicles Market

The growing demand for energy-efficient vehicles is expected to propel the growth of the autonomous vehicle market going forward. Energy-efficient vehicles are designed to use less energy to perform the same tasks as their non-efficient counterparts. As governments worldwide intensify efforts to combat climate change and reduce greenhouse gas emissions, autonomous vehicles are predicted to reduce energy consumption. The development of connected and autonomous vehicles is being carried out with a focus on minimizing fuel and energy consumption, and energy-efficient vehicles play a crucial role in shaping the success of the autonomous vehicle market. For instance, according to the International Energy Agency, a France-based intergovernmental organization, in 2022, fuel cell electric vehicles (FCEVs) increased by 40% compared to 2021, reaching over 72,000 vehicles globally. Therefore, the rise in demand for energy-efficient vehicles is driving the growth of the autonomous vehicle market.

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Prominent Trend - Advancements In Autonomous Driving Technology A Spotlight On Honda's Level 3 Self-Driving Car

Major companies operating in the autonomous vehicle market are developing innovative technologies, such as autonomous driving technology, to enhance their customer experiences in the market. Autonomous driving technology refers to the capability of a vehicle to sense its environment and operate without human involvement. For instance, in March 2021, Honda Motor Co. Ltd., a Japan-based automobile company that manufactures automobiles, motorcycles, and battery-powered equipment, launched the world's first level 3 self-driving car equipped with a system that can automatically accelerate, brake, and steer while monitoring its surroundings using data from high-definition mapping and other sensors. The system can engage at speeds below 30 km per hour and remain operational until the speed reaches 50 km per hour. This car can perform various driving activities without the constant involvement of a human driver.

Autonomous Vehicle Market Players
Major companies operating in the autonomous vehicle market are Volkswagen AG, Google LLC, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., The Hyundai Motor Group, Tesla Inc., Nissan Motor Co. Ltd., Audi AG, Intel Corporation, AB Volvo, Groupe Renault, Denso Corporation, Mercedes-Benz Group AG, Uber Technologies Inc., NVIDIA Corporation, Baidu Inc., Waymo LLC, WeRide Corporation, Aurora Innovation Inc., Cruise LLC, AutoX Inc., Oxbotica Ltd.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the autonomous vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the autonomous vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Autonomous Vehicle Market Report Structure
3. Autonomous Vehicle Market Trends And Strategies
4. Autonomous Vehicle Market - Macro Economic Scenario
5. Autonomous Vehicle Market Size And Growth
…..
27. Autonomous Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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