Autonomous Vehicles Market Set to Reach $259.4 Billion by 2031, Driven by Technological Advancements and Growing Demand for Safety
Pune, Maharashtra - [Date] - According to the latest report from Meticulous Research®, the autonomous vehicles market is on a trajectory of robust growth, projected to reach $259.4 billion by 2031, with a remarkable compound annual growth rate (CAGR) of 20.4% from 2024 to 2031. This expansion is fueled by the escalating demand for luxury vehicles, advancements in autonomous driving technology, and the increasing emphasis on improving traffic management and road safety.Download Sample Copy: https://www.meticulousresearch.com/download-sample-report/cp_id=5813
The surge in the market is propelled by several key factors, including rising government initiatives aimed at advancing autonomous vehicle technology, the development of Advanced Driver Assistance Systems (ADAS), and a growing inclination toward semi-autonomous vehicles. However, challenges such as the high cost of autonomous vehicles, insufficient infrastructure in emerging markets, and concerns regarding data privacy and security may temper market growth.
Market Segmentation
The autonomous vehicles market is segmented by type, fuel type, and level of autonomy. Each segment is experiencing distinct trends and growth drivers:
Type: The market is divided into passenger and commercial vehicles. In 2024, passenger vehicles are expected to dominate the market with an approximate share of 86.0%. This is driven by the rising demand for automated, energy-efficient vehicles, advancements in self-driving technology, and a strong focus from manufacturers on innovation. For instance, Toyota Motor Corporation unveiled advanced versions of the Lexus LS and Toyota Mirai with its Advanced Drive system, a level 2 autonomous driving technology, in April 2021. Conversely, the commercial vehicles segment is projected to achieve the highest CAGR during the forecast period, fueled by growing investments in automation and electrification of public transport, as well as increasing focus on autonomous commercial vehicles. Notably, Continental AG and Aurora Innovation, Inc. announced a partnership in April 2023 to deliver a commercially scalable autonomous system for the trucking industry.
Fuel Type: Segmented into Internal Combustion Engine (ICE) and electric vehicles, the electric segment is anticipated to capture the larger share of the market in 2024. This is due to the growing adoption of battery-powered, energy-efficient vehicles and the emphasis on reducing greenhouse gas emissions. The electric segment is also projected to grow at the highest CAGR, supported by advancements in autonomous driving features for electric vehicles, as evidenced by BMW AG's use of Amazon cloud technology to enhance its autonomous driving capabilities.
Get Customized Report: https://www.meticulousresearch.com/request-customization/cp_id=5813
Level of Autonomy: The market is categorized into level 1, level 2, level 3, and level 4 autonomous vehicles. The level 2 segment is expected to command the largest share of approximately 74.0% in 2024, owing to the continuous assistance provided in acceleration, braking, and steering, as well as advancements in safety and comfort. Ford Motor Company's introduction of the Ford BlueCruise, a level 2 hands-free driver assistance system, in April 2023 highlights the progress in this segment. Meanwhile, level 4 vehicles are projected to experience the highest growth rate, driven by ongoing R&D efforts in autonomous driving technology.
Regional Insights
Geographically, the autonomous vehicles market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa:
North America is expected to hold the largest market share of approximately 36.0% in 2024. The region's growth is attributed to substantial government support for autonomous vehicle research and development, increased adoption of self-driving technology, and active involvement of manufacturers in autonomous vehicle innovation. An example includes New Flyer of America Inc.'s launch of the Xcelsior AV™ automated transit bus.
Asia-Pacific is anticipated to register the highest CAGR of around 22.0% during the forecast period, driven by government initiatives to support autonomous vehicle development and a growing need to enhance transportation efficiency. Singapore's plans to upgrade its national broadband network to accommodate emerging technologies such as AI and autonomous vehicles underscores the region's commitment to technological advancement.
Buy Now: https://www.meticulousresearch.com/Checkout/39732749
Key Players
The autonomous vehicles market features key players including General Motors Company, BMW AG, Daimler Truck AG, Mercedes-Benz AG, Hyundai Motor Company, Tesla, Inc., Renault Group, Toyota Motor Corporation, Volkswagen Group, Ford Motor Company, and AB Volvo. These industry leaders are at the forefront of driving innovation and shaping the future of autonomous transportation.
Similar Report:
Smart Transformers Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5793
Power Tools Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5810
Electric Motors Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5815
Power Inverter Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5882
About the company:
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email-
sales@meticulousresearch.com
Visit Our Website:
https://www.meticulousresearch.com/
Connect with us on LinkedIn-
https://www.linkedin.com/company/meticulous-research
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Autonomous Vehicles Market Set to Reach $259.4 Billion by 2031, Driven by Technological Advancements and Growing Demand for Safety here
News-ID: 3653906 • Views: …
More Releases from Meticulous Research
The Cloud Managed Services Market is projected to reach $247.5 billion by 2030
The Cloud Managed Services Market is projected to reach $247.5 billion by 2030, growing at a robust CAGR of 14.2% from 2023 to 2030. This growth is fueled by advancements in cloud technologies, increasing demand in sectors like BFSI and healthcare, and a rising focus on customized and managed cloud services. However, challenges such as high costs, security risks, compliance issues, and limited flexibility may impact market growth.
Download free…
Language Learning Market Projected to Reach $124.6 Billion by 2031
Meticulous Research® recently published a report titled, "Language Learning Market by Age Group (40 years), Language (English, Mandarin, Spanish, French, German, Italian, Japanese), End User (B2C, B2B), and Geography - Global Forecast to 2031."
Download sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=5561
According to the report, the language learning market is anticipated to reach $124.6 billion by 2031, growing at a CAGR of 10.7% from 2024 to 2031. Key factors fueling this growth…
Oncology Information Systems Market to be Worth $4.45 Billion by 2030: Analytica …
Introduction:
Meticulous Research® recently released a comprehensive report titled "Oncology Information Systems Market By Offering (Software, Services) Application (Medical, Surgical, Radiology Oncology) End User (Hospital, Diagnostic Imaging Center, Cancer Care Center) - Global Forecast to 2030." The report reveals that the oncology information systems (OIS) market is projected to reach approximately $4.45 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.4% from 2024. This growth is…
IoT Sensors Market to be Worth $56.8 Billion by 2030
Meticulous Research®-a leading global market research company, published a research report titled, 'IoT Sensors Market by Offering (Image Sensors, RFID Sensors, Biosensors, Humidity Sensors, Optical Sensors, Others), Technology (Wired, Wireless), Sector (Manufacturing, Retail, Consumer Electronics, Others), & Geography - Global Forecast to 2030.'
According to this latest publication from Meticulous Research®, in terms of value, the IoT sensors market is projected to reach $56.8 billion by 2030, at a CAGR of…
More Releases for Motor
SUV Market 2021 Precise Outlook- Honda Motor, Toyota Motor, Nissan Motor, Ford M …
The report presents an in-depth assessment of the SUV Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for SUV from 2021 till 2027. The report covers the pre COVID-19 historic data, impact of COVID-19 and post-COVID-19 (Corona Virus) impact on various regions and major countries and…
Electric Vehicle Motor Market by Type (Alternate Current (AC) Motor (Synchronous …
Electric vehicle motor is an electromechanical device used to provide power to electric vehicles by converting electric energy into mechanical energy. This phenomenon is achieved by the interaction of electric motors magnetic field and current. Electric vehicle motor comprises bearings, end bracket, frame, cooling frame, rotor, and stator. The electric vehicle motor market is expected to witness lucrative growth during the forecast period due to increase in the number of…
Passenger Vehicle Market Outlook to 2025 - Top Leading Players Toyota Motor, Vol …
Worldwide Passenger Vehicle Market Analysis to 2025 is a specialized and in-depth study of the Passenger Vehicle Industry with a focus on the global market trend. The report aims to provide an overview of global Passenger Vehicle Market with detailed market segmentation by product/application and geography. The global Passenger Vehicle Market is expected to witness high growth during the forecast period. The report provides key statistics on the Market status…
Micro Motor Industry - Johnson Electric, Siemens, Mitsuba Corporation, Nidec Mot …
Global Micro Motor Market is set to rise from its initial estimated value of USD 28.13 billion in 2018 to an estimated value of USD 39.86 billion, registering a CAGR of 4.45% in the forecast period of 2019-2026. This projected rise in the value can be attributed to the increasing applications and demand from the various segments of the market.
Get Sample Copy of this Report @ https://databridgemarketresearch.com/request-a-sample/?dbmr=global-micro-motor-market
Key Market Competitors: Global…
Electric Vehicle Motor Market by Type (Alternate Current (AC) Motor (Synchronous …
Electric vehicle motor is an electromechanical device used to provide power to electric vehicles by converting electric energy into mechanical energy. This phenomenon is achieved by the interaction of electric motors magnetic field and current. Electric vehicle motor comprises bearings, end bracket, frame, cooling frame, rotor, and stator.
Access Full Report: https://www.alliedmarketresearch.com/electric-vehicle-motor-market
The electric vehicle motor market is expected to witness lucrative growth during the forecast period due to increase in…
Sports Utility Vehicle Market to 2025 – Suzuki Motor, PSA Group, FCA Group, Ho …
Sports utility Vehicles Market are the vehicles which appear as a station wagon designed for the off roads travelling which not only used for commercial purpose but for family purpose also providing high functionality with comfort and luxury and above built with enormous space too. One of the major driver for the growth of Sports Utility Vehicles market is the continual improvement in styling, comfort, outer body and systems in…