Press release
Autonomous Vehicle Market Set to Reach $285.08 Billion by 2029 with 30.1% Yearly Growth
Autonomous Vehicle Market
The escalating need for energy-conserving vehicles is anticipated to boost the augmentation of the autonomous vehicle industry. Vehicles that are energy efficient are structured to consume less energy to perform equivalent tasks as their energy-inefficient parallels. With global governments increasing measures to fight climate change and lower greenhouse gas emissions, self-driving vehicles are expected to reduce energy usage. The advancement of connected and self-driving vehicles is being pursued with an emphasis on reducing fuel and energy consumption. Therefore, energy-conserving vehicles play an integral role in determining the success of the self-driving vehicle industry. For example, the International Energy Agency, a French intergovernmental organization, reported that in 2022, Fuel Cell Electric Vehicles (FCEVs) increased by 40% in comparison to 2021, totaling over 72,000 vehicles worldwide. Consequently, the surge in demand for energy conserving vehicles is promoting the advancement of the autonomous vehicle industry.
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What growth opportunities are expected to drive the autonomous vehicle market's CAGR through 2034?
In the past few years, the market size of autonomous vehicles has seen a remarkable growth. It is expected to rise from $73.53 billion in 2024 to $99.37 billion in 2025, with a compound annual growth rate (CAGR) of 35.1%. Factors such as a growing senior population, enhanced consumer acceptance, rising geriatric populace, increased delivery requirements, and heightened environmental consciousness have led to substantial growth during the historic period.
The size of the autonomous vehicle market is projected to experience enormous expansion in the coming years, reaching $285.08 billion by 2029 with a compound annual growth rate (CAGR) of 30.1%. The anticipated growth throughout the forecast period is linked to increasing demand for safer and more efficient transportation methods, escalated investments in autonomous vehicle R&D, burgeoning urbanization, a rise in the need for energy-efficient vehicles, and an upsurge in the demand for autonomous vehicles. Key trends expected during the forecast period are an enhanced emphasis on safety and efficiency, technological progress, the emergence of ride-sharing platforms, bettered mobility for the elderly and disabled, and fast-paced advancement in autonomous vehicle technology.
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What new trends are reshaping the autonomous vehicle market and its opportunities?
Leading businesses in the autonomous vehicle sector are creating high-tech solutions, including drive pilot systems, to increase safety and convenience, and allow for hands-free operation under certain conditions. The Drive Pilot system, a Level 3 autonomous technology, enables hands-free operation under specific circumstances while the car monitors its environment. For instance, in April 2024, Mercedes-Benz Group AG, a passenger vehicle and luxury van producer based in Germany, unveiled its first Level 3 self-driving car in the United States. The drive pilot system empowers the vehicles to drive independently but necessitates the driver's readiness to seize control if required. As per the standards of SAE International, this is classified as Level 3 autonomy, setting it apart from Level 2 systems like Tesla's Autopilot, wherein continuous driver involvement is obligatory.
Which growth-oriented segments of the autonomous vehicle market are leading the industry's development?
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
Subsegments:
1) By Driver Assistance: Adaptive Cruise Control, Lane Keeping Assistance, Parking Assistance
2) By Partial Automation: Automated Steering, Automated Acceleration And Braking
3) By Conditional Automation: Highway Autopilot, Traffic Jam Pilot
4) By High Automation: Self-Parking Systems, Fully Autonomous Urban Driving
5) By Full Automation: Fully Autonomous Vehicles
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What regions are leading the charge in the autonomous vehicle market?
North America was the largest region in the autonomous vehicle market in 2024. 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.
What companies are at the forefront of innovation in the autonomous vehicle market?
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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What Is Covered In The Autonomous Vehicle Global Market Report?
• Market Size Forecast: Examine the autonomous vehicle market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the autonomous vehicle market for a structured understanding.
• Key Players Overview: Analyze major players in the autonomous vehicle market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the autonomous vehicle market.
• Segment Contributions: Evaluate how different segments drive overall growth in the autonomous vehicle market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the autonomous vehicle market.
• Industry Challenges: Identify potential risks and obstacles affecting the autonomous vehicle market.
• Competitive Landscape: Review strategic developments in the autonomous vehicle market, including expansions, agreements, and new product launches.
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