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Autonomous Vehicle Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Autonomous Vehicle
What Is the Forecasted Market Growth Rate of the Autonomous Vehicle Industry?
In the last few years, the autonomous vehicle market has experienced a significant expansion. This market, which is expected to be valued at $62.95 billion in 2024, is predicted to proliferate to $80.49 billion by 2025, with a compound annual growth rate (CAGR) of 27.9%. Factors such as the growing old-age population, heightened consumer acceptance, a rising number of the elderly, increasing delivery demands, and heightened awareness about the environment have contributed to the historical growth of the market.
How Will the Autonomous Vehicle Market Size Evolve From 2025 to 2029?
The market size for autonomous vehicles is projected to expand exponentially in the coming years, reaching a staggering $216.65 billion in 2029 with a yearly growth rate (CAGR) of 28.1%. This significant increase over the forecasted period can be tied to several factors such as heightened demand for safer, more efficient transport options, escalated investment in the research and development of autonomous vehicles, growing urbanization, an increased push for energy-efficient automobiles, and a general surge in the demand for self-driving cars. Key trends accompanying this growth during the forecast period comprise enhanced prioritization of safety and efficiency, tech advancements, the emergence of ride-sharing platforms, improved access to mobility for the elderly and disabled, and fast-paced progression in autonomous vehicle technology.
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What Are the Main Growth Drivers in the Autonomous Vehicle Market Today?
The surge in the need for energy-efficient vehicles is anticipated to stimulate the expansion of the autonomous vehicle market in the future. These energy-efficient vehicles are engineered to consume less energy while performing identical functions as their non-efficient equivalents. As global governments escalate efforts to fight climate change and cut greenhouse gas emissions, autonomous vehicles are expected to trim down energy consumption. The creation of connected and autonomous vehicles is being pursued with a goal to curtail fuel and energy usage, and energy-efficient vehicles are pivotal in determining the triumph of the autonomous vehicle market. To illustrate, the International Energy Agency, an intergovernmental organization headquartered in France, reported in 2022 that fuel cell electric vehicles (FCEVs) experienced a 40% surge compared to 2021, culminating in more than 72,000 vehicles globally. Hence, the escalating demand for energy-efficient vehicles is fueling the advancement of the autonomous vehicle market.
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Which Autonomous Vehicle Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Autonomous Vehicle Industry Growth?
Notable corporations in the self-driving vehicle sector are innovating advanced mechanisms like drive pilot platforms to upgrade security, comfort, and allow autonomous driving under controlled environments. The Drive Pilot system is depicted as Level 3 autonomous driving mechanism permitting autonomous driving under select circumstances while the car monitors its environment. In April 2024, Mercedes-Benz Group AG, a German firm producing passenger vehicles and high-end vans, introduced the inaugural Level 3 autonomous car in the United States. The drive pilot technology allows the vehicle to drive autonomously but insists on the driver's readiness to assume control when necessary. According to SAE International standards, this is deemed as Level 3 autonomy, setting it apart from Level 2 systems such as Tesla's Autopilot, where the driver's continuous involvement is obligatory.
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Which Companies Hold the Largest Market Share in the Autonomous Vehicle Sector?
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.
Where Is the Autonomous Vehicle Market Experiencing the Highest Growth?
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.
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