Autonomous Vehicle Market Size, Share, Growth, Statistics 2028

The autonomous vehicle market is expected to grow from US$ 130.00 billion in 2021 to US$ 373.16 billion by 2028 at a CAGR of 18.0% between 2022 and 2028.

An autonomous vehicle responds to external conditions and provides a number of advantages compared to human-driven vehicles. Advantages such as increased safety on roads and fewer errors in automated operations result in drastically reduced number of casualties as compared to human-driven vehicles. Components such as sensors, actuators, complex algorithms, machine learning systems, and processors are installed in autonomous cars to create a map of their surroundings. Radar sensors monitor the position of nearby vehicles, video cameras detect traffic lights, and LiDAR sensors measure distances and lane markings. The software in autonomous cars then processes the input and sends instructions to the car’s actuators, which control operations such as acceleration, braking, and steering. These advanced features are anticipated to propel the autonomous vehicle market growth.

Market Dynamics  

The autonomous vehicle market across the globe is witnessing unprecedented levels of technological advancement, policy and legislative frameworks, and latest trends in mobility development. Some of the recent trends in the autonomous vehicle market includes the shift from robo-taxis to automated trucks. Companies operating in the market are directing their efforts toward automated delivery vehicles with growing advancements in commercializing mobility as a Service (MaaS). In addition, the global autonomous vehicle market is going through an “autonomous disillusionment” that has caused investors to opt for more profitable avenues by shifting toward autonomous technology. This is anticipated to boost the demand for autonomous vehicles.

MARKET SCOPE

The "Global Autonomous Vehicle Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of autonomous vehicle market with detailed market segmentation by autonomy level, and application. The report provides key statistics on the market status of the leading autonomous vehicle market player and offers key trends and opportunities in the market.

Strategic Insights

MARKET SEGMENTATION

The global autonomous vehicle market is segmented into autonomy level, and application. Based on autonomy level, the market is categorized into Level-3, Level-4, and Level-5. Based on application, the market is segmented into consumer, robo taxi, self-driving bus, ride hail, and ride share.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global autonomous vehicle market based on various segments. It also provides market size and forecast estimates from 2022 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The autonomous vehicle market by each region is later sub-segmented by respective countries. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.

From the regional perspective, North America is anticipated to hold a prominent share in the global autonomous vehicle market during the forecast period. The dominance of North America in the autonomous vehicle market is majorly due to the presence of large number of vehicle manufacturers as well as OEM vendors. General Motors, Ford, and Waymo are among the key manufacturers in the region. The below figure showcases the revenue growth trend in the global autonomous vehicle market:

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Source: The Insight Partners Analysis

The report analyzes factors affecting autonomous vehicle market from both demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, impacting the market during the forecast period. The report also provides exhaustive Porter's five forces analysis highlighting the factors affecting the autonomous vehicle market.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 outbreak that resulted in restrictions and proclaimed lockdowns adversely affected the production volumes of various autonomous vehicle manufacturers across the globe, which, in turn, hampered the business and negatively impacted the growth of the global autonomous vehicle market. However, with ease in restrictions and lifting of lockdowns in 2021, the economic conditions recovered and the growth trend in vehicle production and sales began to propel the procurement of autonomous vehicles, resulting in the market growth.

MARKET PLAYERS

The report covers key organic and inorganic growth strategies in the autonomous vehicle market. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base. The market players are anticipated to witness lucrative growth opportunities in the future with the rising demand for autonomous vehicle. 

The report also includes the profiles of key autonomous vehicle market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of few companies engaged in the autonomous vehicle market.

• Audi AG
• BMW AG
• Daimler AG
• Ford Motor Company
• General Motors Company
• Google LLC
• Honda Motor Co., Ltd.
• Nissan Motor Company
• Tesla
• Toyota Motor Corporation

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

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