Autonomous
vehicles are equipped with various technologies such as collision avoidance
system, adaptive cruise control, automatic parking, and self-driving system
which enable driving capabilities without direct human input. As the
technologies for highly autonomous vehicles are advancing, the automotive
industry has started developing vehicles with higher levels of automation that
can drive themselves under certain conditions. Autonomous driving technology
offers advantages such as reduced traffic accidents, improved fuel efficiency,
enhanced mobility and transportation options for elderly and disabled people.
The Global Autonomous Vehicle Market is estimated to be valued at US$ 146.15
Billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market key trends:
The major trend fueling the growth of the autonomous vehicle market is
increasing investments in autonomous driving technology by major OEMs and tech
companies. For instance, Alphabet's self-driving car unit Waymo has raised more
than $3 billion to date for developing autonomous vehicle technologies. Other
major companies like GM, Ford, Mercedes, BMW, Tesla, Uber, and Baidu have also
invested billions of dollars in autonomous driving technologies. Such heavy
investments indicate a strong focus and commitment of companies towards driving
innovation in autonomous technologies. This has significantly accelerated the
development of key components like sensors, radars, LiDARs, AI and ML required
for higher levels of vehicle autonomy. As technologies advance, costs are also
expected to decline, thus making autonomous vehicles more affordable and
accessible to masses. This will in turn drive the demand for autonomous
vehicles over the forecast period.
Segment Analysis
The
autonomous
vehicle market size can be segmented by type, automation level,
components, and application. Based on type, the commercial vehicles segment
held the largest share of the market in 2024 and is expected to dominate the
market during the forecast period. Commercial vehicles play a vital role in
delivering goods on time and reduce the transportation costs. The dominating
sub segment is the ride-hailing services under commercial vehicles segment as
major ride-hailing companies are investing heavily in developing self-driving
taxis and shuttles.
Key Takeaways
The global autonomous vehicle market is expected to witness high growth.
The market size was valued at US$ 146.15 Bn in 2024 and is projected to reach
US$ 295.20 Bn by 2030, registering a CAGR of 6.0% during the forecast period.
Regional analysis: North America region dominated the autonomous vehicles
market in 2024 with market size of US$ 63.02 Bn. The region is expected to
maintain its dominance during the forecast period owing to the presence of
major technology companies and investment in autonomous vehicle testing and
commercialization. The US government initiatives and policy support for
autonomous vehicle R&D are driving the market growth.
Key players analysis: Key players operating in the autonomous vehicle market
are Atlas Copco, Caterpillar, Inc., CNH Industrial N.V., Deere & Company,
Doosan Infracore, Hitachi Construction Machinery Co. Ltd., Hyundai Construction
Equipment Americas, Inc., J C Bamford Excavators Ltd. (JCB), Komatsu America Corp.,
Liebherr Group, Sany Heavy Industries Co. Ltd, Terex Corporation, Ahern
Rentals, Herc Rentals Inc., and United Rentals, Inc. The key players in
autonomous vehicle market are investing heavily in autonomous driving
technology development to expand their product portfolio.
Get
more insights on this topic: https://www.newsstatix.com/autonomous-vehicle-market-share-and-opportunity-analysis/
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