The worldwide autonomous vehicle market is estimated to reach US$ 99.45 Bn in 2032, with a healthy CAGR of 10.9% from 2022 to 2032. The autonomous vehicle market is expected to be worth $35.28 Bn by the end of 2022. Over the projected period, increasing government financing and investment, as well as a favorable regulatory framework, are promoting a healthy market climate for autonomous cars.
These uncommercialized vehicles incorporate a GPS tracker, lasers, computer vision, and other smart technology that assists in driverless status.
With rising ecological concerns and shifting consumer tastes, an increasing number of individuals are favouring autonomous automobiles over traditional ones. This is due to the numerous advantages of autonomous cars, such as improved fuel efficiency, increased safety, lower emissions, and so on. As a result, the future business prospects for autonomous cars appear promising.
The growing popularity of self-driving cars is apparently due to their lower environmental effect, as their carbon emissions levels are quite low. Furthermore, autonomous cars provide improved parking options and increased safety, reducing stress while driving and increasing fuel efficiency. Autonomous cars lower the number of traffic accidents caused by human error. As a result, these cars are safer than manually controlled automobiles.
The commercialization of autonomous cars is likely to create market possibilities.
“The introduction of Robo-taxis, ride-sharing, and other commercial activities are expected to promote the market prospects for autonomous vehicles over the forecast period,” says an FMI analyst.
Key takeaways
- Integration of advancing technologies is likely to foster market growth.
- Data security concerns may hinder market possibilities over the assessment period.
- Europe is expected to lead the market with ownership of almost 38% market share.
- The autonomous vehicle market in North America is the second largest, accounting for 25% market share.
- By application, the passenger car segment is predicted to record the fastest growth.
Regional Analysis
- Europe is expected to maintain its advantage during the projection period. This area is estimated to account for around 38% of the market. The availability of a plethora of market opportunities because of the rapidly advancing technology sector, as well as increased investments in research and development activities, is responsible for the growth of the market in this region.
- The autonomous vehicles market in North America trails Europe by nearly 25%, accounting for nearly 25% of the market share. The growing popularity of mobility as a service sector is expected to drive market expansion in this area. Furthermore, advantageous traffic rules in the United States, as well as the ease with which technical innovations are adopted in this country, drive regional market growth.
- The Asia Pacific autonomous vehicle market is expected to increase significantly throughout the projected period. The key driver of regional market expansion is an increase in demand for safe, sustainable, and convenient driving experiences. Strict road safety laws in countries such as India and China also bode well for businesses in this area.
Competitive Landscape
Google LLC, BMW AG, Mercedes-Benz, Tesla Motors, and Audi AG among others are some of the major players in the autonomous vehicle market.
Major market players are focusing on developing their autonomous driving technology. These organizations are also engaging in strategic partnerships and collaborations.
