Autonomous Vehicles Market Report by Component (Hardware, and Software and Services), Level of Automation (Level 3, Level 4, and Level 5), Application (Transportation and Logistics, and Military and Defense), Region and Company Analysis 2024-2032

Global Autonomous Vehicles Market Analysis

Autonomous Vehicles Market Definition

An Autonomous Vehicles or an autonomous referred to as Self driving vehicle can operate on roads without requiring a human driver. It can complete necessary actions by perceiving and interacting with external processes using its internally embedded applications. Self-driving cars have shifted the germane trajectory in the mobility sector towards heightened automation and connectedness, internet, computer, and smartphone into cars to automate the mode of driving.

 The envisaged dream of fleet driverless cars to take people around has attracted investments worth several billions of dollars. In 2023, ZF started manufacturing its leading automotive ADAS in Mexico in July 2023. Mexico’s autonomous vehicle industry is expected to grow into a major hub in the near future, and with it comes the need more autonomous and self-driving truck technology.

The growth of products delivery needs as a result of increased e-commerce that operations need to happen more quickly. Investigators surmise that unmanned airborne platforms like drones and road vehicles such as delivery vehicles can enhance last mile delivery solutions especially due to the increase in demand for fast and efficient delivery solutions. Such vehicles provide the needed directions, decrease operating expenses, and shorten delivery cycles, as targeting, clicking, and delivering matches the e-commerce companies’ goal of satisfying customers’ demand for the fast delivery of their products. Since e-commerce will demand greater resources for distribution services as e-commerce scales up, the need for improvement upon logistics solutions will lead to more investments and study of autonomous systems which will in turn expedite the advancement and deployment of autonomous vehicles into the e-commerce supply chain.

Such industries where self-driving transportation has been adopted show the companies’ preparedness to adopt new technology in the business world. These industries have established that efficiency, reduced transportation costs as well as improved safety levels arising from implementing autonomy in transport are significant benefits likely to propel the adoption of the technology across other industries. For instance, in September of 2023, Volvo Autonomous Solutions (V. A. S.), a company from Sweden that provides autonomous transport solutions, and Boliden AB, a mining company from Sweden, joined a long-term partnership and start implementing the concept of self-driving transport in Boliden’s streams. It included the development of self-driving vehicles at Boliden’s Garpenberg mine in Sweden.

It has become the central issue because the government has recently put stricter standards to try to improve roadway safety and as a result of advancement in technology, the automated cars has emerged in the market. These are vehicles that are technologically integrated into the seamlessly with smart phones; this present new opportunities for the players in the market to capture the customers’ attention. Technological improvements in machine learning, artificial intelligence, and sensors such as RADAR, LIDAR, GPS Computer vision enables manufacturers to improve self-driving cars as the following manufactures.

At the present, it is possible to determine that Level 2 and Level 3 are the most popular across the global market of autonomous vehicles, while Level 4 and Level 5 (in the SAE classification) are expected to see greater adoption by 2030. Hence, both Level 2 and Level 3 cars are expected to continue progressing in the near future, which will define the autonomous vehicle market.

North America Autonomous Vehicles Market

North America is claimed to be currently leading in the adoption of hybrid and electric vehicles in the world due to the increasing number of investors and producers in the region. Currently in the United States, there is demand for self-driving vehicles and this market has been encouraged by the partnerships or collaborations between Innovation Companies and Government Investments in Infrastructure. For instance, through the US Department of Transportation Federal Highway Administration the University of Michigan was granted $9.85 million in federal grants will be received in May 2023 for boosting advancement in connected vehicle technology under the federal government’s infrastructure development plans.

The U.S. plans to allocate $200 billion for international infrastructure projects through the Partnership for Global Infrastructure and Investment (PGII) approach. The goal is to reach a total investment of $600 billion by 2025, including contributions from G7 nations and private entities. Additionally, connected and autonomous vehicles (CAVs) can reduce road accidents caused by human errors and lead to enhanced traffic flow, reduced congestion, better utilization of road infrastructure, and improved traffic management systems through data analytics and AI.

According to the U. S. strategy for the PGII approach, $200 billion is planned to be invested in infrastructure projects in world. This is with an aim of tripling total investment from the current level of $200 billion with an investment from the G7 Countries, and other private players by the year 2025. Furthermore, connected and autonomous vehicles (CAVs) can:

1. mitigate road risks due to human factors;
2. increase traffic efficiency, and thus, the utilization of road space;

• optimize traffic with the support of data services and artificial intelligence applications.

Global Autonomous Vehicles Market

The prominent players in the autonomous vehicle market include Ford Motor Company, AB Volvo, AUDI Aktiengesellschaft (Volkswagen Group), General Motors, Tesla Inc., Toyota Motor Corporation, Uber Technologies Inc., and BMW AG.

Global Autonomous Vehicles Company Analysis

In February 2024, Mobileye partnered with Project 3 Mobility (P3) to explore a new mobility service using Mobileye Drive technology.

Volkswagen Group of America, Inc. commenced autonomous vehicle testing in Austin in July 2023 with a fleet of 10 all-electric IDs and Buzz vehicles equipped with autonomous driving technology developed by Volkswagen Group and Mobileye.

In August 2023, GTMC will provide Pony.ai battery electric vehicles branded by Toyota for Level 4 autonomous driving research and development. Pony.ai's technology will be incorporated into these vehicles for use on the PonyPilot + robotaxi network platform.

In July 2023, Tesla invested USD 1 billion in Project Dojo to manage large volumes of data, focusing on video feeds from Tesla vehicles for autonomous driving software.

Component – Market is divided into 2 Viewpoints

1. Hardware
2. Software and Services

Level of Automation - Market is divided into 3 Viewpoints

1. Level 3
2. Level 4
3. Level 5

Application - Market is divided into 2 Viewpoints

1. Transportation and Logistics
2. Military and Defense

Geography – Market breakup of 25 Countries Covered in the Report:

North America

1. United States
2. Canada

Europe

1. France
2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. Netherlands
8. Turkey

Asia Pacific

1. China
2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand

Latin America

1. Brazil
2. Mexico
3. Argentina

Middle East & Africa

1. South Africa
2. Saudi Arabia
3. United Arab Emirates

Company have been covered from 4 Viewpoints:

1. Overviews
2. Recent Developments & Strategies
3. Product Portfolio & Product Launch in Last 1 Year
4. Revenue

Key Players Analysis

1. Ford Motor Company
2. AB Volvo
3. AUDI Aktiengesellschaft (Volkswagen Group)
4. General Motors
5. Tesla Inc.
6. Toyota Motor Corporation
7. Uber Technologies Inc.
8. BMW AG

Report Details: