Autonomous Vehicles Market is anticipated to develop at a CAGR of 19.50% between 2023 and 2030 | Renub Research
15 Feb, 2024

Autonomous Vehicles Market is predicted to be worth roughly US$ 200.31 Billion by 2030, driven by advancements in technology, increasing consumer acceptance, and a concerted effort by governments and industry stakeholders to promote innovation and adoption. 

In a document titled “Autonomous Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2030," posted recently through Renub Research, market percentage insights are included and thorough enterprise analysis. The document also contains studies on areas, competition, and the recent growth of Autonomous Vehicles Market.

Autonomous Vehicles Market is anticipated to develop at a CAGR of 19.50% between 2023 and 2030. The autonomous vehicles market is dynamically expanding with breakthrough technologies, as sensors, AI, and connectivity force self-driving automobile improvement. Intensive investments by automotive giants and tech corporations push autonomy limitations. Rising customer recognition, fuelled by safety and comfort, propels the market boom. Global governments are formulating rules and infrastructure to aid independent cars. Despite demanding situations like regulatory frameworks and public acceptance and trust, the market is reshaping transportation with promises of improved safety, efficiency, and transformative urban mobility solutions.

Moreover, level 4 and level 5 autonomous vehicles (AVs), capable of running without human intervention in defined conditions, are expected to be the primary commercially deployed AVs. The proliferation of lidar, a laser-based sensor developing specified 3-D maps in all-weather situations and at long distances, plays an essential function in enhancing AV belief. Also, the emergence of self-driving taxis for ride-hailing services is predicted to be among the preliminary industrial applications of AVs. Moreover, AVs are increasingly automated for logistics and trucking, potentially decreasing injuries, enhancing performance, and decreasing labor rates in these industries.

Moreover, governments globally are spotting the capability of independent vehicles and actively investing in research, development, and regulatory frameworks to ensure their protection. Establishing testbeds for real-global AV development further hurries up technological advancements. Simultaneously, the burgeoning purchaser demand for AVs pushed their perceived comfort and safety benefits, incentivizing manufacturers to create reduced prices and handy models. The increasing urbanization trend amplifies the enchantment of AVs, providing a feasible option to transportation challenges in crowded town environments, wherein they offer safe and efficient mobility alternatives amid the growing problems of urban commuting.

Report Details:

Level 3 autonomous driving technology is well-positioned to play a significant role in the future of transportation

Level 3 autonomous vehicles (AV) technology, being more mature than Level 4 and Level 5, is poised for short-term implementation. Beyond its feasibility, Level 3 systems offer first-rate protection benefits and capabilities like lane-keeping help and automatic emergency braking. This maturity and security balance contribute to higher consumer acceptance as users discover a comforting equilibrium between autonomy and human control. Adding to the momentum, governments are increasingly assisting Level 3 technology, with some instituting guidelines that allow its use on public roads, reflecting a collaborative attempt to advance and combine this intermediate degree of AV autonomy.

Global autonomous vehicle (AV) industry is rapidly growing, and the hardware sector is expected to hold the most extensive market share in the coming years

The intricate improvement and manufacturing of hardware components, including sensors, processors, and actuators, represent a significant growth driver for autonomous cars. This complicated nature, requiring specialized knowledge for layout and integration, is a formidable barrier to access for new entrants. Moreover, the critical need for high-performance hardware to process sensor information, make selections, and manage vehicle systems underscores hardware's crucial role in AV functionality, intensifying its significance as a pivotal component in the autonomous driving surroundings and contributing to the overall cost dynamics of AV development.

Lidar hardware and V2X software are two critical technologies that are set to dominate the global AV industry

Crucial for AV safety, lidar and Vehicle-to-Everything (V2X) technology allows belief and communication. Increased affordability, propelled by technological maturity, broadens accessibility for substantial AV integration. Global governments invest in Lidar and V2X research, coupled with supportive policies, recommend their pivotal position in AVs. Public popularity rises as consumers apprehend the benefits, fostering more willingness to embody vehicle improvements. The convergence of affordability, government assistance, and developing consciousness positions Lidar and V2X technology as integral additives driving the development and popularity of autonomous automobiles.

Passenger vehicles command the largest market share within the global autonomous vehicle industry

Passenger vehicles, constituting the majority of worldwide sales, drive self-reliant vehicle adoption with growing consumer preference for AVs' convenience, safety, and luxury, especially in city settings. Governments recommend AVs by supportive regulations, emphasizing protection, performance, and environmental sustainability. Major automakers invest closely in passenger AV technology, leveraging production data to tap into commercial capacity. 

Advancements in sensors, AI, and software programs enhance AV practicality and affordability, accelerating adoption. Ride-hailing and automobile-sharing services are gaining consumers' trust thanks to autonomous vehicles (AVs) benefits. These services are becoming essential for AV adoption. AVs offer a safe and convenient mode of transportation for older adults, addressing their mobility needs.

Defense sector holds the most significant global autonomous vehicle market share

Military applications of AVs are driving market share growth in the defense region. Governments globally are investing heavily in research and development due to AV technology's potential to improve battlefield operations and reduce soldier hazards. Primarily targeted on uncrewed ground vehicles (UGVs) for autonomy or remote control, the defense area prioritizes versatility in applications like reconnaissance, surveillance, and combat support. AV exploration in diverse military logistics roles, such as supply transport, casualty evacuation, and reconnaissance, contributes to the enlargement of the defense AV market.

Battery-electric vehicle market is poised to surge within the global autonomous vehicle industry

Battery Electric Vehicles (BEVs) are eco-friendly for independent vehicle improvement, producing zero emissions and aligning with sustainability dreams. Renowned for advanced power efficiency, BEVs provide decreased operating costs and prolonged driving levels, addressing financial issues. Ongoing battery improvements, with multiplied power density and faster charging, mitigate range barriers. 

BEVs seamlessly integrate with AV systems, facilitating efficient energy management. With fewer moving components, BEVs provide lower maintenance costs and decreased downtime, improving reliability for AV fleets. Their application in urban mobility and ride-hailing services positions BEVs as environment friendly, cost-effective solutions in the evolving AV landscape.

Asia Pacific AV industry is poised for exponential growth in the coming years

The Asia Pacific region experiences rapid urbanization and escalating visitor congestion, generating strong demand for efficient, secure, self-sustaining automobiles in dense urban environments. Governments actively guide AV development, recognizing the capacity to enhance transportation performance, reduce injuries, and promote environmental sustainability. Pioneering AV technology, Asia Pacific corporations lead improvements in sensor technology, artificial intelligence, and software improvement—growing consumer interest in AV facilities on their potential to enhance comfort, safety, and luxury. Major automobile producers and technology giants, which include Toyota, Honda, Nissan, Hyundai, Geely, Baidu, Tencent, Alibaba, and Huawei, invest drastically in AV improvement. Also, startups focusing on numerous AV components, including sensor improvement, software algorithms, and information management, are emerging nearby.

Competitive Landscape

Several well-known companies are involved in the autonomous vehicle market: Didi Chuxing Technology Co., Ford Motor Company, BMW, Mercedes-Benz Group AG, Apple Inc., Aptiv, Baidu, Inc., Amazon.com, Inc., Apple Inc., and Alphabet Inc.

Market Summary

• Level of Driving – A Renub Research Report on the Autonomous Vehicles Market looks at driving levels from five angles (L1, L2, L3, L4, and L5).
• Hardware – A Renub Research report on the Autonomous Vehicles Market looks at hardware from thirteen angles (Passive Components, Embedded Modems, Ultrasonic Sensors, Odometry Sensors, Other Electronics and architecture, Actuators, HMI Hardware, Mapping Hardware, Embedded Controls Hardware, V2X Hardware, Cameras, Radar, and Lidar).
• Software – A Renub Research report on the Autonomous Vehicles Market looks at software from five angles (HMI Software, Data Security Software, Mapping Software, Embedded Controls Software, and V2X Software).
• Vehicle Type – A Renub Research report on the Autonomous Vehicles Market looks at vehicle type from two angles (Commercial and Passenger vehicles).
• Application – The report analyses the Autonomous Vehicles Market by application market analysis from four different angles (Civil, Defence, Transportation & Logistics, and Construction).
• Propulsion – A Renub Research report on the Autonomous Vehicles Market looks at propulsion from five angles (Battery Electric Vehicle, Fuel Cell Electric Vehicles, Hybrid Electric Vehicle, Internal Combustion Engine, and Plug-in Hybrid Electric Vehicle).
• Regions – The report analyses the Autonomous Vehicles Market by region from five different angles (Europe, North America, Middle East & Africa, Asia Pacific, and Latin America).
• Key Players – Every significant player in the Autonomous Vehicles Market has been discussed from three perspectives (Overview, Recent Developments, and Revenue): Didi Chuxing Technology Co., Ford Motor Company, BMW, Mercedes-Benz Group AG, Apple Inc., Aptiv, Baidu, Inc., Amazon.com, Inc., Apple Inc., and Alphabet Inc.

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