Autonomous Vehicle Market (By Application: Defense, Transportation; By Level of Automation: Level 1, Level 2, Level 3, Level 4, Level 5; By Propulsion: Semi-autonomous, Fully Autonomous; By Vehicle: Passenger Car, Commercial Vehicle)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Autonomous Vehicle market was valued at USD 94.43 billion in 2021 and it is expected to hit around USD 1808.44 billion by 2030 with a CAGR of 38.8% during the forecast period 2022 to 2030.

Key Takeaway

• Application, the civil segment accounted largest revenue share of 91% in 2021.
• North America reached at highest revenue share of over 46% in 2021.
• Asia-Pacific region is expected to hit at a CAGR of 42.4% from 2022 to 2030.
• By vehicle type, the passenger segment accounted 84% revenue share in 2021.
• By propulsion type, semi-autonomous vehicle segment accounted 93.2% revenue share in 2021. 

An autonomous vehicle is a combination of various networking systems and sensors that assist the computer in driving the vehicle. The significant advancements in technology, such as sensor processing, adaptive algorithms, high processing maps, and enhanced AI, have contributed to companies increasing their production capacity and taking the autonomous vehicle market to the next level.

Several technology providers such as Google LLC and Tesla Motors have also entered the market and have contributed toward the research and development of autonomous vehicles. The automobile industry is dynamic and changes with advancements in technologies. Several major players in the industry, such as General Motors Company, Volkswagen AG, Mercedes-Benz, BMW AG, and others, invest a significant part of their revenue toward researching and developing technologies.

Currently, there is a growing trend of autonomous vehicles in the automotive industry, thus attracting larger investments in developing these vehicles. Also, governments in the U.K have granted permission to test autonomous cars on public roads. Furthermore, Switzerland's Federal Department of Environment, Transport, Energy, and Communications has permitted driverless testing on Zurich streets. Governments of different nations have taken the initiative to promote autonomous vehicles.

For instance, in January 2021, the U.S. Department of Transportation (USDOT) released its comprehensive plan for automated vehicles. This is initiated to advance the department's work, prioritizing safety and preparing for a smooth transportation system for autonomous vehicles. The initiative also promotes collaboration and transparency in the Automated Driving Systems (ADS).

The market has been segmented, based on application, into transportation and defense. The transportation segment is expected to have a higher market share; however, the defense segment is expected to portray the highest growth during the projection period. The North American region accounted for the largest share of the market in 2021. The demand for autonomous vehicles is expected to increase during the forecast period, in line with rising government regulations and increased acceptance of self-driving vehicles in the U.S.

Report Scope of the Autonomous Vehicle Market

Report Coverage	Details
Market Size in 2022	USD 126.19 Billion
Market Size by 2030	USD 1808.44 Billion
Growth Rate from 2022 to 2030	CAGR of 38.8%
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	and Region,
Companies Mentioned	BMW AG, Audi AG, Ford Motor Company, Daimler AG, Google LLC, General Motors Company, Nissan Motor Company, Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla, Volvo Car Corporation, Uber Technologies, Inc., and Volkswagen AG

 

Application Insights

The transportation segment accounted for the highest market share of 91% in 2021 in the global market. However, the defense sector is expected to emerge as the fastest-growing segment during the forecast period. This is due to the rising number of initiatives across various regions, such as North America. For instance, in March 2020, Sikorsky and the U.S. Defense Advanced Research Projects Agency (DARPA) announced testing autonomous flight software on S-70 Black Hawk and S-76 commercial helicopters. Based on application, autonomous vehicles are categorized into transportation and defense.

The transportation segment is expected to account for a high share of the autonomous vehicles market in the coming years, due to the rising adoption of AVs in transportation. For instance, in December 2019, Baidu, a provider of Internet-related products and services, announced that it had secured 40 licenses that will enable the company to test driverless cars. In the transportation type segment, the industrial segment is estimated to grow at a high CAGR in the forecast period. This is due to advances in technologies and the rising acceptance of autonomous vehicles by various governments across the globe.

Furthermore, the enhanced technology offered by various companies also attracts customers to adapt autonomous vehicles for their commercial use. Different leading companies are collaborating to provide hi-tech autonomous driving experiences. For instance, in March 2020, Toyota announced that it is working with TomTom and Denso to demonstrate fast, high, definition map building methods for the road that will help improve autonomous vehicle driving and provide a safer experience.

Regional Insights

North America accounted for the highest share of more than 46% in the global market in 2021. The growth across the mobility as a service sector is anticipated to provide an impetus to the autonomous car market. North America is expected to witness significant growth owing to amendments in traffic regulations in the U.S. to incorporate autonomous cars on public roads. The regulation is slowly being adopted across all the states of the U.S. to make transportation fully autonomous.

For instance, the National Highway Traffic Safety Association (NHTSA), a traffic regulations body in the U.S., under its policy in 2013, allowed self-driving car testing in several states, including Nevada, California, Florida, Michigan, and Washington D.C. Europe is expected to emerge as a potentially lucrative market for the adoption of autonomous cars, on account of growing consumer preference for using techno-advanced products. In addition to this, the government is taking various initiatives to enhance autonomous vehicles.

For instance, in August 2020 in the U.K., The Department of Transport (DFT) announced the launch of the Automated Lane-Keeping System (ALKS), which can automatically take control of vehicles running at low speed. This technology will enable the driver to delegate driving to the vehicles, and the system will keep the vehicle moving along its lane. The U.K. government plans for self-driving vehicles to be in use by 2021 in the country, and it also has further plans to make the required changes to the regulations that can support the development of autonomous vehicles in the region.  

 

Some of the prominent players in the Autonomous Vehicle Market include:

• BMW AG
• Audi AG
• Ford Motor Company
• Daimler AG
• Google LLC
• General Motors Company
• Nissan Motor Company
• Honda Motor Co., Ltd.
• Toyota Motor Corporation
• Tesla
• Volvo Car Corporation
• Uber Technologies, Inc.
• Volkswagen AG

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Autonomous Vehicle market

By Application

• Civil
• Defense
• Construction
• Transportation
• Commercial transportation
• Industrial transportation

By Level of Automation

• Level 1
• Level 2
• Level 3
• Level 4
• Level 5

By Propulsion Type

• Semi-autonomous
• Fully Autonomous

By Vehicle Type

• Passenger Car
• Commercial Vehicle

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Autonomous Vehicle industry analysis from 2022 to 2030 to identify the prevailing Autonomous Vehicle industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Autonomous Vehicle industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Autonomous Vehicle industry trends, key players, market segments, application areas, and market growth strategies.