Autonomous Vehicle Market by Type (Semi-Autonomous Vehicles and Fully Autonomous Vehicles), Component (Hardware, Software, and Service), Application, and Region - Global Industry Analysis, Opportunities and Forecast up to 2029

Autonomous Vehicle Market Size

The global Autonomous Vehicle market size was valued at $196.68 billion in 2023 and is projected to reach $1,358.39 billion by 2029, growing at a CAGR of 38.0% during the forecast period. 

Autonomous Vehicle Market Dynamics

• Development in the automotive sector, implementation of favorable government policies promoting auto tech, and rising demand for luxury cars are contributing to the market's growth. 

• Additionally, rapid digitization and increasing requirements for safe and efficient modes of transportation are creating ample opportunities for the market.

• However, the low customer adoption ratio and the looming threat of hackers in the driving operation are restraining the market.

Autonomous Vehicle Market Overview

The autonomous vehicle utilizes artificial intelligence (AI) software, light detection & ranging (LiDAR), and RADAR sensing technology, which is further used to monitor a 60-meter range around the car and to form an active 3D map of the current environment. Most self-driving systems create and maintain an internal map of their surroundings, based on a wide array of sensors, like radar. The autonomous vehicle is designed to travel between destinations without a human operator. They combine sensors and software to control, navigate, and drive the vehicle. 

By Application, the Military and Defense Segment emerges as the Dominant Segment

The military and defense segment emerged as the dominant segment during the forecast period. The defense sector would likely lead the market in terms of growth over the forecast duration. The rising investment by major countries in procuring autonomous vehicles to strengthen their military capability and carry out difficult tasks is majorly propelling the growth of this segment. For instance, the U.S. government intended to deploy self-driving trucks in April 2019 to avoid the mishaps caused due to driving errors.

By Geography, North America Region Dominates by Being the Largest Market for Autonomous Vehicle

North America would register significant growth. This is due to the supportive government regulation coupled with suitable road infrastructure. States across the United States are adopting favorable regulations to improve the penetration of autonomous vehicles. Moreover, the federal government in the U.S. has also invested significantly in developing self-driving vehicles for military application.

Some of the Key Players Profiled in the Report Include:

• AB Volvo
• BMW AG
• Daimler AG
• Ford Motor Company
• General Motors
• Groupe SA
• Mitsubishi Motors Corporation
• Nissan Motor Co., Ltd
• Renault SA
• Tesla Inc
• Toyota Motor Corporation
• Volkswagen Group

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type:
• Semi-Autonomous Vehicles
• Fully Autonomous Vehicles

Market by, Sensors:
• Ultrasonic
• Radar
• Lidar
• Image Sensor

Market by, Component:
• Hardware
• Software
• Service

Market by, Level of Automation:
• Level 3
• Level 4
• Level 5

Market by, Application:
• Transportation and Logistics
• Military and Defense

Market by, Geography:

The Autonomous Vehicle Market report also analyzes the major geographic regions and countries for the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Table Of Content

1 Market Overview              
    1.1 Introduction          
    1.2 Research Objectives         
    1.3 Market Segmentation         
    1.4 Stakeholders          
    1.5 List of Acronyms          
                
2 Executive Summary              
                
3 Research Methodology             
    3.1 Identification of Data         
    3.2 Evaluation of Market Dynamics        
    3.3 Collaboration of Data         
    3.4 Verification and Analysis         
    3.5 Data Sources          
    3.6 Assumptions          
                
4 Market Dynamics              
    4.1 Market Drivers          
           4.1.1 Rise in Demand for Connected Cars 
           4.1.2 Development of Smart Cities  
    4.2 Market Restraints          
           4.2.1 High Component Cost  
    4.3 Market Opportunities         
           4.3.1 Significant Growth in the Automotive Industry
    4.4 Market Challenges          
           4.4.1 High Cost of Components for Autonomous Vehicles
    4.5 Impact of COVID-19 on Autonomous Vehicle Market      
                 
5 Porter's Five Force Analysis             
    5.1 Bargaining Power of Suppliers         
    5.2 Bargaining Power of Buyers         
    5.3 Threat of New Entrants         
    5.4 Threat of Substitutes         
    5.5 Competitive Rivalry in the Market        
                
6 Global Autonomous Vehicle Market by, Type           
    6.1 Overview          
    6.2 Semi-Autonomous Vehicles         
    6.3 Fully Autonomous Vehicles         
                
7 Global Autonomous Vehicle Market by, Sensors           
    7.1 Overview          
    7.2 Ultrasonic          
    7.3 Radar           
    7.4 Lidar           
    7.5 Image Sensor          
                
8 Global Autonomous Vehicle Market by, Component          
    8.1 Overview          
    8.2 Hardware          
    8.3 Software           
    8.4 Service           
                
9 Global Autonomous Vehicle Market by, Level of Automation          
    9.1 Overview          
    9.2 Level 3           
    9.3 Level 4           
    9.4 Level 5           
                
10 Global Autonomous Vehicle Market by, Application          
    10.1 Overview          
    10.2 Transportation and Logistics         
    10.3 Military and Defense         
                 
11 Global Autonomous Vehicle Market by, Geography           
    11.1 Overview          
    11.2 North America          
             11.2.1 US  
             11.2.2 Canada  
             11.2.3 Mexico  
    11.3 Europe           
             11.3.1 Germany  
             11.3.2 France  
             11.3.3 UK  
             11.3.4 Italy  
             11.3.5 Spain  
             11.3.6 Rest of Europe 
    11.4 Asia Pacific          
             11.4.1 China  
             11.4.2 Japan  
             11.4.3 India  
             11.4.4 South Korea 
             11.4.5 Australia  
             11.4.6 New Zealand 
             11.4.7 Rest of Asia Pacific 
    11.5 South America          
             11.5.1 Brazil  
             11.5.2 Argentina 
             11.5.3 Chile  
             11.5.4 Rest of South America
    11.6 Middle East & Africa         
             11.6.1 UAE  
             11.6.2 Saudi Arabia 
             11.6.3 Qatar  
             11.6.4 Iran  
             11.6.5 South Africa 
             11.6.6 Rest of Middle East & Africa
                
12 Key Developments              
                
13 Company Profiling              
    13.1 AB Volvo           
             13.1.1 Business Overview 
             13.1.2 Product/Service Offering
             13.1.3 Financial Overview 
             13.1.4 SWOT Analysis 
             13.1.5 Key Activities 
    13.2 BMW AG           
    13.3 Daimler AG          
    13.4 Ford Motor Company          
    13.5 General Motors          
    13.6 Groupe SA          
    13.7 Mitsubishi Motors Corporation        
    13.8 Nissan Motor Co., Ltd         
    13.9 Renault SA          
    13.10 Tesla Inc           
    13.11 Toyota Motor Corporation         
    13.12 Volkswagen Group