Autonomous vehicles are equipped with various technologies such as collision avoidance system, adaptive cruise control, automatic parking, and self-driving system which enable driving capabilities without direct human input. As the technologies for highly autonomous vehicles are advancing, the automotive industry has started developing vehicles with higher levels of automation that can drive themselves under certain conditions. Autonomous driving technology offers advantages such as reduced traffic accidents, improved fuel efficiency, enhanced mobility and transportation options for elderly and disabled people. The Global Autonomous Vehicle Market is estimated to be valued at US$ 146.15 Billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The major trend fueling the growth of the autonomous vehicle market is increasing investments in autonomous driving technology by major OEMs and tech companies. For instance, Alphabet's self-driving car unit Waymo has raised more than $3 billion to date for developing autonomous vehicle technologies. Other major companies like GM, Ford, Mercedes, BMW, Tesla, Uber, and Baidu have also invested billions of dollars in autonomous driving technologies. Such heavy investments indicate a strong focus and commitment of companies towards driving innovation in autonomous technologies. This has significantly accelerated the development of key components like sensors, radars, LiDARs, AI and ML required for higher levels of vehicle autonomy. As technologies advance, costs are also expected to decline, thus making autonomous vehicles more affordable and accessible to masses. This will in turn drive the demand for autonomous vehicles over the forecast period.
Segment Analysis
The autonomous vehicle market size can be segmented by type, automation level, components, and application. Based on type, the commercial vehicles segment held the largest share of the market in 2024 and is expected to dominate the market during the forecast period. Commercial vehicles play a vital role in delivering goods on time and reduce the transportation costs. The dominating sub segment is the ride-hailing services under commercial vehicles segment as major ride-hailing companies are investing heavily in developing self-driving taxis and shuttles.
Key Takeaways
The global autonomous vehicle market is expected to witness high growth. The market size was valued at US$ 146.15 Bn in 2024 and is projected to reach US$ 295.20 Bn by 2030, registering a CAGR of 6.0% during the forecast period.
Regional analysis: North America region dominated the autonomous vehicles market in 2024 with market size of US$ 63.02 Bn. The region is expected to maintain its dominance during the forecast period owing to the presence of major technology companies and investment in autonomous vehicle testing and commercialization. The US government initiatives and policy support for autonomous vehicle R&D are driving the market growth.
Key players analysis: Key players operating in the autonomous vehicle market are Atlas Copco, Caterpillar, Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore, Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Americas, Inc., J C Bamford Excavators Ltd. (JCB), Komatsu America Corp., Liebherr Group, Sany Heavy Industries Co. Ltd, Terex Corporation, Ahern Rentals, Herc Rentals Inc., and United Rentals, Inc. The key players in autonomous vehicle market are investing heavily in autonomous driving technology development to expand their product portfolio.
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