The size of the global market for Autonomous Driving is expected to reach USD 11.03 Billion by 2028, expanding at a compound annual growth rate (CAGR) of 31.3%.
The global autonomous driving market is predicted to secure a robust market growth with a projected revenue hike reaching up to USD 75.12 billion by 2028, progressing at a steady CAGR of around 33% over the forecast years from 2018 to 2028. The accelerated growth can be attributed to the large-scale modernization of the automotive industry, forsaking the conventional technologies and product strategies focusing on the development of state-of-the-art vehicles.
The favorable regulatory framework coupled with sustainable government fundings and investments to establish technologically-equipped infrastructure are boosting the growth of the global autonomous driving market. However, prevalence of high initial costs, maintenance costs, constant upgradation requirements of software and the costs associated with components and sensors assemblage are expected to hamper the growth of the global autonomous driving market in the subsequent years.
With the e-commerce industry gaining momentum, need for prompt delivery services are becoming highly integral, which are also estimated to create new growth opportunities in the global autonomous driving market.
Autonomous vehicles are popularly advertised as self-driving vehicles that eliminate the need for a constantly alert driver by integrating highly advanced technologies including light detection and ranging/LiDAR systems, artificial intelligence (AI) as a simulating technology, and RADAR sensing technology which allows complete and efficient control of a vehicle and awareness of the surrounding components without a manual director. These developments are tangibly reducing accidents and mishaps.
These technologies facilitate monitoring a 60-meter range that surrounds the car which ultimately creates an active 3D map of the existing environment identifying the hinderances and helping flawless navigation. Advanced driver-assistance systems are specifically designed to cater to the specific features required in a vehicle that can travel between destination points without the need for human intervention.
The advanced sensory technology capabilities of autonomous driving vehicles are due to the integration of sensors, intellectual actuators, and software that are responsible for operating, controlling, navigating, and driving the vehicle. Sensors installed in autonomous vehicles perform tasks such as motion planning, situational analysis and trajectory control, thus enhancing navigational efficiency. These factors are constantly maneuvering rampant growth trajectory for the global autonomous driving market.
The global autonomous driving market players are firmly placed alongside the rapidly rising number of emerging players coming forth with disruptive technologies and highly novel product development strategies with a view of catalyzing the evolution of the self-driving vehicle industry. The high prevalence of threats proposed by young market players, along with the accelerated development of high-quality and top-class vehicle components are strengthening the overall market landscape in the global autonomous driving market.
The major players of the global autonomous driving market are Ford Motor Company, BMW, General Motors, Volkswagen Group, Daimler AG, Toyota Motor Corporation, Renault-Nissan-Mitsubishi alliance, Groupe SA, Tesla, Volvo-Autoliv-Ericsson-Zenuity alliance, Audi AG, Uber Technologies, Honda Motor and AB Volvo. The global autonomous driving market comprises of large-scale well established local market participants and the globally acknowledged players. in addition, the assessed market players are introducing a vast range of novel technologies and innovative product techniques with a view of staying competitive in the global market.
Autonomous Driving Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 75.12 billion|
|Growth Rate||CAGR of 33% during 2021-2028|
|Segment Covered||Type, Application, Vehicle Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Ford Motor Company, BMW, General Motors, Volkswagen Group, Daimler AG, Toyota Motor Corporation, Renault-Nissan-Mitsubishi alliance, Groupe SA, Tesla, Volvo-Autoliv-Ericsson-Zenuity alliance, Audi AG, Uber Technologies, Honda Motor and AB Volvo|
Key Segments of the Global Autonomous Driving Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
Vehicle Type Overview, 2018-2028 (USD Billion)
- Passenger Cars
- Commercial Vehicles
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
Reasons for the study
- The chief aim of the study is to provide a comprehensive guide through the complex nature of the global autonomous driving market allowing clientele to attain an edge against the rest of the market.
- Ascertain your competitive position amidst the burgeoning innovations driven by the key industry players to boost revenue streams.
What does the report include?
- The study on the global autonomous driving market delivers a sequential analysis emphasizing on the qualitative factors covering drivers, restrains, challenges, and opportunities.
- The study agglomerates an archive of factual and historic data representing the competitive landscape prominently highlighting the key operators of the market and their strategic initiatives targeting product development.
- The study also provides qualitative and quantitative data analysis for all the market segments compiled, including the type, application, vehicle type and an overview of the key geographies.
- Accurate market estimations, market size, and volume ratios for each of the market segments have been incorporated
Who should buy this report?
- The report on the global autonomous driving market offers suitable analysis and insights to market participants including service providers, Tier 1 manufacturers, raw material suppliers, automotive software providers, automotive associations, and raw material suppliers.
- Venture capitalists and private as well as public investors looking for comprehensive overview of the future outlook of the global autonomous driving market trajectory.
- Analysts, consultants, technology developers, and researchers seeking meaningful insights shaping the global autonomous driving market.
Frequently Asked Questions (FAQ) :
Significant rise in the development of smart cities and the associated infrastructure along with the increasing demand for connected cars equipped with IoT (internet of things) to facilitate better problem solving of traffic congestion is accelerating the growth of the global autonomous driving market over the forecast years. A substantial growth in the automotive sector witnessing drastic transformation in production techniques owing to the modernizing and futuristic consumer needs, surging demand for luxury cars, government regulations focusing on curbing traffic problems and accidents are among the major driving factors augmenting the growth of the global autonomous/self-driving vehicle market during the forecast.
IoT is a crucial component of smart cars or autonomous vehicles as it helps operate the machine without any human intervention. With integration of IoT, drivers can significantly enhance driving efficiency by acquiring real time data with the help of high-speed in-memory computing systems which are installed in connected cars. Surging adoption of connected cars worldwide is expected to widen opportunities for the global autonomous driving market over the forecast years.
Based on the type, the market is bifurcated into semi-autonomous vehicles and fully autonomous vehicles. The semi-autonomous vehicle segment has largely dominated the market in the past with a significant market share with increasing rate of adoption and expected rise in potential technological advancements expected to catalyse the segment growth over the forecast period. The semi-autonomous vehicles are also gaining popularity owing to the different ADAS features displayed such as the adaptive cruise control, intelligent park assist and more.
In terms of application, the autonomous driving market is fragmented into transportation and defense. The transportation segment led the market in the past and is likely to dominate the market over the forecast years owing the solid proliferation of autonomous driving in the transportation industry with further utility across industrial and commercial sector. The defense segment is anticipated to secure exponential growth during the forecast years with the expanding military and defense infrastructure of developed economies and expanding technology portfolio.
Vehicle Type Segment
Based on the type of vehicle, the market is split into commercial vehicles and passenger cars. The passenger cars segment accounts for majority of market share of the global autonomous market due to major driving factors including the rapid rate of urbanization, enhancing living standards coupled with growing purchasing power and a higher demographic growth.
With rising government support and increasing fundings the market segment is anticipated to register significant growth over the forecast years. The commercial autonomous vehicle segment is estimated to register substantial rise in growth during the forecast with growing focus on sustainable transportation.
North American autonomous driving market is expected to lead due to the potential growth of mobility-as-a-service sector along with strengthening traffic regulations deployed by the government in countries like the U.S. while the economy is trying to work on amendments in the existing set of regulations as attempt bring autonomous vehicles on public roads.
Europe is anticipated to offer a potential scope of growth for the autonomous driving market over the forecast years with lucrative opportunities for the developments and advancements of self-driving cars. The region has an impressive geographic footprint with robust advanced vehicle manufacturers situated across countries like Germany and other European countries.
Asia Pacific is observed to be an untapped marketspace proposing optimum opportunistic landscape for the growth of the autonomous driving market during the forecast period.