Connected and Autonomous Mobility Vehicles Global Market Report 2024

The connected and autonomous mobility vehicles market size has grown exponentially in recent years. It will grow from $133.03 billion in 2023 to $197.56 billion in 2024 at a compound annual growth rate (CAGR) of 48.5%. The growth observed in the historical period can be credited to the emergence of advanced driver assistance systems (ADAS), the evolution of GPS and navigation systems, early research and development in autonomy, groundbreaking autonomous vehicle projects, and the transition towards Mobility as a Service (MaaS).

The connected and autonomous mobility vehicles market size is expected to see exponential growth in the next few years. It will grow to $824.41 billion in 2028 at a compound annual growth rate (CAGR) of 42.9%. The anticipated growth in the forecast period can be ascribed to consumer trust and adoption, the integration of urban mobility solutions, ongoing regulatory advancements, heightened adoption of on-demand services, the evolution of V2X communication, and the expansion of electric and hybrid vehicles. Key trends expected in the forecast period encompass consumer acceptance and adoption, urban mobility solutions, advancements in sensor technologies, regulatory support and standards, an increase in on-demand mobility services, and the development of V2X communication.

The growth of the connected and autonomous mobility vehicles market is anticipated to be fueled by the increasing incidence of road accidents. Road accidents, resulting in property damage or personal injury, are a persistent issue, with connected and autonomous vehicles (CAVs) poised to contribute to accident prevention and mitigation. Through their connectivity and automation capabilities, CAVs can execute evasive maneuvers, monitor driver attention, and assume control if the driver becomes inattentive. In 2021, the National Highway Traffic Safety Administration reported an estimated 42,915 fatalities in motor vehicle traffic crashes in the US, reflecting a 10% increase from 2020. With 5,250,837 police-reported traffic crashes in 2020, the escalating number of road accidents is a driving force behind the growth of the connected and autonomous mobility vehicle market.

The growing demand for sustainable transport is expected to be a significant driver for the connected and autonomous mobility vehicles market. Sustainable transport, characterized by energy-efficient, low- or zero-emission, and affordable transportation modes, aligns with the capabilities of connected and autonomous mobility vehicles (CAMVs). These vehicles can contribute to reducing carbon emissions, enhancing air quality, optimizing traffic flow, reducing congestion, and improving overall transportation efficiency. Transport accounted for 64% of global oil consumption, 27% of all energy use, and 23% of energy-related carbon dioxide emissions in May 2021, according to the International Institute for Sustainable Development. Consequently, the increasing need for sustainable transport is a key factor driving the growth of the connected and autonomous mobility vehicles market.

Data privacy concerns pose a significant obstacle to the connected and autonomous mobility vehicle market. Such concerns can deter consumers, escalate regulatory compliance costs, increase the risk of data breaches, and erode public perception and trust. Resolving data ownership disputes and liability issues can be complex, and consumer worries may limit the adoption of cloud-based services, impacting vehicle functionality. In 2022, Upstream Security Ltd. reported a notable surge in automotive API attacks, constituting 12% of total incidents, with 63% carried out by malicious actors. This underscores the potential risks and challenges associated with data privacy concerns, posing a hindrance to the connected and autonomous mobility vehicle market.

Major companies in the connected and autonomous mobility vehicles market are strategically focusing on introducing third-generation autonomous driving systems to gain a competitive advantage. Third-generation autonomous driving systems are capable of performing all aspects of driving autonomously under specific conditions and in defined environments, such as highway driving. In March 2023, May Mobility launched its third-generation autonomous driving system, equipped with advanced sensors for improved object detection, enhanced communication systems, and multiple safety features. This system aims to ensure vehicle and passenger safety in various situations, contributing to the market's growth.

In March 2021, Cognizant Technology Solutions Corp. acquired ESG Mobility to strengthen its digital automotive engineering capabilities and advance research and development in connected and autonomous mobility solutions. ESG Mobility, a Germany-based provider of connected and autonomous mobility solutions, enhances Cognizant's position in the evolving market landscape.

Major companies operating in the connected and autonomous mobility vehicles market report are Microsoft Corporation, General Motors (GM), Mercedes-Benz Group AG, Ford Motor Company, Bayerische Motoren Werke AG (BMW), SAIC Motor Corp. Ltd., Tesla Inc., Nissan Motor Co. Ltd., Intel Corporation, BYD Co. Ltd., Groupe Renault, The Volvo Group, Magna International Inc., Uber Technologies Inc., ABB Ltd., Nvidia Corporation, Jaguar Land Rover Automotive PLC, Didi Chuxing Technology Co. Ltd., Baidu Inc., Aptiv plc, Porsche Automobil Holding SE, Lyft Inc., Motional, Aurora Innovation Inc., SAE International, Nuro Inc., Argo AI, AutoX Inc., Swift Navigation, Nauto.

North America was the largest region in the connected and autonomous mobility vehicles market in 2023. The regions covered in the connected and autonomous mobility vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the connected and autonomous mobility vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The connected and autonomous mobility vehicles market consists of revenues earned by entities by providing services such as traffic management, fleet management, safety, and personal mobility. The market value includes the value of related goods sold by the service provider or included within the service offering. The connected and autonomous mobility vehicles market consists of sales of navigation devices, light detection and ranging systems, cameras, and RADAR systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The automation levels in connected and autonomous mobility vehicles encompass level 1, level 2, level 3, level 4, and level 5. Level 1 automation comprises basic driver assistance features that can manage specific driving aspects but necessitate the driver's overall control and attentiveness. Semi-autonomous and fully autonomous propulsion systems are utilized by passenger cars and commercial vehicles, serving civil, defense, transportation and logistics, and construction purposes.

The connected and autonomous mobility vehicles market research report is one of a series of new reports that provides connected and autonomous mobility vehicles market statistics, including connected and autonomous mobility vehicles industry global market size, regional shares, competitors with a connected and autonomous mobility vehicles market share, detailed connected and autonomous mobility vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the connected and autonomous mobility vehicles industry. This connected and autonomous mobility vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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