The autonomous vehicle market was valued at $134.8 billion in 2030, and is estimated to reach $980.7 billion by 2040, growing at a CAGR of 22.3% from 2031 to 2040. Autonomous vehicles are designed to perceive their surroundings and operate without human intervention. They can perform all the functions of a skilled human driver and navigate any location accessible to traditional vehicles, eliminating the need for a human passenger to take control or even be present in the vehicle. The Society of Automotive Engineers (SAE) has defined six levels of driving automation, ranging from Level 0 (completely manual) to Level 5 (fully autonomous), which have been endorsed by the U.S. Department of Transportation.
The autonomous vehicle market is driven by several key factors, including increasing investments in self-driving technologies, regulatory support, advancements in technology, the convenience and comfort they provide, enhanced road safety, and the global rise in traffic accidents. Autonomous vehicle technology offers numerous advantages over human-driven cars. One significant benefit is the potential to improve road safety. With vehicle collisions causing a high number of fatalities annually, automated cars are expected to reduce these incidents as their software is designed to make fewer errors than human drivers. Fewer accidents could also help ease traffic congestion, another advantage of autonomous vehicles.
These vehicles can further mitigate traffic issues by eliminating human behaviors that contribute to roadblocks, such as stop-and-go traffic. Additionally, autonomous driving provides convenient transportation for individuals unable to drive due to age or disability. Other notable benefits include eliminating driver fatigue and allowing passengers to rest or sleep during long journeys. These advantages are expected to drive growth in the autonomous vehicle market during the forecast period.
Another key advantage of autonomous vehicles is the reduction of driver fatigue, particularly during long trips. Without the need for constant attention to the road, passengers can rest, work, or engage in other activities, making long-distance travel more comfortable and productive. These benefits, along with the potential for environmental impact reduction through more efficient driving patterns, are expected to drive significant growth in the autonomous vehicle industry during the forecast period. As advancements continue, the technology promises to transform not only the automotive sector but also the broader transportation ecosystem. Government funding and regulatory frameworks are key drivers of growth in the autonomous vehicle market. Governments are making significant investments in research and development for autonomous vehicles, providing grants to academic institutions, commercial enterprises, and industry groups. In addition, governments are creating testing zones and pilot programs where companies can deploy autonomous vehicles in controlled environments, gathering essential data. These initiatives allow for real-world evaluation of the technology's safety, performance, and public acceptance.
The autonomous vehicles market is segmented into mobility type, level of automation, component, application and region. By mobility, the market is divided into shared and personal. On the basis of level of automation, the market is classified into level 3, level 4 and level 5. On the basis of component, the market is divided into hardware and software. On the basis of application, the market is bifurcated into passenger cars and commercial vehicles. Region-wise, the autonomous vehicles market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The autonomous vehicle market is driven by several key factors, including increasing investments in self-driving technologies, regulatory support, advancements in technology, the convenience and comfort they provide, enhanced road safety, and the global rise in traffic accidents. Autonomous vehicle technology offers numerous advantages over human-driven cars. One significant benefit is the potential to improve road safety. With vehicle collisions causing a high number of fatalities annually, automated cars are expected to reduce these incidents as their software is designed to make fewer errors than human drivers. Fewer accidents could also help ease traffic congestion, another advantage of autonomous vehicles.
These vehicles can further mitigate traffic issues by eliminating human behaviors that contribute to roadblocks, such as stop-and-go traffic. Additionally, autonomous driving provides convenient transportation for individuals unable to drive due to age or disability. Other notable benefits include eliminating driver fatigue and allowing passengers to rest or sleep during long journeys. These advantages are expected to drive growth in the autonomous vehicle market during the forecast period.
Another key advantage of autonomous vehicles is the reduction of driver fatigue, particularly during long trips. Without the need for constant attention to the road, passengers can rest, work, or engage in other activities, making long-distance travel more comfortable and productive. These benefits, along with the potential for environmental impact reduction through more efficient driving patterns, are expected to drive significant growth in the autonomous vehicle industry during the forecast period. As advancements continue, the technology promises to transform not only the automotive sector but also the broader transportation ecosystem. Government funding and regulatory frameworks are key drivers of growth in the autonomous vehicle market. Governments are making significant investments in research and development for autonomous vehicles, providing grants to academic institutions, commercial enterprises, and industry groups. In addition, governments are creating testing zones and pilot programs where companies can deploy autonomous vehicles in controlled environments, gathering essential data. These initiatives allow for real-world evaluation of the technology's safety, performance, and public acceptance.
The autonomous vehicles market is segmented into mobility type, level of automation, component, application and region. By mobility, the market is divided into shared and personal. On the basis of level of automation, the market is classified into level 3, level 4 and level 5. On the basis of component, the market is divided into hardware and software. On the basis of application, the market is bifurcated into passenger cars and commercial vehicles. Region-wise, the autonomous vehicles market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the autonomous vehicle market analysis from 2030 to 2040 to identify the prevailing autonomous vehicle market opportunities.
- 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 autonomous vehicle market 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 market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- SWOT Analysis
Key Market Segments
By Level of Automation
- Level 3
- Level 4
- Level 5
By Component
- Hardware
- Software
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Volkswagen Group
- Ford Motor Company
- Renault SA
- AB Volvo
- General Motors
- Mercedes-Benz AG (Daimler AG)
- Toyota Motor Corporation
- Tesla, Inc.
- Bayerische Motoren Werke AG (BMW AG)
- Hyundai Motor Group
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTONOMOUS VEHICLE MARKET, BY LEVEL OF AUTOMATION
CHAPTER 5: AUTONOMOUS VEHICLE MARKET, BY COMPONENT
CHAPTER 6: AUTONOMOUS VEHICLE MARKET, BY VEHICLE TYPE
CHAPTER 7: AUTONOMOUS VEHICLE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Volkswagen Group
- Ford Motor Company
- Renault SA
- AB Volvo
- General Motors
- Mercedes-Benz AG (Daimler AG)
- Toyota Motor Corporation
- Tesla, Inc.
- Bayerische Motoren Werke AG (BMW AG)
- Hyundai Motor Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 213 |
| Published | January 2025 |
| Forecast Period | 2030 - 2040 |
| Estimated Market Value ( USD | $ 134.8 billion |
| Forecasted Market Value ( USD | $ 980.7 billion |
| Compound Annual Growth Rate | 22.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
