Autonomous Vehicles Market Analysis

Autonomous Vehicles Market Size was valued at USD 21.8 Billion in 2022. The Autonomous Vehicles market industry is projected to grow from USD 26.6 Billion in 2023 to USD 133.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.30% during the forecast period (2023 - 2032).

Several Factors Contributing to Market Growth

The autonomous vehicle market is predicted to see an increase in the number of auto-driving vehicle launches. Government norms mandated for passenger safety are crucial drivers driving the growth of the autonomous vehicle market in 2020. Furthermore, government regulations, the growing need for sophisticated driver-assist systems in vehicles, increasing sales of vehicles, and others. As a result, vehicle makers are developing new technologies to improve vehicle safety and intelligent transportation systems. Many significant players are now working to produce semi-autonomous and completely autonomous vehicles. Innovative prototypes are being tested in various vehicle companies' and universities' R&D centers.

Furthermore, growing accidents throughout the world fuel demand for autonomous vehicles. Increased regulatory demands for developed driver-assistance systems (ADAS) features, including fundamental safety technologies like anti-lock braking systems (ABS) and airbags, are critical variables that help boost the autonomous vehicle market.

Autonomous Vehicles Key Players

Hitachi, Ltd. (Japan), Nvidia Corporation (U.S.), Continental AG (Germany), Intel Corporation (U.S.), Renesas Electronics Corporation (Japan), ZF Friedrichshafen AG (Germany), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Autoliv Inc. (Sweden) and Bosch (Germany).

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COVID-19 to have Temporary Impact on the Global Market

COVID 19 impacted the whole automotive sector, prompting manufacturers to cut output at their manufacturing sites. The disruption induced by the outbreak at major suppliers pushed a number of passenger automotive manufacturers to reduce production in some locations. They were working extremely hard on countermeasures and solutions to reduce the damage.

However, producers and dealers of autonomous vehicles have moved their attention from offline lead generation to online sales. This initiative to communicate with potential buyers via digital media proves to be a game-changer for market growth. Despite the coronavirus crisis, demand for luxury vehicles is returning to normal, and as a result, the market for autonomous vehicles is steadily building up.

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Market Segmentation

The global autonomous vehicles market has been segmented on the basis of type, sensors, and hardware and software. 

• By type, the global autonomous vehicles market has been segmented into semi-autonomous and fully autonomous vehicles.
• By sensors, the global autonomous vehicles market has been segmented into ultrasonic, radar, lidar, image, and others.
• Based on hardware and software, the global autonomous vehicles market has been segmented into Communication Systems, Cameras, GPS Systems, and others.

Regional Analysis

The global autonomous vehicles market has been segmented into North America, Europe, Asia Pacific, and rest-of-the-world.

North America has the largest share in the autonomous vehicles market. The region is a lucrative market for luxury autonomous vehicles. Market growth is driven by factors such as increased automobile sales and concerns about vehicle safety. Government regulations in North American countries are expected to become more strict in the coming years. Furthermore, the continuous growth of the automotive industry and the growing demand for more automated vehicles assist the regional market in gaining the largest market share.

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North America to Dominate the Global Market

North America has the biggest market share. The region is a promising market for premium autonomous vehicles. Autonomous Vehicles Market growth is being driven by factors such as increased automobile sales and concerns about vehicle safety. Government restrictions in North American countries are expected to become increasingly stringent in the coming years. Furthermore, the continuous growth of the automotive sector and the growing need for more automated vehicles assist the regional market in gaining the largest market share.

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