Autonomous Vehicles Market Size, Share, Forecast, & Trends Analysis by Type (Passenger Vehicles, Commercial Vehicles ), Fuel Type, Level of Autonomy, Geography

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Autonomous Vehicles Market by Type (Passenger Vehicles (Hatchback, Sedan, SUV, Others), Commercial Vehicles (Trucks, Buses)), Fuel Type (ICE, Electric), Level of Autonomy (L1, L2, L3, L4), Geography-Forecasts to 2031.

The research report titled, 'Autonomous Vehicles Market by Type (Passenger Vehicles (Hatchback, Sedan, SUV, Others), Commercial Vehicles (Trucks, Buses)), Fuel Type (ICE, Electric), Level of Autonomy (L1, L2, L3, L4), Geography -Forecasts to 2031', provides an in-depth analysis of the autonomous vehicle market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The autonomous vehicles market is projected to reach $259.4 billion by 2031, at a CAGR of 20.4% from 2024 to 2031.

The growth of this market is driven by factors such as increasing demand for luxury vehicles and the rising need to improve traffic flow and road safety. However, the high cost of autonomous vehicles and lack of required infrastructure in emerging countries can restrain the growth of the market.

In addition, factors such as rising government initiatives for the development and adoption of autonomous vehicles, advancements in ADAS technology, and growing demand for semi-autonomous vehicles are expected to create market growth opportunities. However, data privacy and security concerns are some of the challenges impacting the market's growth.

The autonomous vehicles market is segmented based on Type (Passenger Vehicles (Hatchback, Sedan, SUV, Others), Commercial Vehicles (Trucks, Buses)), Fuel Type (ICE, Electric), Level of Autonomy (Level 1, Level 2, Level 3, and Level 4). The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on type, the autonomous vehicles market is broadly segmented into passenger vehicles and commercial vehicles. In 2024, the passenger vehicles segment is expected to account for the larger share of 86.0% of the global autonomous vehicles market. The large market share of this segment is attributed to the increasing demand for automated energy-efficient vehicles, technological advancements in self-driving cars, government initiatives aimed at promoting the adoption of autonomous vehicles, and the rising focus of manufacturers on product development. For instance, in April 2021, Toyota Motor Corporation (Japan) unveiled new versions of the Lexus LS and Toyota Mirai equipped with Advanced Drive, the company's advanced driver assist system in Japan. Advanced Drive features a level 2 autonomous system.

However, the commercial vehicles segment is expected to register the highest CAGR during the forecast period. Factors such as growing focus on automation and electrification of public transport, rising investment in connected infrastructure, and rising focus of manufacturers on the development of autonomous commercial vehicles are expected to drive the segment's growth. For instance, in April 2024, Continental AG (Germany) partnered with Aurora Innovation, Inc. (U.S.) to deliver the first commercially scalable generation of Aurora's flagship integrated hardware and software system, the Aurora Driver. The organizations will jointly design, develop, validate, deliver, and service the scalable autonomous system for the trucking industry.

Based on fuel type, the autonomous vehicles market is segmented into ICE and electric. In 2024, the electric segment is expected to account for the larger share of the global autonomous vehicles market. The large market share of this segment is attributed to the rising adoption of battery-powered, energy-efficient vehicles and the rising focus on reducing greenhouse gas emissions.

Moreover, the electric segment is projected to register the highest CAGR during the forecast period. The segment's growth is driven by the rising focus of autonomous vehicle manufacturers on product development and enhancement. For instance, in September 2024, BMW AG (Germany) selected Amazon cloud technology to build its autonomous driving features for new EVs.

Based on level of autonomy, the autonomous vehicles market is segmented into level 1, level 2, level 3, and level 4. In 2024, the level 2 segment is expected to account for the largest share of 74.0% of the global autonomous vehicles market. The large market share of this segment can be attributed to the continuous support provided by level 2 vehicles in acceleration, braking, and steering, the growing need to enhance passenger safety and comfort, and the ongoing advancements in level 2 autonomous vehicle technology. For instance, in April 2024, Ford Motor Company (U.S.) launched Ford BlueCruise, a level 2 autonomous hands-free driver assistance system. It was the first system to receive regulatory approval for use on a public highway in Europe.

However, the level 4 segment is expected to register the highest CAGR during the forecast period. Ongoing research and development on level 4 autonomous vehicles is expected to drive the growth of this segment during the forecast period.

Based on geography, the autonomous vehicles market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 36.0% of the autonomous vehicles market. North America's significant market share can be attributed to the rising government support for autonomous vehicle research, testing, and development, the growing need for safe and efficient driving options, the rising adoption of self-driving technology, and the growing focus of manufacturers on autonomous vehicle development. For instance, New Flyer of America Inc. ("New Flyer"), a subsidiary of NFI Group Inc. ("NFI"), one of the world's leading independent global bus manufacturers, launched its Xcelsior AV(TM) automated transit bus, now in motion at Robotic Research, LLC ("Robotic Research") in Maryland.

However, the market in Asia-Pacific is projected to register the highest CAGR of 22.0% during the forecast period. The growth of this regional market is driven by rising government initiatives to promote the development and adoption of autonomous vehicles and the increasing need to address congestion, improve mobility, and enhance transportation efficiency. For instance, in February 2024, according to the Infocomm Media Development Authority (IMDA), Singapore is looking to boost its national broadband network to better prepare for emerging technologies, such as artificial intelligence (AI) and autonomous vehicles. The country will set aside up to $74.2 (SG$100) million to upgrade the current nationwide network to deliver speeds of up to 10Gbps,

Key Players:

The key players operating in the autonomous vehicles market are General Motors Company (U.S.), BMW AG (Germany), Daimler Truck AG. (Germany), Mercedes-Benz AG (Germany), Hyundai Motor Company (South Korea), Tesla, Inc (U.S.), Renault Group (France), Toyota Motor Corporation (Japan), Volkswagen Group (Germany), Ford Motor Company (U.S.) and AB Volvo (Sweden)

Key questions answered in the report-

Which are the high-growth market segments based on type, fuel type, and level of autonomy?
What was the historical market for autonomous vehicles?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, and opportunities in the autonomous vehicles market?
Who are the major players in the autonomous vehicles market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the autonomous vehicles market?
What are the different strategies adopted by the major players in the autonomous vehicles market?
What are the key geographic trends, and which are the high-growth countries?
Who are the emerging players in the global autonomous vehicles market, and how do they compete with other players?

Scope of the Report:

Autonomous Vehicles Market Assessment-by Type

Passenger Vehicle
- Hatchback
- Sedan
- SUV
- Other Passenger Vehicles
Commercial Vehicle
- Trucks
- Buses

Autonomous Vehicles Market Assessment-by Fuel Type

ICE
Electric

Autonomous Vehicles Market Assessment-by Level of Autonomy

Level 1
Level 2
Level 3
Level 4

Autonomous Vehicles Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa

Product Code: MRAUTO - 1041130

1. Introduction

1.1 Market Definition & Scope
1.2 Currency & Limitations
- 1.2.1 Currency
- 1.2.2 Limitations

2. Research Methodology

2.1 Research Approach
2.2 Process of Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3 Market Sizing and Forecast
- 2.3.1 Market Size Estimation Approach
- 2.3.2 Growth Forecast Approach
2.4 Assumptions for the Study

3. Executive Summary

3.1 Market Overview
3.2 Market Analysis, by Type
3.3 Market Analysis, by Fuel Type
3.4 Market Analysis, by Level of Autonomy
3.5 Market Analysis, by Geography
3.6 Competitive Analysis

4. Market Insights

4.1 Overview
4.2 Factors Affecting Market Growth
- 4.2.1 Drivers
  - 4.2.1.1 Increasing Demand for Luxury Vehicles
  - 4.2.1.2 Rising Need to Improve Traffic Flow and Road Safety
- 4.2.2 Restraints
  - 4.2.2.1 High Cost of Autonomous Vehicles
  - 4.2.2.2 Lack of Required Infrastructure in Emerging Countries
- 4.2.3 Opportunities
  - 4.2.3.1 Rising Government Initiatives for the Development and Adoption of Autonomous Vehicles
  - 4.2.3.2 Development of ADAS technology
  - 4.2.3.3 Growing Demand for Semi-autonomous Vehicles
- 4.2.4 Challenges
  - 4.2.4.1 Data Privacy and Security Concerns
4.3 Trends
- 4.3.1 Growing Adoption of Autonomous Shared Mobility
- 4.3.2 Increasing Demand for 5G Technology for Vehicle Connectivity
- 4.3.3 Rising Investment towards Level 5 Autonomous Vehicles
4.4 Case Studies
4.5 Vendor Selection Criteria/Factors Affecting Buying Decision
4.6 Porter's Five Forces Analysis
4.7 Supply Chain Analysis

5. Autonomous Vehicle Market Assessment, by Type

5.1 Overview
5.2 Passenger Vehicle
- 5.2.1 Hatchback
- 5.2.2 Sedan
- 5.2.3 SUV
- 5.2.4 Other Passenger Vehicles
5.3 Commercial Vehicle
- 5.3.1 Trucks
- 5.3.2 Buses

6. Autonomous Vehicle Market Assessment, by Fuel Type

6.1 Overview
6.2 ICE
6.3 Electric

7. Autonomous Vehicle Market Assessment, by Level of Autonomy

7.1 Overview
7.2 Level 1
7.3 Level 2
7.4 Level 3
7.5 Level 4

8. Autonomous Vehicle Market Assessment, by Geography

8.1 North America
- 8.1.1 U.S.
- 8.1.2 Canada
8.2 Europe
- 8.2.1 Germany
- 8.2.2 U.K.
- 8.2.3 France
- 8.2.4 Italy
- 8.2.5 Spain
- 8.2.6 Switzerland
- 8.2.7 Netherlands
- 8.2.8 Rest of Europe
8.3 Asia-Pacific
- 8.3.1 Japan
- 8.3.2 China
- 8.3.3 India
- 8.3.4 South Korea
- 8.3.5 Singapore
- 8.3.6 Malaysia
- 8.3.7 Rest of Asia-Pacific
8.4 Latin America
- 8.4.1 Mexico
- 8.4.2 Brazil
- 8.4.3 Rest of Latin America
8.5 Middle East & Africa
- 8.5.1 UAE
- 8.5.2 Israel
- 8.5.3 Rest of Middle East & Africa

9. Competition Analysis

9.1 Overview
9.2 Key Growth Strategies
9.3 Competitive Benchmarking
9.4 Competitive Dashboard
- 9.4.1 Industry Leaders
- 9.4.2 Market Differentiators
- 9.4.3 Vanguards
- 9.4.4 Emerging Companies
9.5 Market Share/Ranking by the Key Players

10. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)

10.1 General Motors Company
10.2 BMW AG
10.3 Daimler Truck AG.
10.4 Mercedes-Benz AG
10.5 Hyundai Motor Company
10.6 Tesla, Inc
10.7 Renault Group
10.8 Toyota Motor Corporation
10.9 Volkswagen Group
10.10 Ford Motor Company
10.11 AB Volvo

11. Appendix

11.1 Available Customizations
11.2 Related Reports