Autonomous Vehicle Market Analysis Report By Application, By Region And Segment Forecasts From 2021 To 2030

Industry Insights

The global autonomous vehicle market demand is accounted for 6.7 thousand units in 2020. The market is estimated to register 63.1% CAGR over the forecast duration, 2021 to 2030. Autonomous vehicles, alternatively known as self-driving cars, are one of the breakthroughs in the field of automotive and transportation. Over the next decade and so, autonomous vehicles are anticipated to change the way of the modern-day transportation system.

The favorable government initiatives and financial support are some of the major factors attributing to the growth of the self-driving vehicle market. A wide range of systems and products together contribute to the infrastructure of autonomous vehicles. Autonomous vehicles ensure the self-mobility of non-drivers and people with disabilities. Owing to the increasing technical advancements, these vehicles are equipped with a wide range of technologies and comfort systems, thereby, allowing people to read, relax and work while traveling.

In addition, the demand for paid drivers is projected to reduce with the increasing penetration of self-driving vehicles, thereby, offering cost-effective mobility solutions. Further, these vehicles would ensure the safety and effective utilization of road infrastructure.

Various sensors installed in autonomous vehicles are RADAR, LiDAR and others. These sensors help in facilitating the autonomous driving operation with the need for human intervention. Considering the increasing effectiveness of autonomous mobility technology, governments across the globe are emphasizing introducing this technology in their home countries. For example, the European Union (EU) has partnered with the ENSEMBLE consortium to carry out scientific research to enable the movement of truck platooning on European roads.

Application Insights

Depending on the application, the autonomous vehicles market is classified into defense and transportation. Further, transformation is divided into two applications, namely commercial and industrial applications. The defense sector would likely lead the market in terms of growth over the forecast duration. The growing investment by major countries in procuring autonomous vehicles to strengthen their military capability and carry out difficult tasks is driving the growth of this segment. For example, the U.S government intended to deploy self-driving trucks in April 2019 to avoid the mishaps caused due to driving errors.

On the other hand, technological advancements and improved efficiency are projected to increase the penetration of autonomous vehicles in different industrial applications. For example, Baidu, in 2019, has announced that the company has secured nearly 40 licenses that will enable the testing of autonomous vehicles. The industrial division in transportation is projected to register the highest growth over the forecast duration.

Regional Insights

Over the forecast duration, it is projected that North America would register significant growth. This is due to the supportive government regulation coupled with suitable road infrastructure. States across the United States are adopting favorable regulations to increase the penetration of autonomous vehicles. In addition, the federal government in the U.S has also invested significantly to develop self-driving vehicles for military application.

On the other hand, Europe is likely to offer huge growth opportunities due to rising preferences among consumers for technically advanced vehicles. In addition, several countries in the region are implementing regulations aimed at boosting the adoption of autonomous vehicles. For example, the Department of Transport in the United Kingdom allowed service providers to operate self-driving vehicles on public roads without any special permission. In addition, the government is working towards introducing autonomous vehicles on roads by 2021.

Impact of COVID-19

The outbreak of COVID-19 has resulted in the imposition of lockdown in countries causing massive disruption and halting businesses operations in the automobile industry. Around 90% of the major automobile firms across North America, Europe, and China have been forced to stop their manufacturing facilities. The pandemic has also delayed the investment in the development of novel technologies in the automotive industry.

However, the effect of the pandemic is for the short term only and several countries have started their manufacturing units with limited restrictions. In addition, governments across the globe are increasingly investing in the development of supportive infrastructure, which, in turn, is likely to bode well for the growth of the self-driving vehicles market.

Autonomous Vehicle Market Share Insights

Major players in the market include BMW AG, Ford Motor, Google LLC, Nissan Motor, Uber Technologies, Volkswagen AG, Audi AG, and Daimler AG among others. These players are aggressively investing in developing necessary technologies for autonomous vehicles. Further, these companies are working in a collaboration with other stakeholders to gain a competitive edge in the market. For example, recently, Volkswagen and Ford joined hands to co-operate with each other in the development of autonomous vehicles. The deal between the two was valued billions of dollars and they agreed to share hardware and intellectual properties.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2030. For this study, Million Insights has segmented the global autonomous vehicle market report based on application and region:

• Application Outlook (Volume, Thousand Units, 2020 - 2030)
    • Transportation
        • Industrial
        • Commercial
    • Defense

• Regional Outlook (Volume, Thousand Units, 2020 - 2030)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
        • Netherlands
        • Sweden
    • the Asia Pacific
        • China
        • Japan
        • Singapore
        • Australia
    • South America
        • Brazil
    • Middle East and Africa