Autonomous Vehicle Market Worth 62.4 Million Units by 2030
Autonomous Vehicle Market by Component (Radar, LiDAR, Ultrasonic, & Camera Unit), Vehicle (Hatchback, Coupe & Sports Car, Sedan, SUV), Level of Autonomy (L1, L2, L3, L4, L5), Mobility Type, EV, and Region
Northbrook, IL 60062 -- (SBWire) -- 05/24/2022 --The report "Autonomous Vehicle/Self-Driving Cars Market by Component (Radar, LiDAR, Ultrasonic, & Camera Unit), Vehicle (Hatchback, Coupe & Sports Car, Sedan, SUV), Level of Autonomy (L1, L2, L3, L4, L5), Mobility Type, EV, and Region - Global Forecast to 2030", size is projected to grow from 20.3 million units in 2021 to 62.4 million units by 2030, at a CAGR of 13.3%.
The increasing adoption of ADAS & safety features, the focus of governments to enhance vehicle and pedestrian safety, initiatives by OEMs to provide advanced safety features, and the advent of new-age technologies will surge the demand for autonomous vehicles.
Browse 335 market data Tables and 73 Figures spread through 397 Pages and in-depth TOC on the "Autonomous Vehicle Market"
Opportunity: Increasing developments in autonomous shared mobility
Self-driving cars can operate with little or no human intervention. These vehicles are being developed for a reduction in accidents caused due to human errors, reduction in traffic congestion, and hassle-free transport. The development of autonomous vehicles will fuel the growth of ride-sharing. According to the Future of Driving report from Ohio University, with the use of taxis, the waiting time for a cab would come down from an average of 5 minutes to just 36 seconds. With autonomous ride-sharing, the cost of a ride would come down to just USD 0.5 per mile. For example, according to secondary research, Uber's per ride charges are ~USD 2/mile, of which Uber takes ~50 cents, and USD 1.50 is with the driver. For an autonomous car or robot taxi instead of a driver-driven car, Uber can straightaway charge a customer ~USD 1 per mile and earn additional ~50 cents per mile. However, the overhead costs such as the maintenance of a car, navigation, and payment services would be a part of it. Self-driving cars would also solve the problem of the first and last mile.
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The Autonomous Vehicle Market is dominated by global players such as General Motors (US), Ford (US), Daimler (Germany), Volkswagen (Germany), Toyota (Japan) and Waymo (US).
The sedan is expected to be the largest segment in the Autonomous Vehicle Market
Currently, most semi-autonomous car models are available in sedan types. Most level 2, level 3, and level 4 car developments too are focused on sedan segments. For example, Mercedes-Benz, the German OEM deployed its V-class sedan equipped with Baidu Apollo for extensive testing at the National Pilot Zone (Beijing and Hebei). In March 2021, Honda launched the first level 3 semi-autonomous car for the Japanese market. The car is a luxury sedan type that operates without the driver's supervision under certain conditions. Thus, considering the developments and focus on sedan type, the segment would continue to lead the market.
BEV segment will be a key market for autonomous vehicle
Governments of several countries such as the US, Canada, China, India, South Korea, Japan, and European countries have exempted BEVs from road or registration taxes. These schemes are proving to be successful as per the BEV sales reports of electric vehicles in several regions. BEVs are electric vehicles that use chemical energy stored in rechargeable battery packs for power. The growth and success of BEVs are dependent on innovations in battery technology. Therefore, many automotive players are taking the initiative to develop battery technology. This will result in the BEV segment having a key market for autonomous vehicles.
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The Asia Pacific is the largest Autonomous Vehicle Market in 2021
The Asia Pacific is expected to account for the largest market share by 2030, followed by Europe and North America. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations across the globe are factors driving the Autonomous Vehicle Market. The market in the Asia Pacific is expected to grow at the highest rate during the forecast period owing to increased partnerships adopted by autonomous vehicle technology providers in this region. For example, Baidu is a major service provider of self-driving technology in China. This company has already successfully test-driven more than 1 million miles in more than 13 Chinese cities. It is partnering with Ford and NVIDIA to increase investments in self-driving vehicles in China. The Asia Pacific also has one of the largest ride-sharing industries.
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