NEW
YORK, June 20, 2024 /PRNewswire/ -- The global
autonomous vehicles market size is estimated to grow by
USD 974.5 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 58.78% during the forecast period. Increasing demand for
autonomy of vehicles by OEMs is driving market
growth, with a trend towards development of autonomous
vehicles for cab and parcel delivery services. However, high
driver distraction with increase in vehicle automation poses a
challenge. Key market players include AB Volvo, Alphabet Inc.,
Amazon.com Inc., Baidu Inc., BMW AG, Continental AG, Ford Motor
Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co.,
Intel Corp., Mercedes Benz Group AG, Navistar International Corp.,
Renault SAS, Robert Bosch GmbH, Stellantis NV, Tesla Inc., Toyota
Motor Corp., and Volkswagen AG.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application
(Transportation and logistics and Military and defense), Vehicle
Type (Autonomous passenger car sales and Autonomous commercial
vehicles sales), and Geography (North America, Europe, APAC, South
America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
AB Volvo, Alphabet
Inc., Amazon.com Inc., Baidu Inc., BMW AG, Continental AG, Ford
Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor
Co., Intel Corp., Mercedes Benz Group AG, Navistar International
Corp., Renault SAS, Robert Bosch GmbH, Stellantis NV, Tesla Inc.,
Toyota Motor Corp., and Volkswagen AG
|
Key Market Trends Fueling Growth
Autonomous vehicles have gained significant attention in the cab
and parcel delivery sectors due to the vast data generated from
traditional vehicles. Major autonomous vehicle manufacturers, such
as Mercedes Benz and Ford Motor,
have partnered with ride-hailing services like Uber and Lyft to
develop and launch self-driving cars for commercial use by the end
of 2021. These collaborations aim to deploy around 1,100 autonomous
vehicles across multiple US cities, driving the growth of the
global autonomous vehicles market.
The Autonomous Vehicles market is experiencing significant
growth with technologies such as vehicle sensors, connectivity, and
computer vision driving innovation. The use of vehicle sensors
allows for real-time data collection and analysis, enabling
vehicles to make decisions based on their environment. Connectivity
enables vehicles to communicate with each other and the
infrastructure around them, enhancing safety and efficiency.
Computer vision technology enables vehicles to identify and respond
to objects and road conditions. Additionally, companies are
investing in developing capacitive sensors for improved tactile
feedback and lidar technology for more accurate distance
measurement. The trend towards autonomous driving is expected to
continue, with traction propelled by the desire for increased
safety and convenience. The market is also seeing the emergence of
new players and collaborations, as well as regulatory
developments.
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Market Challenges
- The rise of semi-autonomous and fully autonomous vehicles is
driving market growth in automotive driver state monitoring
systems. However, over-reliance on these technologies can lead to
driver distraction and potential accidents. As automation
increases, users must remain vigilant and aware of technology
limitations. This distraction may hinder the expansion of the
global autonomous vehicles market. Consumers should not overlook
their responsibility to safely operate vehicles, even with advanced
safety features.
- The Autonomous Vehicles market faces several challenges. One
key challenge is the development of reliable and effective sensor
technology for environment perception and object detection. Another
challenge is the creation of a robust and secure communication
system between vehicles and infrastructure. Additionally,
regulatory frameworks and ethical considerations surrounding data
privacy and safety are major hurdles. Furthermore, the high cost of
research and development, as well as consumer acceptance and trust,
pose significant challenges to the widespread adoption of
autonomous vehicles. Lastly, the integration of various
technologies, such as artificial intelligence and machine learning,
into the vehicle systems is a complex task that requires extensive
testing and validation.
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challenges - Download a Sample Report
Segment Overview
This autonomous vehicles market report extensively covers market
segmentation by
- Application
- 1.1 Transportation and logistics
- 1.2 Military and defense
- Vehicle Type
- 2.1 Autonomous passenger car sales
- 2.2 Autonomous commercial vehicles sales
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Transportation and logistics- The autonomous
vehicles market in transportation and logistics is projected to
expand substantially during the forecast period. Several bus
manufacturers, autonomous technology companies, and system
integrators are assessing the financial feasibility of self-driving
buses for transit and logistics applications. Operational models
like line-based transit, shuttle services, and others are being
explored for autonomous buses. The rise of new public
transportation modes is anticipated to challenge traditional bus
transit systems, accelerating the adoption of self-driving
transportation vehicles. Initially, autonomous buses are expected
to gain traction in the public transportation sector as mini buses,
providing shuttle services for small groups of up to 18 people,
ensuring high trip frequencies. These factors are poised to fuel
the growth of the autonomous vehicles market in the transportation
and logistics sector.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Autonomous Vehicles Market is experiencing significant
growth due to advancements in self-driving technology. Sensors,
such as RADAR, LiDAR, and cameras, play a crucial role in
navigation routes by providing real-time data. Safety measures and
protective measures are prioritized through the implementation of
collision avoidance systems and obstacle detection. Real-time
decisions are facilitated by advanced software and hardware,
including GPS and trunk latch sensors. Collaborations between
industry leaders and the federal government are essential for the
development and implementation of 5G technology and connected
infrastructure. Automation technologies, including sonar and visual
sensors, enable vehicles to make real-time decisions in response to
traffic congestion. However, potential threats such as spoofing,
jamming, and attackers pose challenges to the security and
reliability of these systems. Public Wi-Fi and urban connectivity
solutions are essential for ensuring seamless communication between
vehicles and their surroundings. The integration of GPS, sonar, and
other sensors allows for accurate navigation and obstacle
detection, even in complex urban environments. Overall, the
Autonomous Vehicles Market is poised for continued growth as
technology advances and safety concerns are addressed.
Market Research Overview
The Autonomous Vehicles market is experiencing significant
growth due to advancements in technology and increasing consumer
demand for safer and more convenient transportation solutions.
These vehicles utilize a combination of sensors, artificial
intelligence, and machine learning to navigate roads and make
real-time decisions. The market is segmented by vehicle type,
technology, and geography. Autonomous vehicles are expected to
revolutionize various industries, including transportation,
logistics, and ride-hailing services. The global market is
projected to reach substantial growth in the coming years, driven
by factors such as government initiatives, increasing investments,
and the growing need for sustainable transportation solutions. The
future of autonomous vehicles holds immense potential, with
applications ranging from personal transportation to industrial use
cases.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Transportation And Logistics
- Military And Defense
- Vehicle Type
-
- Autonomous Passenger Car Sales
- Autonomous Commercial Vehicles Sales
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio