The global autonomous vehicle market size was valued at US$ 148.82 billion in 2023 and is estimated to reach US$ 2,353.93 billion by 2032, growing at a compound annual growth rate (CAGR) of 22.2% during the forecast period from 2024 to 2032.

Autonomous vehicles work with less or without driver interference. Self-driving vehicles process the data derived by their sensors to show navigation paths and create real-time decisions, like decelerating, stopping, accelerating, and avoiding obstacles. They improve safety by executing protective measures, and assuming full control of the vehicle when needed.

Factors Influencing Market Growth

- The autonomous vehicles market is anticipated to maintain suitable growth in the government's initiatives towards sustaining autonomous driving technology.

- The cybersecurity issues and the high manufacturing cost of the hardware have hindered the growth of the autonomous vehicle market.

- Technological improvements in the automotive industry are anticipated to create abundant opportunities for the growth of the autonomous vehicle market across the world.

Impact of COVID-19

The self-driving technology sector experienced a negative influence from the COVID-19 pandemic. The global market encountered a standstill, with disruptions in the supply of essential materials such as automotive components in 2020 and 2021 as the pandemic occurred. Original equipment manufacturers (OEMs) engaged in vehicle production were compelled to cease their manufacturing and assembly lines to prevent the transmission of the COVID-19 virus among their workforces. Moreover, the testing of new vehicles and associated technologies was also impeded owing to these circumstances.

Regional Analysis

In 2023, North America dominated the global autonomous vehicle market in terms of revenue and is anticipated to grow at the highest growth rate during the forecast period. The prime factor helping the growth of the market in the North American region is modifications from the government in the traffic rules to help autonomous mobility on public roads. The population of the region is generally receptive to inventive technologies, making a significant market for drones, autonomous vehicles, and other autonomous systems. Consumer demand and approval drive additional development in autonomous vehicles.

Leading Companies

The leading prominent companies profiled in the global autonomous vehicle market are: -

- General Motors
- Mercedes-Benz
- Ford Motor Company
- Volkswagen Group
- Bayerische Motoren Werke AG
- Renault Group SA
- AB Volvo
- Toyota Motor Corporation
- Tesla, Inc.
- Hyundai Motor Company
- Other prominent key players

Segmentation Outline

The global autonomous vehicle market segmentation focuses on Level of Automation, Application, Component, and Region.

Segmentation based on Level of Automation

- Level 3
- Level 4
- Level 5

Segmentation based on Application

- Civil
- Robo Taxi
- Ride Share
- Ride Hail
- Self-Driving Truck
- Self-Driving Bus

Segmentation based on Component

- Hardware
- Software and Services

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa