Global Semi-Autonomous and Autonomous Vehicle Market, By Component (Camera, LiDAR, Radar, Ultrasonic Sensor, and Others), ADAS Features (Lane Assist, Crash Warning System, Adaptive Cruise Control, Smart Park Assist, Cross Traffic Alert, Automatic Emergency Braking, and Others), Automation Level (Level 1, Level 2, and Level 3), Propulsion (ICE, and Electric), Application (Transportation, Logistics Military, and Defence) - Industry Trends and Forecast to 2031.
Semi-Autonomous and Autonomous Vehicle Market Analysis and Size
In the semi-autonomous and autonomous vehicle market, continual advancement drives benefits ranging from enhanced safety features to increased efficiency. Semi-autonomous technologies assist drivers in navigation and collision avoidance, easing the burden of driving. Meanwhile, fully autonomous vehicles promise unprecedented convenience and reduced traffic congestion, revolutionizing transportation systems worldwide. These advancements ultimately translate into safer roads, smoother journeys, and a more sustainable future.
The global semi-autonomous and autonomous vehicle market size was valued at USD 2.14 billion in 2023, is projected to reach USD 2.88 billion by 2031, with a CAGR of 3.80% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Camera, LiDAR, Radar, Ultrasonic Sensor, and Others), ADAS Features (Lane Assist, Crash Warning System, Adaptive Cruise Control, Smart Park Assist, Cross Traffic Alert, Automatic Emergency Braking, and Others), Automation Level (Level 1, Level 2, and Level 3), Propulsion (ICE, and Electric), Application (Transportation, Logistics Military, and Defence)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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Mercedes-Benz Group AG (Germany), Continental AG (Germany), Valeo (France), ZF Friedrichshafen AG (Germany), Tesla (U.S.), Magna International Inc., (Canada), Waymo LLC (U.S.), BMW AG (Germany), Texas Instruments Incorporated. (U.S.), General Motors (U.S.), Audi AG (Germany), NXP Semiconductor (Netherlands), Ford Motor Company (U.S.), Volkswagen (Germany), Toyota Kirloskar Motor (India). DENSO Corporation (Japan), Robert Bosch GmbH (Germany), Infineon Technologies AG (Germany), AB Volvo (Sweden), Renesas Electronics Corporation (Japan), and Visteon Corporation (U.S.)
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Market Opportunities
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Market Definition
Semi-autonomous vehicles require human intervention for certain tasks such as steering, accelerating, and braking but also offer automated features such as adaptive cruise control and lane-keeping assistance. Autonomous vehicles, on the other hand, operate without human input, utilizing sensors, cameras, and AI algorithms to navigate and make driving decisions. They aim to achieve full automation across all driving functions, potentially revolutionizing transportation.
Semi-Autonomous and Autonomous Vehicle Market Dynamics
Drivers
- Increasing Demand of Semi-Autonomous and Autonomous Vehicle Safety and Security Purposes
The rising emphasis on safety and security is fueling demand for semi-autonomous and autonomous vehicles. Consumers are drawn to features like enhanced engine productivity, improved fuel efficiency, and reduced accidents. These benefits are driving market growth as people prioritize safer transportation options. With increased confidence in the safety and security of these vehicles, consumers are increasingly opting for semi-autonomous and autonomous models, contributing to their growing popularity and market expansion.
- Reduced Fuel Consumption
Semi-autonomous and autonomous vehicles exhibit remarkable fuel efficiency due to their adept acceleration and deceleration capabilities, surpassing those of human drivers. This efficiency drives market demand, fostering revenue growth. For instance, a study by the International Energy Agency revealed that autonomous vehicles could reduce fuel consumption by up to 20%. Such efficiency not only aligns with sustainability goals but also translates to tangible benefits such as reduced carbon emissions and reinforcing environmental objectives.
Opportunities
- Increasing Data Connectivity and Infrastructure
The expansion of high-speed internet and the establishment of vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication infrastructure are pivotal for advancing autonomous vehicles. For instance, in smart cities, traffic signals could communicate with autonomous cars, optimizing traffic flow and reducing congestion. This connectivity enables real-time data exchange, enhancing safety by alerting vehicles to potential hazards and facilitating smoother navigation, thus accelerating the integration of self-autonomous technology into our transportation systems. This synergy accelerates self-autonomous tech integration into transportation systems, fostering market opportunities.
- Rising Convenience and Comfort
Self-driving technology revolutionizes the commuting experience, allowing passengers to reclaim their time. In urban centers burdened by traffic congestion, commuters can transform their daily grind into productive or leisure time. Imagine catching up on work emails, reading a book, or even streaming a favourite TV show, all while safely navigating through traffic. This seamless integration of productivity and relaxation is a compelling allure for consumers seeking convenience in their daily travels.
Restraints/Challenges
- Lack of Knowledge
Lack of consumer knowledge about the advanced features of semi-autonomous and autonomous vehicles, coupled with limited technical understanding, presents a significant challenge to market growth. Consumer acceptance and adoption of a product or service is impeded by a lack of awareness, among other factors, which in turn limits the market's growth potential and expansion.
- Cybersecurity Risks
The growth of the autonomous vehicle market is hindered by cybersecurity threats. Through connectivity, vehicles are susceptible to control hijacking and data breaches, posing significant risks to both safety and privacy. Effective cybersecurity measures are imperative to mitigate these risks. Neglecting to address vulnerabilities erodes consumer trust, hindering market acceptance and adoption. Thus, safeguarding against cyber threats is paramount for the sustained advancement of autonomous vehicle technology.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In 2020, BMW AG inaugurated a new R&D center in collaboration with FIZ Projekthaus Nord, marking a strategic move to bolster its research and development infrastructure, particularly focused on future automotive innovations
- In 2020, Daimler AG forged a global strategic partnership with Waymo, aiming to propel advancements in autonomous vehicle technology worldwide
- In 2020, Audi AG unveiled a groundbreaking partnership with FAW geared towards the expansion of fully electric and autonomous vehicle offerings within the Chinese market, a significant step in Audi's global strategy
- In 2020, Denso Corporation and Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, announced a collaborative effort aimed at enhancing next-generation cockpit systems, underlining a shared commitment to advancing automotive technology
Semi-Autonomous and Autonomous Vehicle Market Scope
The market is segmented on the basis of component, ADAS features, automation level, propulsion, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Camera
- LiDAR
- Radar
- Ultrasonic Sensor
- Others
ADAS Features
- Lane Assist
- Crash Warning System
- Adaptive Cruise Control
- Smart Park Assist
- Cross Traffic Alert
- Automatic Emergency Braking
- Others
Automation Level
- Level 1
- Level 2
- Level 3
Propulsion
- ICE
- Electric
Application
- Transportation
- Logistics Military
- Defence
Semi-Autonomous and Autonomous Vehicle Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided, component, ADAS features, automation level, propulsion, and application as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
Asia-Pacific is expected to dominate in the semi-autonomous and autonomous vehicle market's growth, fueled by increased investments from global technology innovators. With a surge in luxury vehicle production and sales, coupled with technological advancements, the region anticipates a rapid expansion in market adoption and growth rate.
North America is expected to lead the semi-autonomous and autonomous vehicle market, driven by increased demand for safer, fuel-efficient vehicles. The region's robust governance, coupled with rising concerns about vehicle safety and rapid automobile sales growth, is poised to accelerate market expansion.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Semi-Autonomous and Autonomous Vehicle Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- Mercedes-Benz Group AG (Germany)
- Continental AG (Germany)
- Valeo (France)
- ZF Friedrichshafen AG (Germany)
- Tesla (U.S.)
- Magna International Inc, (Canada)
- Waymo LLC (U.S.)
- BMW AG (Germany)
- Texas Instruments Incorporated. (U.S.)
- General Motors (U.S.)
- Audi AG (Germany)
- NXP Semiconductor (Netherlands)
- Ford Motor Company (U.S.)
- Volkswagen (Germany)
- Toyota Kirloskar Motor (India)
- DENSO Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Infineon Technologies AG (Germany)
- AB Volvo (Sweden)
- Renesas Electronics Corporation (Japan)
- Visteon Corporation (U.S.)
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