Autonomous Vehicles Market Size to grow by USD 974.5 billion between 2024-2028
According to a research report “ Autonomous Vehicles Market” by 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)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 974.5 billion, at a CAGR of 58.78% during the forecast period. The autonomous vehicle market is poised for significant growth, with major Original Equipment Manufacturers (OEMs) and Tier-1 suppliers actively investing in this emerging technology. Notable players in this space include Audi, Ford, Continental, Bosch, and Delphi. Additionally, non-automotive companies, such as Google and Apple, are entering the fray, leveraging their expertise in communications and technology. The development of autonomous vehicles necessitates advanced electronics and communication systems, leading OEMs and Tier-1 suppliers to collaborate with vendors in the automotive electronics industry to gain essential expertise and capabilities. This collaboration will be instrumental in driving the commercialization of autonomous vehicles and shaping the future of the automotive industry.
Browse market data tables, figures, and in-depth TOC on “Autonomous Vehicles Market” by 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) Global Forecast to 2028. Download Free Sample
By Application, the Transportation and logistics segment is projected to dominate the market size in 2024
The passenger car segment holds a significant market share in the global autonomous vehicles industry. Automakers are prioritizing the development of autonomous technology for passenger cars due to escalating demand from ride-hailing and logistics companies. Developed regions, particularly North America and Europe, lead the way in autonomous car innovation. Luxury car manufacturers are key contributors to the market, with the increasing preference for luxury cars significantly impacting the market's growth. The high innovation rate and early adoption of autonomous vehicles in these segments are propelling the market forward. Notably, most luxury cars incorporate advanced technology, providing users with heightened safety and convenience features.
By Vehicle Type, Autonomous passenger car sales segment is expected to hold the largest market size for the year 2024
The autonomous vehicles market in the logistics sector is projected to experience substantial growth during the forecast period. Several key players, including vehicle manufacturers, autonomous technology innovators, and system integrators, are assessing the commercial potential of fully autonomous buses for transportation and logistics applications. Operational modes such as line-based transit, shuttle services, and others are being explored for autonomous buses. The emergence of new public transportation models is poised to challenge traditional bus transit systems, thereby fueling the adoption of fully autonomous transportation vehicles. Industry experts anticipate that these vehicles will initially gain traction in the public transportation sector as mini buses, providing shuttle services.
North America is forecasted to hold the largest market size by region in 2024
The Autonomous Vehicles Market represents a significant business opportunity, driven by technological advancements and increasing consumer demand for safer, more convenient transportation solutions. Key players are investing heavily in research and development to bring autonomous vehicles to market, leveraging technologies such as LiDAR, radar, and computer vision to enable self-driving capabilities. Growing regulatory support and partnerships with automotive OEMs and ride-hailing companies are also fueling market growth. Despite challenges, the future of autonomous vehicles looks promising, with potential applications in logistics, public transportation, and personal mobility.
The Autonomous Vehicles Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Autonomous vehicles are revolutionizing the transportation industry, offering enhanced safety, efficiency, and convenience. However, they also present new challenges, particularly in the areas of cybersecurity. Attackers can use jamming, spoofing, or other methods to disrupt the communication between self-driving vehicles and their sensors, including trunk latch sensors, visual sensors, sonar, GPS, cameras, LiDAR, RADAR, and automation technologies. The federal government recognizes these threats and is working to establish protective measures. Urban connectivity solutions, such as public Wi-Fi and 5G technology, can help mitigate these risks by providing secure communication channels. Collaborations between automakers, technology companies, and government agencies are also essential to developing effective countermeasures. Autonomous vehicles rely on a complex network of sensors to navigate traffic congestion, avoid obstacles, and make real-time decisions based on their environment. Software and hardware vulnerabilities can put these vehicles at risk, making it crucial to implement robust security protocols. Some protective measures include encryption, secure boot, and intrusion detection systems. Additionally, self-driving vehicles can be designed to prioritize safety measures over connectivity, limiting the potential impact of cyberattacks. Ultimately, the success of autonomous vehicles depends on a collaborative effort between industry, government, and consumers to ensure their safety and security.
Market Research Overview
Autonomous vehicles are revolutionizing the transportation industry with their compact form factor, cost savings, and advanced features such as automated braking, pedestrian detection, forward collision warning, traffic sign recognition, adaptive headlamp control, and more. Tier-1 suppliers are partnering with tech companies to integrate new technologies like AI-based cameras, lane-keeping assistance, adaptive cruise control, and Level 4 & 5 autonomy. The defense segment and last-mile delivery services are major adopters of autonomous vehicles, with e-commerce and ridesharing companies following suit. New technologies like AI, computing power, and connectivity are driving the development of robo-taxis and urban connectivity solutions. However, autonomous vehicles face challenges such as LiDAR vulnerabilities, which can be exploited by attackers through jamming, spoofing, and trunk latch sensors. Governments are investing in intelligent transportation systems, public Wi-Fi, and 5G technology to address these challenges and improve safety measures. Autonomous vehicles rely on sensors like visual sensors, sonar, GPS, and LiDAR for real-time decision-making and navigation routes. Self-driving vehicles use a combination of software, hardware, cameras, LiDAR, RADAR, and automation technologies to overcome obstacles and make real-time decisions. Protective and safety measures are crucial to ensure the safe operation of autonomous vehicles and mitigate risks.
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