Autonomous Vehicles Market to be Worth $259.4 Billion by 2031

Autonomous Vehicles Market Size, Share, Forecast, & Trends Analysis by Type (Passenger Vehicles (Hatchback, Sedan, SUV, Others), Commercial Vehicles (Trucks, Buses)), Fuel Type (ICE, Electric), Level of Autonomy (L1, L2, L3, L4), Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Autonomous Vehicles Market by Type (Passenger Vehicles (Hatchback, Sedan, SUV, Others), Commercial Vehicles (Trucks, Buses)), Fuel Type (ICE, Electric), Level of Autonomy (L1, L2, L3, L4), Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the autonomous vehicles market is projected to reach $259.4 billion by 2031, at a CAGR of 20.4% from 2024 to 2031. The growth of this market is driven by factors such as increasing demand for luxury vehicles and the rising need to improve traffic flow and road safety. In addition, factors such as rising government initiatives for the development and adoption of autonomous vehicles, the development of ADAS technology, and growing demand for semi-autonomous vehicles are expected to provide opportunities for market growth. However, the high cost of autonomous vehicles and lack of required infrastructure in emerging countries can restrain the growth of the market. Data privacy and security concerns pose challenges for market growth.

The autonomous vehicles market is segmented by type, fuel type, and level of autonomy. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, the autonomous vehicles market is broadly segmented into passenger vehicles and commercial vehicles. In 2024, the passenger vehicles segment is expected to account for the larger share of ~86.0% of the global autonomous vehicles market. The large share of the segment is attributed to the increasing demand for automated energy-efficient vehicles, technological advancement in self-driving cars, rising government focus on the adoption of autonomous vehicles, and rising focus of manufacturers on product development. For instance, in April 2021, Toyota Motor Corporation (Japan) unveiled new versions of the Lexus LS and Toyota Mirai equipped with Advanced Drive, the company’s advanced driver assist system in Japan. Advanced Drive features a level 2 autonomous system.

However, the commercial vehicles segment is expected to register the highest CAGR during the forecast period. Factors such as growing focus on automation and electrification of public transport, rising investment in connected infrastructure, and rising focus of manufacturers on the development of autonomous commercial vehicles are expected to drive the segment’s growth. For instance, in April 2023, Continental AG (Germany) partnered with Aurora Innovation, Inc. (U.S.) to deliver the first commercially scalable generation of Aurora’s flagship integrated hardware and software system, the Aurora Driver. The organizations will jointly design, develop, validate, deliver, and service the scalable autonomous system for the trucking industry.

Based on fuel type, the autonomous vehicles market is segmented into ICE and electric. In 2024, the electric segment is expected to account for the larger share of the global autonomous vehicles market. The large share of the segment is attributed to the rising adoption of battery-powered, energy-efficient vehicles and the rising focus on reducing greenhouse gas emissions.

Moreover, the electric segment is also expected to grow at the highest CAGR during the forecast period. The segment's high growth is attributed to the rising focus of autonomous vehicle manufacturers on product development and enhancement. For instance, in September 2023, BMW AG (Germany) selected Amazon cloud technology to build its autonomous driving features for new EVs.

Based on level of autonomy, the autonomous vehicles market is segmented into level 1, level 2, level 3, and level 4. In 2024, the level 2 segment is expected to account for the largest share of ~74.0% of the global autonomous vehicles market. The large share of the segment is attributed to the continual assistance offered by level 2 vehicles in acceleration/braking and steering, the rising need to enhance the safety and comfort of passengers, and ongoing development in level 2 autonomous vehicles. For instance, in April 2023, Ford Motor Company (U.S.) launched a level 2 autonomous hands-free driver assistance system called Ford BlueCruise, which it says is the first to receive regulatory approval for use on a public highway in Europe. However, the level 4 segment is expected to register the highest CAGR during the forecast period. Ongoing research and development on level 4 autonomous vehicles is expected to drive the segment growth in the forecast period.

Based on geography, the autonomous vehicles market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of ~36.0% of the autonomous vehicles market. The large share of the North American region is attributed to the rising government support for autonomous vehicle research, testing, and development, the growing need for safe and efficient driving options, the rising adoption of self-driving technology, growing focus of manufacturers on autonomous vehicle development. For instance, New Flyer of America Inc. (“New Flyer”), a subsidiary of NFI Group Inc. (“NFI”), one of the world’s leading independent global bus manufacturers, unveiled its Xcelsior AV™ automated transit bus, now in motion at Robotic Research, LLC (“Robotic Research”) in Maryland.

However, Asia-Pacific is expected to register the highest CAGR of ~22.0% during the forecast period. Growth of the market is attributed to the rising government initiatives to promote the development and adoption of autonomous vehicles and the increasing need to address congestion, improve mobility, and enhance transportation efficiency. For instance, in February 2024, according to the Infocomm Media Development Authority (IMDA), Singapore is looking to boost its national broadband network to better prepare for emerging technologies, such as artificial intelligence (AI) and autonomous vehicles. The country will set aside up to $74.2 (SG$100) million to upgrade the current nationwide network to deliver speeds of up to 10Gbps,

Key Players:

The key players operating in the autonomous vehicles market are General Motors Company (U.S.), BMW AG (Germany), Daimler Truck AG. (Germany), Mercedes-Benz AG (Germany), Hyundai Motor Company (South Korea), Tesla, Inc (U.S.), Renault Group (France), Toyota Motor Corporation (Japan), Volkswagen Group (Germany), Ford Motor Company (U.S.) and AB Volvo (Sweden)

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Key questions answered in the report-

Which are the high-growth market segments based on type, fuel type, and level of autonomy?
What was the historical market for autonomous vehicles?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the autonomous vehicles market?
Who are the major players, and what shares do they hold in the autonomous vehicles market?
What is the competitive landscape like in the autonomous vehicles market?
What are the recent developments in the autonomous vehicles market?
What are the different strategies adopted by the major players in the autonomous vehicles market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global autonomous vehicles market, and how do they compete with the other players?

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