The global autonomous vehicle market will grow at a compound annual growth rate (CAGR) of more than 18% during the forecast period from 2022-2030. The global autonomous vehicle market is attributed to growth, owing to the escalating development of an autonomous fleet of parcel and cab delivery services.
Moreover, autonomous vehicles emit less harmful gases like carbon dioxide, which is forecast to boost their adoption in the market.
Apart from that, IoT advancements and the integration of AI technology in the automotive industry would rapidly boost the demands of autonomous vehicles. HD maps are playing another favorable role in the growth of autonomous vehicles. In addition, IoT(Internet Of Things) enhances vehicle performance. It also reduces the safety concerns associated with traditional methods.
Advancements in mobility-as-a-service (MaaS), rapid extension in infrastructure, and advanced safety measures would drive the growth of the global autonomous vehicle market. Apart from that, consumer electronics companies, software vendors, automobile manufacturers, and telecom operators have been witnessing significant growth, owing to the integration of the Internet of Things (IoT) and other beneficial features. Such advancements are gaining huge traction because of the coordination with road infrastructure and real-time alert facilities.
However, Cyber threat cases and data concerns related to autonomous vehicles are forecast to slow down the growth of the market during the forecast period.
Geographic Overview
Geographically, North America is leading by acquiring the maximum share in the global autonomous vehicle market. The region is anticipated to present maximum contribution throughout the analysis period.
The developed economies are playing a significant role in driving the growth of the global autonomous vehicle market. Moreover, several countries such as the U.S., Canada, and Mexico are rapidly adopting digital infrastructure to enhance road safety solutions and decline traffic congestion. Moreover, growing investments in high-end infrastructure are forecast to boost the growth of the regional market.
Apart from that, the Asia-Pacific region is expected to contribute with the highest CAGR during the forecast period. Various government organizations are adopting electric vehicles. Furthermore, the growing demand for parcel delivery services and an autonomous fleet of cabs would boost the contribution of the region to the growth of the global market.
COVID-19 Impact Analysis
The COVID-19 impacted the entire automotive sector by declining the overall trade. As a result, the epidemic had widely interrupted the supply chain. Various companies had to limit their activities owing to the declining work workforce and unavailability of raw material.
The global autonomous vehicle market witnessed a severe decline in growth as people were eliminating the purchase of less necessary items. It raised various concerns and impacted the overall market during the pandemic.
However, market players are figuring out innovative ways to recover with the same growth.
Competition in the Market
Market Segmentation
By Level
By Vehicle Type
By Region
