The global autonomous vehicle market demand is expected to reach 4.2 million units by 2030, expanding at a CAGR of 63.1% over the forecast period, according to a new report by Grand View Research, Inc. An autonomous vehicle is a combination of various networking systems and sensors that assist the computer in driving the vehicle. Several technology providers such as Google LLC and Tesla Motors have also entered the market and are contributing to the research and development of autonomous vehicles.
The automobile industry is dynamic as it is undergoing changes with advancements in technologies. Several major players in the industry, such as General Motors Company, Volkswagen AG, Mercedes-Benz, and BMW AG, are making significant investments in the research and development of technologies. Growing trend of autonomous vehicles in the automotive industry is attracting larger investments in the development of these automobiles.Moreover, the U.K. government has granted permission to test self-driving cars on public roads. Furthermore, the Federal Department of Environment, Transport, Energy and Communications (DETEC) in Switzerland has permitted driverless testing on the streets of Zurich.
The market has been segmented on the basis of application into transportation and defense. The transportation segment is expected to account for a significant share in the self-driving car market over the forecast period. The defense segment is expected to witness the highest growth over the forecast period. North America accounted for the largest share of the overall revenue in 2020. Demand for self-driving vehicles is expected to increase over the forecast period in line with rising government regulations and increased acceptance of self-driving vehicles in U.S.
Request a free sample copy or view report summary: Autonomous Vehicle Market Report
Demand for autonomous cars is expected to witness a rise in the coming years owing to increasing government regulations in various developed and developing nations
Based on application, the transportation segment is expected to expand at the highest CAGR of 86.4% over the forecast period
Countries including U.S., China, and Japan are expected to witness significant growth over the forecast period owing to the large-scale testing and adoption of autonomous cars or trucks in the transportation sector
Audi AG; BMW AG; Daimler AG; Ford Motor Company; General Motors Company; Google LLC; Honda Motor Co., Ltd.; Nissan Motor Company; Tesla; Toyota Motor Corporation; Uber Technologies, Inc.; Volvo Car Corporation; Volkswagen AG are some of the key players in the self-driving vehicles market.
Grand View Research has segmented the global autonomous vehicle market on the basis of application and region:
Autonomous Vehicles Application Outlook (Volume, Thousand Units, 2020 - 2030)
Autonomous Vehicles Regional Outlook (Volume, Thousand Units, 2020 - 2030)
Middle East and Africa
This report has a service guarantee. We stand by our report quality.
Your transaction & personal information is safe and secure.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
Avail customized purchase options to meet your research needs:
"The quality of research they have done for us has been excellent..."