The global autonomous vehicle market size in terms of volume was 17.7 million units in 2019 and is expected to reach 53.2 million units by 2027, growing at a CAGR 17.8% during 2021 – 2027.
Extensive emphasis upon vehicle platooning along with ample opportunities observed for luxury cars in developing countries are the key opportunities that are expected to strengthen growth of global autonomous vehicle market. Vehicle platooning helps in reducing probable accidents and when vehicles are drafting each other it helps in reducing the fuel consumption.
The global autonomous vehicle market is classified into level of autonomy and vehicle type.
Passenger vehicle segment accounted for the larger share in the global autonomous vehicle market in 2020
On the basis of vehicle type, the global autonomous vehicle market is bifurcated into commercial vehicles and passenger vehicles. Between these, passenger vehicle segment is anticipated to contribute larger revenue throughout the estimated period. The growth of this segment is attributed towards increasing investments undertaken the government authorities towards automotive OEMs and self-driving techniques.
Geographically, North America is the largest autonomous vehicle market throughout the estimated period. The growth of autonomous vehicle in this region is attributed towards extensive growth of economies that is enabling flourishing development from transport infrastructure to development of smart cities.
Asia-Pacific is observed to witness highest CAGR during the forecast period as the government organizations in this region are facilitating the growth of electric vehicles.
Some of the key players operating in the global autonomous vehicle market are General Motors, Ford Motor Company, AUDI AG, BMW Group, Daimler AG, FCA Italy S.p.A, MAN SE, Nissan Motor Co., Ltd, Tesla, Inc., Toyota Motor Corporation, Zoox Inc., Volkswagen AG, Volvo Group, and Waymo LLC.
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The report provides the market value for the base year 2020 and a yearly forecast till 2027 in terms of volume (Million Units) and revenue (USD Million). The report segments the global autonomous vehicle market on the level of autonomy, vehicle type, and region.
Global Autonomous Vehicle Market Coverage
Level of Autonomy Insight and Forecast 2015-2027
Vehicle Type Insight and Forecast 2015-2027
Autonomous Vehicle Market by Region
Rest of the World (RoW)