The global autonomous vehicle market in 2019 was valued at US$54.21 billion and is expected to gain US$2,044.93 in value by 2030, according to Research and Markets.
The sale of these vehicles on a global level in 2019 was valued at 1.4 million units and is projected to reach 58 million units by 2030, expanding at a CAGR of 40.3 per cent from 2020-2030.
“The growth of the automotive vehicles market is attributed to the rising number of benefits offered by unmanned vehicle as compared to traditional vehicles such as reduced road-crash risk, enhanced safety and security, elimination in driver wages, secured mobility for disabled individuals and non-drivers, and increased comfort and flexibility offered by seamless operative systems,” said Research and Markets.
But the elevated cost of components, high software and hardware maintenance updates, and increasing cyber threats and attacks around hacking the operating systems are expected to impact the market.
Balancing that out are more investments from regulators in digitization, the adoption of advanced infrastructures in smart cities, a high usage of smart gadgets and smart automotive, the overall technological evolution, a higher standard of living, and boosting per capita income — all of which are creating growth opportunities for the market.
North America was a dominant player in the global autonomous vehicle market in 2019 — a trend that Research and Markets expects to continue until at least 2030. This comes thanks to a high adoption of self-driving vehicles in the region, well-established OEM infrastructures, the presence of key manufacturers, stringent traffic regulations, the adoption of advanced technologies, and more.
However, the Asia Pacific market is expected to gain traction during the same period, while the European market is anticipated to expand at a considerable CAGR due to growing consumer preferences for driverless vehicles and increasing adoption of advanced technological products.
Some of the major players in the global market include Daimler AG, General Motors, Ford Motor Company, Volkswagen Group, Tesla, Renault-Nissan-Mitsubishi alliance, Groupe SA, Volvo-Autoliv-Ericsson-Zenuity alliance, AB Volvo, Toyota Motor Corporation, and BMW AG
