Autonomous Vehicle Market to Grow at 24.7% CAGR by 2030
The advancements in autonomous technology and demand for safety features, including collision avoidance systems, lane departure warnings, airbags, and impact evasion frameworks, increased the demand for autonomous vehicles.
The Global Autonomous Vehicle Market is valued at USD 87.56 billion in 2021 and is expected to reach USD 614.87 billion by 2030 at a CAGR of 24.7% during the forecast period, 2022–2030, according to a new research report by Next Move Strategy Consulting.
The growing awareness about vehicle safety ratings among consumers and reduced cost of components due to the extensive use of cameras and radars drive the demand for advanced driver assistance systems (ADAS), increasing the demand for autonomous vehicles.
On the contrary, the high cost and scarcity of semiconductor chips restrain the market growth during the forecast period. However, autonomous vehicle manufacturers have responded to these concerns by developing cost-effective technologies worldwide. Moreover, introducing self-driving EVs will be the key factor benefiting the growth of the autonomous vehicle market.
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According to the report, the leading market players manufacturing autonomous vehicle market areBaidu, Audi AG, BMW AG, Mercedes, Ford Motor Company, General Motors, Honda Motor Corp., Nissan-Renault-Mitsubishi Alliance, Tesla, Toyota Motor Corp., and AB Volvo.
Key Insights from the Autonomous VehiclesMarket Report:
The information related to key drivers, restraints, and opportunities and their impact on the autonomous vehicle market is provided in the report.
The study includes the value chain analysis of the market toprovide a clear picture of the stakeholders’ roles.
The market share of global autonomous vehicle market players,along with their competitive analysis, is included in the report.