Autonomous Vehicle Industry Overview
The global autonomous vehicle market size was valued at USD 42.37 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 21.9% from 2023 to 2030. Advancements in AI, connectivity, and sensor capabilities are crucial for the market’s growth, enabling vehicles to make more informed decisions and navigate complex environments efficiently. These technological strides enhance vehicle safety and reliability and also expand the scope of autonomous applications across industries, from logistics and transportation to ridesharing and delivery services. The cost-efficiency brought about by these advancements makes autonomous solutions more appealing to businesses seeking innovative and competitive edge offerings, ultimately propelling the market’s expansion and adoption.
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The growth in delivery demands driven by the growth of e-commerce necessitates faster and more effective logistics solutions. Autonomous vehicles, encompassing drones and self-driving delivery vans, present the potential to optimize last-mile delivery processes, addressing the increasing need for rapid and dependable shipments. These vehicles promise optimized routes, reduced operational costs, and quicker delivery times, aligning with the goals of e-commerce companies aiming to meet customer expectations for faster shipping. As e-commerce expands its reach, the need for innovative logistics solutions amplifies, fueling investment and research into autonomous technologies ultimately accelerating the advancement and adoption of autonomous vehicles within the e-commerce supply chain.
Industries adopting self-driving transport demonstrate a willingness to embrace innovative technology. As these industries experience the benefits of increased efficiency, reduced costs, and enhanced safety brought by autonomous transport, it encourages further adoption and investment in autonomous vehicle technology across various sectors. For instance, in September 2023, Volvo Autonomous Solutions (V.A.S.), a Sweden-based company that offers autonomous transport solutions, and Boliden, a Swedish Mining company, are teaming up for a long-term partnership to introduce self-driving transport solutions in Boliden’s operations. They’ll work on various projects, starting with using autonomous transport at Boliden’s Garpenberg site in Sweden.
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• The global automotive aftermarket industry size was estimated at USD 448.24 billion in 2023 and is expected to grow at a CAGR of 3.9% from 2024 to 2030. The market growth is majorly driven by the pursuit of automobile drivers to enhance their vehicle performance in terms of exhaust sound, speed, and appearance parameters along with many other aspects.
• The global refrigerated transport market size was valued at USD 123.59 billion in 2023 and is projected to grow at CAGR of 8.6% from 2024 to 2030. The rising demand for perishable goods and the advancements in refrigeration technology drive the refrigerated transport market.
Autonomous Vehicle Market Segmentation
Grand View Research has segmented the global autonomous vehicle market based on vehicle type, level of autonomy, application, and region:
Autonomous Vehicle Type Outlook (Revenue, USD Million, 2017 – 2030)
• Passenger Vehicle
• Commercial Vehicle
Autonomous Vehicle Level of Autonomy Outlook (Revenue, USD Million, 2017 – 2030)
• Level 1
• Level 2
• Level 3
• Level 4 & 5
Autonomous Vehicle Application Outlook (Revenue, USD Million, 2017 – 2030)
• Transportation
o Industrial
o Commercial
o Personal
• Defense
Autonomous Vehicle Regional Outlook (Revenue, USD Million, 2017 – 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
• Latin America
o Brazil
o Mexico
• Middle East and Africa
o KSA
o UAE
o South Africa
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Key Companies profiled:
• AB Volvo
• Bayerische Motoren Werke AG
• Ford Motor Company
• General Motors
• Hyundai Motor Group
• Mercedes-Benz AG
• Renault SA
• Tesla, Inc
• Toyota Motor Corporation
• Volkswagen Group