Autonomous Vehicle
Market: Global Analysis,
Opportunities And Forecast To 2032

Autonomous
Vehicle Market size is estimated to be valued at USD 6.1 trillion by the
end of 2032. The rising advancements in AI and machine learning
technologies for enhancing vehicle safety and performance will drive the market
growth. The increasing investments by automotive and tech companies in
autonomous driving R&D activities has made way for supportive government
policies and regulations. The strong demand for efficient, safe, and convenient
transportation solutions is further accelerating the interest in autonomous
vehicles. As per data from the National Highway Traffic Safety Administration,
in 2022, approximately, 289,310 people were injured in crashes due to
distracted drivers.

The potential for
reducing traffic accidents and congestion, along with lower operational costs
for ridesharing and logistics companies is boosting the appeal of these
vehicles. The rising environmental concerns and the push for sustainable
transport solutions is facilitating the development and adoption of electric
autonomous vehicles. The growing consumer interest in smart and connected car
technologies is also adding to the product adoption.

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Autonomous vehicle market from the industrial application segment is
anticipated to expand at notable rate between 2024 and 2032, owing to the rising
need for efficient and cost-effective operations. Automation in logistics,
warehousing, and manufacturing is improving productivity and reducing labor
costs. The advancements in AI and robotics are upgrading vehicle capabilities
in complex industrial environments. The growing necessity for safer working
conditions and the integration of smart technologies in industrial processes is
also spurring the product demand in industrial applications.

The passenger vehicle segment is estimated to record substantial share of
the autonomous vehicle market by 2032, due to the increasing consumer demand
for safer and more convenient transportation options. Significant advancements
in AI and sensor technologies are enhancing vehicle safety and performance in
these vehicles. The rising urbanization and the growing need for efficient
mobility solutions is also driving their deployment. Moreover, the launch of supportive
government policies and the push for sustainable electric autonomous vehicles will
also boost the segment growth.

Europe autonomous vehicle industry is projected to witness substantial
growth between 2024 and 2032, led by the strong government support and
favorable regulations. Significant investments in AI and automotive technology
are driving the deployment of these vehicles in the region. The increasing emphasis
on reducing traffic congestion is making way for measures for enhancing road
safety. The growing push for sustainable transport solutions is fueling the
vehicle penetration. The increasing consumer acceptance and interest in
innovative mobility solutions will also drive the regional market expansion.

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Some of the leading firms
operating in the autonomous
vehicle industry include AB Volvo, BMW AG, Embark Trucks Inc., General Motors
Company, Honda Motor Company, Nissan Motor Co. Ltd., Tesla Inc., Toyota Motor
Corporation, Volkswagen AG. These industry leaders are adopting various
business development strategies, such as mergers & acquisitions,
collaborations, and launching new products to gain a competitive edge in the
market. For instance, in May 2024, Renault
Group announced a collaboration with ‘WeRide’ to commercially deploy L4
autonomous vehicles, capable of handling driving situations independently
within defined areas with remote supervision but no on-board operator.

Partial chapters of
report table of contents (TOC):

Chapter
1   Methodology & Scope

1.1    Market scope & definitions

1.2    Base estimates & calculations

1.3    Forecast calculations

1.4    Data sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1   Paid sources

1.4.2.2   Public sources

Chapter
2   Executive Summary

2.1    Industry 360⁰ synopsis,
2018-2032

Chapter
3   Industry Insights

3.1    Industry ecosystem analysis

3.2    Supplier Landscape

3.2.1    Raw material providers

3.2.2    Component providers

3.2.3    Manufacturers

3.2.4    Technology providers

3.2.5    Distributors

3.2.6    End-user

3.3    Profit margin analysis

3.4    Technology & innovation
landscape

3.5    Patent analysis

3.6    Key news & initiatives

3.7    Regulatory landscape

3.8    Impact forces

3.8.1    Growth drivers

3.8.1.1   Technological advancements in
the autonomous vehicle industry

3.8.1.2   Increasing focus towards safety
and efficiency of vehicle

3.8.1.3   Introduction of new regulation
and policies

3.8.1.4   Growing government investment in
infrastructure development

3.8.2    Industry pitfalls &
challenges

3.8.2.1   High development costs

3.8.2.2   Safety and security concerns

3.9    Growth potential analysis

3.10    Porter’s analysis

3.10.1    Supplier power

3.10.2    Buyer power

3.10.3    Threat of new entrants

3.10.4    Threat of substitutes

3.10.5    Industry rivalry

3.11    PESTEL analysis

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