Autonomous Vehicles Market to Grow by $319 billion

Source: Technavio announcement

NEW YORK – The autonomous vehicles (AV) market is forecasted to grow by $319.41 billion from 2022 to 2027. The market is estimated to grow at a compound-annual-growth rate (CAGR) of 38.45 percent during the forecast period, all according to a report fromTechnavio.

The global autonomous vehicles market has been categorized as a part of the global auto parts and equipment market. The parent market, the global auto parts and equipment market, covers companies engaged in the production of vehicles such as passenger cars, commercial vehicles, and all-terrain vehicles.

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Competitive analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Scope of report

The autonomous vehicles market report covers the following areas:

Market Size
Key Trends
Competitive Analysis
Autonomous vehicles market 2023-2027: Vendor landscape

The market is fragmented, with the presence of major market participants. Autonomous vehicle manufacturers are working on developing prototypes as per the demands of customers. Prominent vendors are expected to focus on exploring multiple revenue enablers, such as rental services, during the forecast period. Moreover, tier-2 and tier-3 suppliers provide components such as sensors, actuators, and batteries.

AB Volvo, Alphabet Inc., Amazon.com Inc., Baidu Inc., BMW AG, Continental AG, Ford Motor Co., General Motors Co, Honda Motor Co. Ltd, Hyundai Motor Co, Intel Corp., Mercedes Benz Group AG, Navistar International Corp., Renault SAS, Robert Bosch GmbH, Stellantis NV, Tesla Inc., Toyota Motor Corp., and Volkswagen AG are among some of the major market participants.

Market segmentation

Application
Transportation and logistics
Military and defense

The transportation and logistics segment will contribute significantly to the growth of the global market during the forecast period. The use of autonomous vehicles for logistics is expected to grow rapidly. In addition, many manufacturers, autonomous technology developers, and system integrators are evaluating the commercial viability of fully autonomous buses for transportation and logistics. Various operational modes, such as line-based transit and shuttle services, are under consideration for autonomous buses.

Vehicle type
Autonomous passenger car
Autonomous commercial vehicles
Geography
North America
APAC
Europe
South America
Middle East and Africa

North America is estimated to account for 37 percent of the market’s growth during the forecast period. The region is transitioning from light-duty vehicles to autonomous technology owing to the rising demand for safety and convenience. This indicates a potential opportunity for advanced technologies. The US, Canada, and Mexico are expected to be the major contributors to the autonomous vehicles market in the region. To view the entire announcement, click HERE