Westford, USA,, April 04, 2023 (GLOBE NEWSWIRE) — SkyQuest reports state that the Autonomous Vehicles market will experience a significant increase in growth, with a projected CAGR of 22.78% during the forecast period (2022-2030), reaching a value of USD 140.5 billion by 2030. The growth is attributed to advancements in artificial intelligence and machine learning, increased government support and investment in autonomous vehicle technology, a rise in demand for ride-share and on-demand transportation services, the need to reduce traffic congestion, and the development of high-definition maps and sensors. Research by the National Highway Traffic Safety Administration (NHTSA) in the United States indicates that 94% of severe accidents are caused by human error, and the implementation of autonomous vehicles has the potential to reduce these incidents significantly. Additionally, the International Council on Clean Transportation (ICCT) reports that autonomous vehicles could decrease carbon dioxide emissions by up to 60% compared to traditional vehicles.
According to recent global research by SkyQuest, adopting autonomous vehicles on a large scale could potentially save 585,000 lives between 2035 and 2045, leading to societal cost savings of $1.3 trillion annually in the United States alone. A survey by Intel showed that 63% of people believe using autonomous vehicles will reduce traffic accidents, while 58% think they will reduce traffic congestion. Additionally, SkyQuest has projected that the number of autonomous vehicles on the road will reach 33 million by 2040, with China being the largest market for this technology.
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Browse in-depth TOC on “Autonomous Vehicles Market”
- Pages – 242
- Tables – 78
- Figures – 75
Autonomous vehicles hold the promise of revolutionizing transportation, providing safer roads by reducing human errors that cause accidents, easing traffic congestion, and cutting carbon emissions. Moreover, they offer greater accessibility to people who cannot drive themselves. The growth and acceptance of self-driving cars are expected to profoundly impact the economy, society, and the environment.
Prominent Players in Autonomous Vehicles Market
- Alphabet Inc. (Waymo)
- General Motors (Cruise Automation)
- Tesla
- Ford Motor Company (Argo AI)
- Uber Technologies Inc. (Advanced Technologies Group)
- Daimler AG (Mercedes-Benz)
- BMW AG
- Volkswagen Group (Volkswagen, Audi)
- Volvo Group (Volvo Cars, Volvo Trucks)
- Baidu Inc.
- Nvidia Corporation
- Intel Corporation
- Mobileye N.V.
- Aptiv PLC
- Zoox Inc.
- Aurora Innovation Inc.
- Pony.ai Inc.
- Nuro Inc.
- Argo AI LLC
- PlusAI Inc.
Transportation Application Segment to Drive Higher Sales as there is Demand for Ride-Sharing Services, the Development of Smart Cities
A recent analysis indicates that the Transportation Application segment has played a significant role in driving the growth of the Autonomous Vehicles market in 2021, which is anticipated to continue until 2030. This growth is fueled by the rising demand for ride-sharing services, the development of smart cities, and the need to reduce traffic congestion and enhance road safety. Furthermore, companies such as Uber and Lyft are also contributing to the expansion of this segment. SkyQuest reports predicting that shared autonomous vehicles, such as robotaxis, will make up 66% of autonomous vehicle sales by 2040, with revenue from autonomous taxis potentially reaching $1.1 trillion by that year. The study also revealed significant potential for autonomous vehicles in the logistics and delivery sector, with autonomous trucks expected to have a CAGR of 43% between 2020 and 2030.
SkyQuest has projected that North America will play a dominant role in the Autonomous Vehicles market from 2022 to 2030, with a forecasted CAGR of 25.82%. This is due to the presence of top technology companies such as Apple, Google, and Microsoft, who are heavily investing in autonomous vehicle technology, as well as developments in the field of autonomous vehicles by major players like Waymo, General Motors, and Ford. General Motors’ recent announcement of its plan to invest $100 million in two of its Michigan-based plants for the production of electric vehicles, including the Cruise Origin self-driving shuttle, is contributing to this growth in the region.
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Ride-Hailing Services Type Segment to Exhibit Strong Growth Due to Its ability to Offer Customers More Affordable, Convenient, and Flexible Transportation Options
The Ride-Hailing Services Type segment emerged as the dominant method in the Autonomous Vehicles market in 2021 and is expected to retain its lead from 2022 to 2030. SkyQuest predicts that the cost of an autonomous ride-hailing service could be as low as 50 cents per mile, which is less than half the cost of the average cost of a traditional taxi ride in the United States. However, there are also concerns about the impact of autonomous ride-hailing services on the job market, as they could potentially displace millions of drivers who work in the ride-hailing industry.
SkyQuest predicts that the Asia Pacific region will continue to be a dominant force in the Autonomous Vehicles market and grow at a CAGR of 36.97% during the forecast period until 2030. This is due to the adoption of advanced technologies in the automotive industry and supportive government regulations in the region. In 2021, South Korean automaker Hyundai announced plans to invest $7.4 billion in the development of electric and autonomous vehicles over the next five years. Additionally, Honda is partnering with SoftBank to launch a new autonomous taxi service in the city of Kitakyushu that will use Honda’s autonomous vehicle technology and SoftBank’s internet of things (IoT) platform to provide transportation services.
A comprehensive analysis of the major players in the Autonomous Vehicles market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Autonomous Vehicles Market
- Volvo has purchased Zenseact, which specializes in providing hardware and software for autonomous driving. Although many automakers consider autonomous driving technology as the future of the automobile industry, recent events have shown it to be an unstable market. Ford was forced to sell its autonomous vehicle subsidiary a month ago due to profitability challenges. Now, Volvo is venturing into this market by acquiring Zenseact, a company that offers autonomous driving hardware and software solutions.
- Xiaomi, the Chinese electronics conglomerate, has ventured into the highly competitive autonomous driving sector, expanding beyond smartphones. The company has acquired Deepmotion, a startup involved in autonomous driving, for roughly $77.37 million. Xiaomi aims to leverage the acquisition to enhance the technological competitiveness of its electric vehicle business.
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Key Questions Answered in Autonomous Vehicles Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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