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Autonomous Vehicle Market Analysis

  • Report ID: GMI8218
  • Published Date: Feb 2024
  • Report Format: PDF

Autonomous Vehicle Market Analysis

Based on fuel, the ICE segment recorded around 65% of the market share in 2023. ICE vehicles are substantially less expensive, making them more viable for early research & testing. The current infrastructure for refueling stations is more developed for ICE vehicles, making these vehicles easier to test and deploy in varied places. ICE vehicles have larger driving ranges compared to other alternative vehicles, making them ideal for testing in various settings and on longer test drives.

Autonomous Vehicle Market Share, By Application, 2023

Based on application, the personal segment held over 42% of the autonomous vehicle market share in 2023. The market is still in its early stages with applications mostly centered on passenger car autonomy. This reflects the original focus on creating key technologies and testing them in controlled settings. Personal cars are a larger and more accessible market sector than commercial vehicles, which require infrastructure & laws. Lastly, companies can anticipate profitability in providing personal autonomous vehicles to customers as a result of increased acceptability and readiness to pay a premium.

U.S. Autonomous Vehicle Market Size, 2022 -2032, (USD Billion)

North America autonomous vehicle market accounted for 19% of the revenue share in 2023. Rising traffic congestion and deaths, along with a public desire for convenience, are driving demand for safer & more efficient transportation options across North America. Along with this, governments are actively developing regulations and guidelines to facilitate autonomous vehicle testing & deployment. North America has a tech-savvy consumer base, early adopters, and a strong desire to embrace new technologies offering a potential market for personal autonomous vehicles. Overall, the North America AV industry is set for enormous growth, driven by strong technology advancements, a favorable regulatory framework, and potential economic advantages.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of autonomous vehicle reached USD 2 trillion in 2023 and is set to witness 13.5% CAGR from 2024 to 2032, owing to increasing consumer inclination towards autonomous driving worldwide.

The ICE segment recorded over 65% share in 2023, due to being substantially less expensive, making them more viable for early research & testing.

North America market reached 19% revenue share in 2023, attributed to rising traffic congestion and deaths, along with a public desire for convenience in the region.

AB Volvo, BMW AG, Embark Trucks Inc., General Motors Company, Honda Motor Company, Nissan Motor Co. Ltd., Tesla Inc., Toyota Motor Corporation, and Volkswagen AG are some of the major autonomous vehicle companies worldwide.

Autonomous Vehicle Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 350
  • Countries covered: 22
  • Pages: 260
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