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Autonomous Vehicle Market Trends

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

Autonomous Vehicle Market Trends

The autonomous vehicle industry is witnessing significant technological advancements in LiDAR, radar, cameras, and other sensors. These advancements improve the perception of the surroundings, enabling more precise and dependable navigation in various situations. Improved algorithms such as artificial intelligence & machine learning enable autonomous vehicles to make better real-time decisions, manage complicated circumstances, and adapt to changing driving settings. Lastly, advancements in chip technology enable quicker processing of sensor data on the vehicle, boosting reaction times and decision-making.

Technological improvements provide various backups and safety procedures, reducing the danger of system failure and boosting overall safety. For instance, in November 2023, Tesla released a new beta version of its "Full Self-Driving" capability, claiming improvements in lane-changing movements and overall performance. While still designated as a driver assistance system, this improvement highlights Tesla's continued attempts to push the limits of autonomous driving technology.

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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