The Global Autonomous Vehicle Market Will Grow to $2,161.79 billion by 2030, at a CAGR of 40.1% – ResearchAndMarkets.com
DUBLIN, May 09, 2022–(BUSINESS WIRE)–The “Autonomous Vehicle Market by Level of Automation, Application, Drive Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The global autonomous vehicle market was valued at $76.13 billion in 2020 and is projected to reach $2,161.79 billion by 2030, registering a CAGR of 40.1% from 2021 to 2030.
North America dominates the market in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. However, Asia-Pacific is expected to grow at a significant rate during the forecast period, due to an increase in demand for advanced vehicles across the region.
In addition, the autonomous vehicle market has witnessed significant growth in recent years, owing to rapid technological advancements, significant infrastructure investment, an increase in collaboration between vehicle manufacturers and tech firms, and the emergence of new business models & ecosystems. For instance, in October 2019, Volkswagen AG announced the expansion of the automotive business by the foundation of Volkswagen Autonomy GmbH in Munich & Wolfsburg as a center of excellence for autonomous driving from Level 4, VWAT solutions for automated vehicles.
Furthermore, Dubai’s Roads and Transport Authority (RTA) signed a partnership agreement with the Cruise Company, a subsidiary of General Motors, to operate Cruise autonomous vehicles in the Emirate. The company would offer taxi and e-Hail services in the Emirate by the end of 2022. In addition, the adoption of vehicle sharing services such as cars or taxis is anticipated to use automated vehicles frequently due to affordability & convenience. For instance, Audi opened up its “Audi on-demand” model, where passengers can choose the premium service and avail themselves of the additional benefits the platform provides. Hence, the modernized regulatory environment & shift of people thinking toward social, technological, and economic attitudes create lucrative opportunities for the autonomous vehicles market during the forecast period.