The global autonomous vehicle market is expected to reach US$ 99,451 Million in 2032, exhibiting a prolific CAGR of 10.9% for the forecast period of 2022 to 2032. Autonomous vehicle market is anticipated to reach an estimated US$ 35,282.8 Million by the end of 2022.

The demand for autonomous vehicles is expected to grow in the future due to several factors, including advances in technology, increasing consumer interest, and potential benefits such as improved safety and efficiency.

Advancing government funding and investment along with a favorable regulatory framework are fostering a positive market environment for autonomous vehicles over the forecast period.

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Autonomous vehicles are self-driving cars that can be controlled by a computer system. These vehicles are yet to be commercialized and include a GPS tracker, lasers, computer vision, and other smart technology that aids it driverless status.

With increasing sustainability drives and changing consumer preferences, more and more people are showing inclination for autonomous vehicles over the conventional ones. This is owing to the benefits associated with autonomous vehicles like fuel efficiency, greater safety, low emissions and many others. Thus, the future market prospects of autonomous vehicles look positive.

One of the primary drivers of the growth of the Autonomous / Self-driving Cars market is the rapid advancements in technology, particularly in the fields of artificial intelligence, sensors, and communications. These technologies have made it possible to develop vehicles that can operate without human intervention, or with minimal human input. Additionally, the development of advanced driver assistance systems (ADAS) has made partially autonomous vehicles more practical and cost-effective.

Moreover, the commercialization of autonomous vehicles is expected to generate market opportunities for other industry verticals like electronics, IT, and technology.

“The introduction of robo-taxis, ride-sharing and other commercial activities are expected to promote the market prospects for autonomous vehicles over the forecast period,” says an FMI analyst.

Key Takeaways:

• Integration of advancing technologies is likely to foster market growth.
• Data security concerns may hinder market possibilities over the assessment period.
• Europe is expected to lead the market with ownership of almost 38% market share.
• Autonomous vehicle market in North America is the second largest, accounting for 25% market share.
• By application, the passenger car segment is predicted to record the fastest growth.

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Competitive Landscape

Google LLC, BMW AG, Mercedes-Benz, Tesla Motors, and Audi AG among others are some of the major players in the autonomous vehicle market profiled in the full version of the report.

Major market players are focusing on developing their autonomous driving technology. These organizations are also engaging in strategic partnerships, collaborations, and mergers to maintain a competitive advantage.