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The autonomous vehicle market is anticipated to grow at a CAGR of 20.78% during the forecast period 2018-2028.
The global automotive industry is going through a period of wide-ranging and transformative changes with the shift in the consumer behavior as well as increasing implementation of stringent environmental regulations. Factors such as rising safety and security concerns, increasing demand for reliable transportation system, and advent of revolutionary trends, such as transition from car ownership to “Mobility as a Service” (MaaS), are expected to increase the demand for autonomous vehicles. Autonomous vehicles are the key to changing urban transportation beyond recognition in the next few years. There are both traditional OEMs and new vehicle developers who are working in this ecosystem to improve and introduce fully-autonomous vehicles on the road. These vehicles will have advanced features from traditional vehicles and improve the driving experience for passengers. The Society of Automotive Engineers International (SAE) has defined six levels of automation to classify a system’s sophistication, ranking from 0 to 5.
Level 0: No Automation
In this level, the driver is in control of the entire vehicle and all aspects of driving are entirely manually controlled. Example of such a vehicle is 2018 KIA Rio, among others.
Level 1: Driver Assistance
In this level, the vehicle system can assist with some functions such as controlling the steering or the vehicle speed. The driver handles a majority of the vehicle functions. Features such as adaptive cruise control or lane keeping are part of this level of automation.
Level 2: Partial Automation
In this level, the vehicle system is able to control the braking, steering, or acceleration of the vehicle. These features can be applied together and the coordination between two or more of these assist technologies helps a vehicle to be of Level 2 status. A driver is there during all times to actively monitor the vehicle's progress and be ready to intervene at any time. Most vehicles in 2018 have these features of Level 2 such as GM Super Cruise, Mercedes-Benz Distronic Plus, Tesla Autopilot, Nissan ProPilot Assist, and Volvo Pilot Assist, among others.
Level 3: Conditional Automation
In this level, the vehicle system is able to detect the environment around the vehicle using sensors such as LiDARs and make informed decisions for the vehicle such as overtaking a slower moving vehicle in front of it. The vehicle system is able to manage most aspects of driving, including monitoring the environment. The system prompts the driver to intervene when it encounters a scenario it can’t navigate. Audi Traffic Jam Assist is the only commercialized level 3 auto pilot system developed by Audi for Audi A8.
Level 4: High Automation
In this level, the vehicle can operate without human intervention but only in certain conditions. There is an option to manually override the vehicle system functions.
Level 5: Full Automation
In this level, the vehicles can operate as driverless vehicles in any road conditions. These vehicles are being developed to be used as robo-taxis, such as Waymo, among others.
The global autonomous vehicle market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this section are product launches and developments, business expansions, and partnerships/collaborations/joint venture. The preferred strategy for the companies have been product launches & developments in order to strengthen their position in the global autonomous vehicle market.
According to BIS Research analysis, the global autonomous vehicle market was valued at 6.6 million units in 2017 and is expected to reach 67.5 million units by 2028, registering a CAGR of 20.78% between 2018 and 2028. North America dominated the global autonomous vehicle market in 2018, whereas, Rest-of-the-World is expected to have the highest growth rate during the forecast period 2018-2023.
The key market players in the global autonomous vehicle market are Audi AG, BMW Group, Daimler AG, FCA Italy S.p.A., Ford Motor Company, General Motor Company, Nissan Motor Corporation, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, Volvo Group, Waymo LLC, and Zoox Inc.
The report is a compilation of different segments of the global autonomous vehicle market including market breakdown by level of autonomy, vehicle type, and region. The report further takes into consideration the market dynamics and the competitive landscape. The report also discusses in detail about the key participants involved in the industry. The report answers the following questions about the global autonomous vehicle market:
• What is ADAS and autonomous driving?
• How big is the global autonomous vehicle market in terms of volume and what is the CAGR (2018-2028)?
• What is the volume of different types of autonomous vehicle, such as level 1, level 2, level 3, level 4, and level 5?
• What is the volume of different types of autonomous vehicles, such as passenger cars, and commercial vehicles (heavy trucks and heavy buses)?
• What is the market size of different regions such as North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)?
• Which are the key companies operating in the global autonomous vehicle market?
• Which major factors are expected to impact the global autonomous vehicle market?
• What are the key market strategies adopted by the autonomous vehicle market players?
List of Tables
Table 1.1: Current Laws and Regulatory Bodies Related to Autonomous Vehicles by Country
Table 1.2: Current Laws and Regulatory Bodies Related to Testing or Experimentation of Autonomous Vehicles, by Country
Table 1.3: Regulatory Agencies for Driverless Vehicle
Table 1.4: Upcoming Start-Ups in the Autonomous Vehicle Ecosystem
Table 2.1: Impact of Market Drivers
Table 2.2: Impact of Market Challenges
Table 3.1: Benchmarking Parameters and Weightage
Table 3.2: Automotive OEMs Information
Table 3.3: Benchmarking Score: Parameter Wise
Table 3.4: Benchmarking Score: Automotive OEMs
Table 3.5: Overview of Optical Phased Array LiDAR System
Table 3.6: Overview of Traffic Side Detection
Table 3.7: Overview of High Definition LiDAR System
Table 3.8: Overview of Localization of Vehicle with two LiDAR Systems
Table 3.9: Overview of Vertical Alignment of LiDAR Sensor
Table 3.10: Overview of Detection and Ranging methods
Table 3.11: Overview of Low Cost and Small Size LiDAR
Table 3.12: Overview of Roll Stability Control System
Table 3.13: Overview of SOI-Based Opto-Electronic Compounds
Table 3.14: Overview of a Single-Photon Detector
Table 3.15: Overview of Traffic Scanning LiDAR
Table 3.16: Overview of First Warning System for Automotive Vehicles
Table 3.17: Overview of Automatic Driving Route Planning Application
Table 3.18: Overview of Driver Assistance System for Displaying Surroundings of a Vehicle
Table 3.19: Overview of All-Weather Autonomously Driven Vehicles
Table 3.20: Overview of Consideration of Risks in Active Sensing for an Autonomous Vehicle
Table 3.21: Overview of Lane Assignments for Autonomous Vehicles
Table 3.22: Overview of Solid Object Detection System Using Laser and Radar Sensor Fusion
Table 3.23: Overview of Self-Driving Vehicle with Integrated Active Suspension
Table 3.24: Overview of Autonomous Vehicle Detection of and Response to Emergency Vehicles
Table 3.25: Overview of System and Method for Predicting Behaviors of Detected Objects
Table 3.26: Overview of Advanced Driver Assistance System Feature Performance Using Off-Vehicle Communications
Table 3.27: Overview of Mode Transition for an Autonomous Vehicle
Table 3.28: Overview of Steering Wheels for Vehicle Control in Manual and Autonomous Driving
Table 3.29: Overview of Autonomous Driving Vehicle
Table 3.30: Overview of Method and System for Vehicle ESC System Using Map Data
Table 3.31: Overview of Control and Systems for Autonomously Driven Vehicles
Table 3.32: Top Ten Companies by Number of Patents Filed
Table 5.1: Level 1 Autonomous Vehicle Market Size (by Region), Thousand Units, 2017-2028
Table 5.2: Level 2 Autonomous Vehicle Market Size, (by Region), Thousand Units, 2017-2028
Table 5.3: Level 3 Autonomous Vehicle Market Size (by Region), Units, 2017-2028
Table 5.4: Level 4 Autonomous Vehicle Market Size (by Region), Units, 2019-2028
Table 5.5: Level 5 Autonomous Vehicle Market Size by Region, 2020-2028 (Units)
Table 6.1: Autonomous Passenger Vehicle Market Size (by Region), Thousand Units, 2017- 2028
Table 6.2: Autonomous Commercial Vehicles Market Size, (by Region), Million Units 2017-2028
Table 7.1: Global Autonomous Vehicle Market Volume, (by Region), Thousand Units 2017-2028
Table 7.2: North America Autonomous Vehicle Market Size (by Country), Thousand Units 2017-2028
Table 7.3: Europe Autonomous Vehicle Market Volume, (by Country), Million Units, 2017-2028
Table 7.4: APAC Autonomous Vehicle Market Size (by Country), Thousand Units, 2017-2028
Table 7.5: RoW Autonomous Vehicle Market Size (by Country), Million Units, 2017-2028
List of Figures
Figure 1: Global Passenger Car and Commercial Vehicle Sales Volume, Million Units, 2011-2017
Figure 2: Global Autonomous Vehicle Market Snapshot
Figure 3: Global Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 4: Global Autonomous Vehicle Market (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 5: Global Autonomous Vehicle Market Size (by Geography), Thousand Units, 2017
Figure 1.1: Level of Autonomy: Autonomous Vehicle
Figure 1.2: ADAS Features Application
Figure 1.3: Government Investment for Autonomous Vehicle and Infrastructure
Figure 1.4: Consortiums and Associations
Figure 1.5: Investments by Major OEMs
Figure 1.6: Investments by Major Tier 1 Component Providers and Autonomous Driving Technology Providers
Figure 2.1: Global Autonomous Vehicle Market Dynamics
Figure 2.2: Number of Fatalities by Road Accident in Europe, Units, 2011-2017
Figure 3.1: Organic & Inorganic Strategies Adopted by the Key Players
Figure 3.2: Share of Key Market Strategies & Developments
Figure 3.3: Product Launches and Developments by Companies
Figure 3.4: Business Expansion by Companies
Figure 3.5: Partnerships/Collaborations/Joint Ventures by Companies
Figure 3.6: Value Chain Analysis: Autonomous Vehicle
Figure 3.7: Patents Filled in Last Ten Years, Units, 2008-2018
Figure 3.8: Autonomous Driving Features V/S Patent Filled by Leading Companies
Figure 3.9: Patent Filled by Feature
Figure 3.10: Patent Filled by Country
Figure 5.1: Global Autonomous Vehicle Market: Different Level of Automation
Figure 5.2: Global Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 5.3: Level 1: Driver Assistance
Figure 5.4: Level 1 Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 5.5: Level 1 Autonomous Vehicle Market Size (by Vehicle Type), 2017 and 2028 Thousand Units, 2017 and 2028
Figure 5.6: Level 1 Autonomous Vehicle Market Size by Region, Thousand Units, 2017 and 2028
Figure 5.7: Level 2: Partial Automation
Figure 5.8: Level 2 Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 5.9: Level 2 Autonomous Vehicle Market Size (by Vehicle Type), 2017 and 2028 Thousand Units, 2017 and 2028
Figure 5.10: Level 2 Autonomous Vehicle Market Size (by Region), 2017 and 2028 Thousand Units, 2017 and 2028
Figure 5.11: Level 3: Conditional Automation
Figure 5.12: Level 3 Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 5.13: Level 3 Autonomous Vehicle Market Size (by Vehicle Type), 2017 and 2028 Thousand Units, 2017 and 2028
Figure 5.14: Level 3 Autonomous Vehicle Market Size (by Region), Units, 2017 and 2028
Figure 5.15: Level 3: Conditional Automation
Figure 5.16: Level 4 Autonomous Vehicle Market Size, Units, 2019-2028
Figure 5.17: Level 4 Autonomous Vehicle Market Size (by Vehicle Type), Million Units, 2019 & 2028
Figure 5.18: Level 4 Autonomous Vehicle Market Size (by Region), Million Units, 2019 and 2028
Figure 5.19: Level 5 Autonomous Vehicle Market Size, Units, 2020-2028
Figure 5.20: Level 5 Autonomous Vehicle Market Size (by Vehicle Type), Units, 2020 and 2028
Figure 5.21: Level 5 Autonomous Vehicle Market Size (by Region), Units, 2020 and 2028
Figure 6.1: Global Autonomous Vehicle Market Size (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 6.2: Autonomous Passenger Vehicles Market Size, Million Units, 2017-2028
Figure 6.3: Autonomous Passenger Vehicle Market Size (by Level of Autonomy), Thousand Units, 2017 and 2028
Figure 6.4: Autonomous Passenger Vehicle Market Size (by Region), Thousand Units, 2017 and 2028
Figure 6.5: Autonomous Commercial Vehicle Market Size, Thousand Units, 2017-2028
Figure 6.6: Autonomous Commercial Vehicles Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 6.7: Autonomous Commercial Vehicles Market Size (by Type), Thousand Units, 2017 and 2028
Figure 6.8: Autonomous Heavy Trucks Market Size, Thousand Units, 2017-2028
Figure 6.9: Autonomous Heavy Buses Market Size, Thousand Units, 2017-2028
Figure 6.10: Autonomous Commercial Vehicles Market Size (by Region), Million Units, 2017 and 2028
Figure 7.1: Global Autonomous Vehicle Market Size (by Region), Thousand Units, 2017 and 2028
Figure 7.2: Global Autonomous Vehicle Market Share (by Region), %, (2017 and 2028)
Figure 7.3: North America Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.4: North America Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 7.5: North America Autonomous Vehicle Market Size (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 7.6: North America Autonomous Vehicle Market Size (by Country), Million Units, 2017 and 2028
Figure 7.7: The U.S. Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.8: Canada Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.9: Mexico Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.10: Europe Autonomous Vehicle Market Size, Million Units, 2017 and 2028
Figure 7.11: Europe Autonomous Vehicle Market Size (by Level of Autonomy), (Units), 2017 and 2028
Figure 7.12: Europe Autonomous Vehicle Market Size (by Vehicle Type), Million Units, 2017 and 2028
Figure 7.13: Europe Autonomous Vehicle Market Size (by Country), Million Units, 2017
Figure 7.14: The U.K. Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.15: Germany Autonomous Vehicle Market Size, Units, 2017-2028
Figure 7.16: France Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.17: Rest-of-Europe Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.18: APAC Autonomous Vehicle Market Size, Million Units, 2017 and 2028
Figure 7.19: APAC Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 7.20: APAC Autonomous Vehicle Market Size (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 7.21: APAC Autonomous Vehicle Market Size, (by Country), Thousand Units, 2017
Figure 7.22: China Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.23: Japan Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.24: South Korea Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.25: Rest-of-APAC Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.26: RoW Autonomous Vehicle Market Size, Thousand Units, 2017 and 2028
Figure 7.27: RoW Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 7.28: RoW Autonomous Vehicle Market Size (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 7.29: RoW Autonomous Vehicle Market Size (by Country), Million Units, 2017
Figure 7.30: Latin America Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.31: Middle East and Africa (MEA) Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 8.1: Share of Key Company Profiles
Figure 8.2: AUDI AG: Product Offerings
Figure 8.3: $Billion, 2015-2017 Audi AG: Overall Financials, $Billion, 2015-2017
Figure 8.4: AUDI AG: Net Revenue (by Region), $Million, 2015-2017
Figure 8.5: AUDI AG: Net Revenue (by Business Segment), $Million, $Million, 2015-2017
Figure 8.6: AUDI AG: SWOT Analysis
Figure 8.7: BMW Group: Brand
Figure 8.8: Product Portfolio: BMW
Figure 8.9: Product Portfolio: Rolls-Royce
Figure 8.10: Product Portfolio: MINI
Figure 8.11: BMW Group: Overall Financials, $Billion, 2015-2017
Figure 8.12: BMW Group: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.13: BMW Group: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.14: BMW Group: SWOT Analysis
Figure 8.15: Daimler AG: Product Offerings
Figure 8.16: Daimler AG: Overall Financials, $Billion, 2015-2017
Figure 8.17: Daimler AG: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.18: Daimler AG: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.19: Daimler AG: SWOT Analysis
Figure 8.20: FCA Italy S.p.A.: Product Offerings
Figure 8.21: FCA Italy S.p.A.: Overall Financials, $Billion, 2015-2017
Figure 8.22: FCA Italy S.p.A.: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.23: FCA Italy S.p.A.: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.24: FCA Italy S.p.A.: SWOT Analysis
Figure 8.25: Ford Motor Company: Brands
Figure 8.26: Product Portfolio: Ford
Figure 8.27: Product Portfolio: Ford
Figure 8.28: Ford Motor Company: Overall Financials, $Billion, 2015-2017
Figure 8.29: Ford Motor Company: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.30: Ford Motor Company: Net Revenue (by Business Segment), $Million, 2015-2017
Figure 8.31: Ford Motor Company: SWOT Analysis
Figure 8.32: General Motors: Product Offerings
Figure 8.33: General Motors: Overall Financials, $Billion, 2016-2018
Figure 8.34: General Motors: Net Revenue (by Region), $Billion, 2016-2018
Figure 8.35: General Motors: Net Revenue (by Business Segment), $Billion, 2016-2018
Figure 8.36: General Motors: SWOT Analysis
Figure 8.37: MAN SE: Product Offerings
Figure 8.38: MAN SE: Overall Financials, $Billion, 2015-2017
Figure 8.39: MAN SE: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.40: MAN SE: Net Revenue (by Business Segment), $Million, 2015-2017
Figure 8.41: MAN SE: SWOT Analysis
Figure 8.42: Nissan Motor Co., Ltd: Product Offerings
Figure 8.43: Nissan Motor Co., Ltd: Overall Financials, $Billion, 2015-2017
Figure 8.44: Nissan Motor Co., Ltd: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.45: Nissan Motor Co., Ltd: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.46: Nissan Motor Co., Ltd: SWOT Analysis
Figure 8.47: Tesla, Inc.: Product Offerings
Figure 8.48: Tesla, Inc.: Overall Financials, $Million, 2015-2017
Figure 8.49: Tesla, Inc.: Net Revenue (by Region), $Million, 2015-2017
Figure 8.50: Tesla, Inc.: Net Revenue (by Business Segment), $Million, 2015-2017
Figure 8.51: Tesla, Inc.: SWOT Analysis
Figure 8.52: Toyota Motor Corporation: Brands
Figure 8.53: Product Portfolio: Toyota
Figure 8.54: Product Portfolio: Lexus
Figure 8.55: Product Portfolio: Daihatsu
Figure 8.56: Toyota Motor Corporation: Overall Financials, 2016-2018 ($Billion)
Figure 8.57: Toyota Motor Corporation: Net Revenue (by Region), 2016-2018 ($Million)
Figure 8.58: Toyota Motor Corporation: Net Revenue (by Business Segment), 2016-2018 ($Million)
Figure 8.59: Toyota Motor Corporation: SWOT Analysis
Figure 8.60: Volkswagen AG: Brand
Figure 8.61: Volkswagen AG: Overall Financials, $Billion, 2015-2017
Figure 8.62: Volkswagen AG: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.63: Volkswagen AG: Net Revenue (by Business Segment), $Million, 2015-2017
Figure 8.64: Volkswagen AG: SWOT Analysis
Figure 8.65: Volvo Group: Product Offerings
Figure 8.66: Volvo Group: Overall Financials, $Billion, 2015-2017
Figure 8.67: Volvo Group: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.68: Volvo Group: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.69: Volvo Group: SWOT Analysis
Figure 8.70: Waymo LLC: Product Offerings
Figure 8.71: Waymo LLC: SWOT Analysis
Figure 8.72: Zoox Inc.: Product Offerings
Figure 8.73: Zoox Inc.: SWOT Analysis
Figure 9.1 Global Autonomous Vehicle Market Scope
Figure 9.2 Top Down and Bottom Up Approach
Figure 9.3 Global Autonomous Vehicle Market Influencing Factors
Figure 9.4 Assumptions and Limitations
The global automotive industry is undergoing transformations, with a shift in the consumer behavior from conventional vehicles to autonomous vehicles as well as an increase in the implementation of stringent environmental regulations. The automotive industry currently experiences substantial investments in research and development. Unlike other industries, automotive research and development efforts are largely funded by the industry, rather than through public sources. Automotive R&D spending is increasing rapidly to keep pace with the demands for more sophisticated and effective technologies such as autonomous vehicles, telematics, and intelligent transportation systems, owing to the need to prevent accidents and maintain proper public transportation. Improved fuel economy and reduced vehicular emission continue to drive automakers to bring improvements in vehicle powertrain, light weighting, aerodynamics, and other vehicle attributes. Consumer preferences, increasing congestion, and various mobility choices mean that vehicles have to incorporate a variety of creative technologies to attract buyers. As a consequence, both public sources and private companies are investing substantially in the automotive industry.
Figure Global Autonomous Vehicle Market, 2018-2028
Source: Expert Interviews, Secondary Research, and BIS Research
The autonomous vehicle market is anticipated to grow at a CAGR of 20.78% during the forecast period 2018-2028. The autonomous vehicle market is driven by several factors such as increasing push from governments as well as consumers to ensure road safety and to develop connected and autonomous infrastructures, which boost the demand for reliable transportation system. Additionally, increased government focus on streamlined traffic infrastructure boosts the market growth. Moreover, factors such as increasing focus on vehicle platooning, transition from car ownership to mobility-as-a-service (MaaS), and revenue generation opportunity for different layers of automotive ecosystem is anticipated to create numerous opportunities for the market growth. However, factors such as reliability issue with autonomous vehicle, non-availability of required infrastructure, and undefined legal responsibilities in developing countries, and rise in cyber threat due to increasing data, hamper the market growth.
The level 1 segment dominated the global autonomous vehicle market, accounting for around 88.16% of the total market in 2017 and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the rise in demand for high-end passenger cars that include ADAS features such as adaptive cruise control, lane departure warning, drowsiness monitoring, among others, in North America and Europe. Numerous automotive OEMs are integrating their vehicles with level 1 features, owing to the growing vehicular safety concerns and rising government rules and regulations. In terms of growth, the level 4 autonomous vehicle market is anticipated to be the potential segment, expected to register the highest CAGR of 97.37% from 2020 to 2028. This is mainly due to the increasing R&D investment by automotive OEMs and self-driving technology providers such as Audi, Toyota, General Motor, Uber, Waymo, and Zoox, among others in order to develop level 4 autonomous vehicles. These companies are testing their level 4 vehicles in the U.S., Germany, and China, among others. Additionally, factors such as supportive government policies regarding autonomous vehicles and increasing government investment to develop connected infrastructure for testing autonomous vehicles are expected to drive the market growth.
The passenger vehicle segment dominated the global autonomous vehicle market, accounting for around 97.28% of the total market in 2017 and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the increasing demand for ADAS features such as adaptive cruise control, lane departure warning, traffic jam assist, and drowsiness monitoring, among others, owing to the growing emphasis towards road safety. Additionally, numerous automotive OEMs are integrating their vehicle level 1 and level 2 features owing to growing vehicular safety concern and rise in government rules and regulations. Moreover, in terms of growth, the passenger vehicle segment is anticipated to be the potential segment, expected to register the highest CAGR of 20.78% from 2018 to 2028. This is mainly due to the increasing investments by governments, automotive OEMs, and self-driving technology providers with an aim to develop advance autonomous vehicles. Companies such as Waymo, Uber, and Zoox are continuously testing their autonomous cars and robo-taxis.
North America dominated the global autonomous vehicle market and contributed 62.51% of the total market share in 2017 and is anticipated to uphold its dominance throughout the forecast period. The autonomous vehicle market in North America is majorly driven by factors such as growing demand for advanced safety features. Additionally, increasing number of high-end passenger cars such as BMW, Audi, Mercedes-Benz, General Motors, Ford, Fiat, and Volvo among others, is expected to boost the market growth, as North America is home to numerous leading high-end passenger car manufacturers, which are equipped with level 1 and level 2 of autonomy. Moreover, North America is home to leading self-driving technology providers such as Waymo, Uber, and Zoox, which provides immense opportunities to these technology providers to partner with leading enterprises such as Walmart for the development and implementation of delivery of goods through autonomous vehicles. Asia-Pacific autonomous vehicle market is expected to grow at a faster pace as compared to North America and Europe, during the forecast period. This is mainly due to the increasing investment in R&D by automotive OEMs which are headquartered in China, Japan, and South Korea. Additionally, government support and better infrastructure for autonomous vehicle is anticipated to boost the demand for autonomous vehicle in APAC, during the forecast period.
The global autonomous vehicle market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the initiatives taken by players in component market include new product launches and developments, development of precise and secure systems, pricing strategies, acquisitions of small-scale start-ups and emerging players, and formation of partnerships among the major players of the automotive components industry.
The key players in the global autonomous vehicle market are AUDI AG, BMW Group, Daimler AG, FCA Italy S.p.A, Ford Motor Company, General Motors, MAN SE, Nissan Motor Co., Ltd, Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, Volvo Group, Waymo LLC, Zoox Inc.
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The global automotive industry is going through a period of wide-ranging and transformative changes with the shift in the consumer behavior as well as increasing implementation of stringent environmental regulations. Factors such as rising safety and security concerns, increasing demand for reliable transportation system, and advent of revolutionary trends, such as transition from car ownership to “Mobility as a Service” (MaaS), are expected to increase the demand for autonomous vehicles. Autonomous vehicles are the key to changing urban transportation beyond recognition in the next few years. There are both traditional OEMs and new vehicle developers who are working in this ecosystem to improve and introduce fully-autonomous vehicles on the road. These vehicles will have advanced features from traditional vehicles and improve the driving experience for passengers. The Society of Automotive Engineers International (SAE) has defined six levels of automation to classify a system’s sophistication, ranking from 0 to 5.
In this level, the driver is in control of the entire vehicle and all aspects of driving are entirely manually controlled. Example of such a vehicle is 2018 KIA Rio, among others.
In this level, the vehicle system can assist with some functions such as controlling the steering or the vehicle speed. The driver handles a majority of the vehicle functions. Features such as adaptive cruise control or lane keeping are part of this level of automation.
In this level, the vehicle system is able to control the braking, steering, or acceleration of the vehicle. These features can be applied together and the coordination between two or more of these assist technologies helps a vehicle to be of Level 2 status. A driver is there during all times to actively monitor the vehicle's progress and be ready to intervene at any time. Most vehicles in 2018 have these features of Level 2 such as GM Super Cruise, Mercedes-Benz Distronic Plus, Tesla Autopilot, Nissan ProPilot Assist, and Volvo Pilot Assist, among others.
In this level, the vehicle system is able to detect the environment around the vehicle using sensors such as LiDARs and make informed decisions for the vehicle such as overtaking a slower moving vehicle in front of it. The vehicle system is able to manage most aspects of driving, including monitoring the environment. The system prompts the driver to intervene when it encounters a scenario it can’t navigate. Audi Traffic Jam Assist is the only commercialized level 3 auto pilot system developed by Audi for Audi A8.
In this level, the vehicle can operate without human intervention but only in certain conditions. There is an option to manually override the vehicle system functions.
In this level, the vehicles can operate as driverless vehicles in any road conditions. These vehicles are being developed to be used as robo-taxis, such as Waymo, among others.
The global autonomous vehicle market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this section are product launches and developments, business expansions, and partnerships/collaborations/joint venture. The preferred strategy for the companies have been product launches & developments in order to strengthen their position in the global autonomous vehicle market.
According to BIS Research analysis, the global autonomous vehicle market was valued at 6.6 million units in 2017 and is expected to reach 67.5 million units by 2028, registering a CAGR of 20.78% between 2018 and 2028. North America dominated the global autonomous vehicle market in 2018, whereas, Rest-of-the-World is expected to have the highest growth rate during the forecast period 2018-2023.
The key market players in the global autonomous vehicle market are Audi AG, BMW Group, Daimler AG, FCA Italy S.p.A., Ford Motor Company, General Motor Company, Nissan Motor Corporation, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, Volvo Group, Waymo LLC, and Zoox Inc.
The report is a compilation of different segments of the global autonomous vehicle market including market breakdown by level of autonomy, vehicle type, and region. The report further takes into consideration the market dynamics and the competitive landscape. The report also discusses in detail about the key participants involved in the industry. The report answers the following questions about the global autonomous vehicle market:
• What is ADAS and autonomous driving?
• How big is the global autonomous vehicle market in terms of volume and what is the CAGR (2018-2028)?
• What is the volume of different types of autonomous vehicle, such as level 1, level 2, level 3, level 4, and level 5?
• What is the volume of different types of autonomous vehicles, such as passenger cars, and commercial vehicles (heavy trucks and heavy buses)?
• What is the market size of different regions such as North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)?
• Which are the key companies operating in the global autonomous vehicle market?
• Which major factors are expected to impact the global autonomous vehicle market?
• What are the key market strategies adopted by the autonomous vehicle market players?
List of Tables
Table 1.1: Current Laws and Regulatory Bodies Related to Autonomous Vehicles by Country
Table 1.2: Current Laws and Regulatory Bodies Related to Testing or Experimentation of Autonomous Vehicles, by Country
Table 1.3: Regulatory Agencies for Driverless Vehicle
Table 1.4: Upcoming Start-Ups in the Autonomous Vehicle Ecosystem
Table 2.1: Impact of Market Drivers
Table 2.2: Impact of Market Challenges
Table 3.1: Benchmarking Parameters and Weightage
Table 3.2: Automotive OEMs Information
Table 3.3: Benchmarking Score: Parameter Wise
Table 3.4: Benchmarking Score: Automotive OEMs
Table 3.5: Overview of Optical Phased Array LiDAR System
Table 3.6: Overview of Traffic Side Detection
Table 3.7: Overview of High Definition LiDAR System
Table 3.8: Overview of Localization of Vehicle with two LiDAR Systems
Table 3.9: Overview of Vertical Alignment of LiDAR Sensor
Table 3.10: Overview of Detection and Ranging methods
Table 3.11: Overview of Low Cost and Small Size LiDAR
Table 3.12: Overview of Roll Stability Control System
Table 3.13: Overview of SOI-Based Opto-Electronic Compounds
Table 3.14: Overview of a Single-Photon Detector
Table 3.15: Overview of Traffic Scanning LiDAR
Table 3.16: Overview of First Warning System for Automotive Vehicles
Table 3.17: Overview of Automatic Driving Route Planning Application
Table 3.18: Overview of Driver Assistance System for Displaying Surroundings of a Vehicle
Table 3.19: Overview of All-Weather Autonomously Driven Vehicles
Table 3.20: Overview of Consideration of Risks in Active Sensing for an Autonomous Vehicle
Table 3.21: Overview of Lane Assignments for Autonomous Vehicles
Table 3.22: Overview of Solid Object Detection System Using Laser and Radar Sensor Fusion
Table 3.23: Overview of Self-Driving Vehicle with Integrated Active Suspension
Table 3.24: Overview of Autonomous Vehicle Detection of and Response to Emergency Vehicles
Table 3.25: Overview of System and Method for Predicting Behaviors of Detected Objects
Table 3.26: Overview of Advanced Driver Assistance System Feature Performance Using Off-Vehicle Communications
Table 3.27: Overview of Mode Transition for an Autonomous Vehicle
Table 3.28: Overview of Steering Wheels for Vehicle Control in Manual and Autonomous Driving
Table 3.29: Overview of Autonomous Driving Vehicle
Table 3.30: Overview of Method and System for Vehicle ESC System Using Map Data
Table 3.31: Overview of Control and Systems for Autonomously Driven Vehicles
Table 3.32: Top Ten Companies by Number of Patents Filed
Table 5.1: Level 1 Autonomous Vehicle Market Size (by Region), Thousand Units, 2017-2028
Table 5.2: Level 2 Autonomous Vehicle Market Size, (by Region), Thousand Units, 2017-2028
Table 5.3: Level 3 Autonomous Vehicle Market Size (by Region), Units, 2017-2028
Table 5.4: Level 4 Autonomous Vehicle Market Size (by Region), Units, 2019-2028
Table 5.5: Level 5 Autonomous Vehicle Market Size by Region, 2020-2028 (Units)
Table 6.1: Autonomous Passenger Vehicle Market Size (by Region), Thousand Units, 2017- 2028
Table 6.2: Autonomous Commercial Vehicles Market Size, (by Region), Million Units 2017-2028
Table 7.1: Global Autonomous Vehicle Market Volume, (by Region), Thousand Units 2017-2028
Table 7.2: North America Autonomous Vehicle Market Size (by Country), Thousand Units 2017-2028
Table 7.3: Europe Autonomous Vehicle Market Volume, (by Country), Million Units, 2017-2028
Table 7.4: APAC Autonomous Vehicle Market Size (by Country), Thousand Units, 2017-2028
Table 7.5: RoW Autonomous Vehicle Market Size (by Country), Million Units, 2017-2028
List of Figures
Figure 1: Global Passenger Car and Commercial Vehicle Sales Volume, Million Units, 2011-2017
Figure 2: Global Autonomous Vehicle Market Snapshot
Figure 3: Global Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 4: Global Autonomous Vehicle Market (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 5: Global Autonomous Vehicle Market Size (by Geography), Thousand Units, 2017
Figure 1.1: Level of Autonomy: Autonomous Vehicle
Figure 1.2: ADAS Features Application
Figure 1.3: Government Investment for Autonomous Vehicle and Infrastructure
Figure 1.4: Consortiums and Associations
Figure 1.5: Investments by Major OEMs
Figure 1.6: Investments by Major Tier 1 Component Providers and Autonomous Driving Technology Providers
Figure 2.1: Global Autonomous Vehicle Market Dynamics
Figure 2.2: Number of Fatalities by Road Accident in Europe, Units, 2011-2017
Figure 3.1: Organic & Inorganic Strategies Adopted by the Key Players
Figure 3.2: Share of Key Market Strategies & Developments
Figure 3.3: Product Launches and Developments by Companies
Figure 3.4: Business Expansion by Companies
Figure 3.5: Partnerships/Collaborations/Joint Ventures by Companies
Figure 3.6: Value Chain Analysis: Autonomous Vehicle
Figure 3.7: Patents Filled in Last Ten Years, Units, 2008-2018
Figure 3.8: Autonomous Driving Features V/S Patent Filled by Leading Companies
Figure 3.9: Patent Filled by Feature
Figure 3.10: Patent Filled by Country
Figure 5.1: Global Autonomous Vehicle Market: Different Level of Automation
Figure 5.2: Global Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 5.3: Level 1: Driver Assistance
Figure 5.4: Level 1 Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 5.5: Level 1 Autonomous Vehicle Market Size (by Vehicle Type), 2017 and 2028 Thousand Units, 2017 and 2028
Figure 5.6: Level 1 Autonomous Vehicle Market Size by Region, Thousand Units, 2017 and 2028
Figure 5.7: Level 2: Partial Automation
Figure 5.8: Level 2 Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 5.9: Level 2 Autonomous Vehicle Market Size (by Vehicle Type), 2017 and 2028 Thousand Units, 2017 and 2028
Figure 5.10: Level 2 Autonomous Vehicle Market Size (by Region), 2017 and 2028 Thousand Units, 2017 and 2028
Figure 5.11: Level 3: Conditional Automation
Figure 5.12: Level 3 Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 5.13: Level 3 Autonomous Vehicle Market Size (by Vehicle Type), 2017 and 2028 Thousand Units, 2017 and 2028
Figure 5.14: Level 3 Autonomous Vehicle Market Size (by Region), Units, 2017 and 2028
Figure 5.15: Level 3: Conditional Automation
Figure 5.16: Level 4 Autonomous Vehicle Market Size, Units, 2019-2028
Figure 5.17: Level 4 Autonomous Vehicle Market Size (by Vehicle Type), Million Units, 2019 & 2028
Figure 5.18: Level 4 Autonomous Vehicle Market Size (by Region), Million Units, 2019 and 2028
Figure 5.19: Level 5 Autonomous Vehicle Market Size, Units, 2020-2028
Figure 5.20: Level 5 Autonomous Vehicle Market Size (by Vehicle Type), Units, 2020 and 2028
Figure 5.21: Level 5 Autonomous Vehicle Market Size (by Region), Units, 2020 and 2028
Figure 6.1: Global Autonomous Vehicle Market Size (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 6.2: Autonomous Passenger Vehicles Market Size, Million Units, 2017-2028
Figure 6.3: Autonomous Passenger Vehicle Market Size (by Level of Autonomy), Thousand Units, 2017 and 2028
Figure 6.4: Autonomous Passenger Vehicle Market Size (by Region), Thousand Units, 2017 and 2028
Figure 6.5: Autonomous Commercial Vehicle Market Size, Thousand Units, 2017-2028
Figure 6.6: Autonomous Commercial Vehicles Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 6.7: Autonomous Commercial Vehicles Market Size (by Type), Thousand Units, 2017 and 2028
Figure 6.8: Autonomous Heavy Trucks Market Size, Thousand Units, 2017-2028
Figure 6.9: Autonomous Heavy Buses Market Size, Thousand Units, 2017-2028
Figure 6.10: Autonomous Commercial Vehicles Market Size (by Region), Million Units, 2017 and 2028
Figure 7.1: Global Autonomous Vehicle Market Size (by Region), Thousand Units, 2017 and 2028
Figure 7.2: Global Autonomous Vehicle Market Share (by Region), %, (2017 and 2028)
Figure 7.3: North America Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.4: North America Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 7.5: North America Autonomous Vehicle Market Size (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 7.6: North America Autonomous Vehicle Market Size (by Country), Million Units, 2017 and 2028
Figure 7.7: The U.S. Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.8: Canada Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.9: Mexico Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.10: Europe Autonomous Vehicle Market Size, Million Units, 2017 and 2028
Figure 7.11: Europe Autonomous Vehicle Market Size (by Level of Autonomy), (Units), 2017 and 2028
Figure 7.12: Europe Autonomous Vehicle Market Size (by Vehicle Type), Million Units, 2017 and 2028
Figure 7.13: Europe Autonomous Vehicle Market Size (by Country), Million Units, 2017
Figure 7.14: The U.K. Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.15: Germany Autonomous Vehicle Market Size, Units, 2017-2028
Figure 7.16: France Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.17: Rest-of-Europe Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.18: APAC Autonomous Vehicle Market Size, Million Units, 2017 and 2028
Figure 7.19: APAC Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 7.20: APAC Autonomous Vehicle Market Size (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 7.21: APAC Autonomous Vehicle Market Size, (by Country), Thousand Units, 2017
Figure 7.22: China Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.23: Japan Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.24: South Korea Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.25: Rest-of-APAC Autonomous Vehicle Market Size, Thousand Units, 2017-2028
Figure 7.26: RoW Autonomous Vehicle Market Size, Thousand Units, 2017 and 2028
Figure 7.27: RoW Autonomous Vehicle Market Size (by Level of Autonomy), Units, 2017 and 2028
Figure 7.28: RoW Autonomous Vehicle Market Size (by Vehicle Type), Thousand Units, 2017 and 2028
Figure 7.29: RoW Autonomous Vehicle Market Size (by Country), Million Units, 2017
Figure 7.30: Latin America Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 7.31: Middle East and Africa (MEA) Autonomous Vehicle Market Size, Million Units, 2017-2028
Figure 8.1: Share of Key Company Profiles
Figure 8.2: AUDI AG: Product Offerings
Figure 8.3: $Billion, 2015-2017 Audi AG: Overall Financials, $Billion, 2015-2017
Figure 8.4: AUDI AG: Net Revenue (by Region), $Million, 2015-2017
Figure 8.5: AUDI AG: Net Revenue (by Business Segment), $Million, $Million, 2015-2017
Figure 8.6: AUDI AG: SWOT Analysis
Figure 8.7: BMW Group: Brand
Figure 8.8: Product Portfolio: BMW
Figure 8.9: Product Portfolio: Rolls-Royce
Figure 8.10: Product Portfolio: MINI
Figure 8.11: BMW Group: Overall Financials, $Billion, 2015-2017
Figure 8.12: BMW Group: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.13: BMW Group: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.14: BMW Group: SWOT Analysis
Figure 8.15: Daimler AG: Product Offerings
Figure 8.16: Daimler AG: Overall Financials, $Billion, 2015-2017
Figure 8.17: Daimler AG: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.18: Daimler AG: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.19: Daimler AG: SWOT Analysis
Figure 8.20: FCA Italy S.p.A.: Product Offerings
Figure 8.21: FCA Italy S.p.A.: Overall Financials, $Billion, 2015-2017
Figure 8.22: FCA Italy S.p.A.: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.23: FCA Italy S.p.A.: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.24: FCA Italy S.p.A.: SWOT Analysis
Figure 8.25: Ford Motor Company: Brands
Figure 8.26: Product Portfolio: Ford
Figure 8.27: Product Portfolio: Ford
Figure 8.28: Ford Motor Company: Overall Financials, $Billion, 2015-2017
Figure 8.29: Ford Motor Company: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.30: Ford Motor Company: Net Revenue (by Business Segment), $Million, 2015-2017
Figure 8.31: Ford Motor Company: SWOT Analysis
Figure 8.32: General Motors: Product Offerings
Figure 8.33: General Motors: Overall Financials, $Billion, 2016-2018
Figure 8.34: General Motors: Net Revenue (by Region), $Billion, 2016-2018
Figure 8.35: General Motors: Net Revenue (by Business Segment), $Billion, 2016-2018
Figure 8.36: General Motors: SWOT Analysis
Figure 8.37: MAN SE: Product Offerings
Figure 8.38: MAN SE: Overall Financials, $Billion, 2015-2017
Figure 8.39: MAN SE: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.40: MAN SE: Net Revenue (by Business Segment), $Million, 2015-2017
Figure 8.41: MAN SE: SWOT Analysis
Figure 8.42: Nissan Motor Co., Ltd: Product Offerings
Figure 8.43: Nissan Motor Co., Ltd: Overall Financials, $Billion, 2015-2017
Figure 8.44: Nissan Motor Co., Ltd: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.45: Nissan Motor Co., Ltd: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.46: Nissan Motor Co., Ltd: SWOT Analysis
Figure 8.47: Tesla, Inc.: Product Offerings
Figure 8.48: Tesla, Inc.: Overall Financials, $Million, 2015-2017
Figure 8.49: Tesla, Inc.: Net Revenue (by Region), $Million, 2015-2017
Figure 8.50: Tesla, Inc.: Net Revenue (by Business Segment), $Million, 2015-2017
Figure 8.51: Tesla, Inc.: SWOT Analysis
Figure 8.52: Toyota Motor Corporation: Brands
Figure 8.53: Product Portfolio: Toyota
Figure 8.54: Product Portfolio: Lexus
Figure 8.55: Product Portfolio: Daihatsu
Figure 8.56: Toyota Motor Corporation: Overall Financials, 2016-2018 ($Billion)
Figure 8.57: Toyota Motor Corporation: Net Revenue (by Region), 2016-2018 ($Million)
Figure 8.58: Toyota Motor Corporation: Net Revenue (by Business Segment), 2016-2018 ($Million)
Figure 8.59: Toyota Motor Corporation: SWOT Analysis
Figure 8.60: Volkswagen AG: Brand
Figure 8.61: Volkswagen AG: Overall Financials, $Billion, 2015-2017
Figure 8.62: Volkswagen AG: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.63: Volkswagen AG: Net Revenue (by Business Segment), $Million, 2015-2017
Figure 8.64: Volkswagen AG: SWOT Analysis
Figure 8.65: Volvo Group: Product Offerings
Figure 8.66: Volvo Group: Overall Financials, $Billion, 2015-2017
Figure 8.67: Volvo Group: Net Revenue (by Region), $Billion, 2015-2017
Figure 8.68: Volvo Group: Net Revenue (by Business Segment), $Billion, 2015-2017
Figure 8.69: Volvo Group: SWOT Analysis
Figure 8.70: Waymo LLC: Product Offerings
Figure 8.71: Waymo LLC: SWOT Analysis
Figure 8.72: Zoox Inc.: Product Offerings
Figure 8.73: Zoox Inc.: SWOT Analysis
Figure 9.1 Global Autonomous Vehicle Market Scope
Figure 9.2 Top Down and Bottom Up Approach
Figure 9.3 Global Autonomous Vehicle Market Influencing Factors
Figure 9.4 Assumptions and Limitations
The global automotive industry is undergoing transformations, with a shift in the consumer behavior from conventional vehicles to autonomous vehicles as well as an increase in the implementation of stringent environmental regulations. The automotive industry currently experiences substantial investments in research and development. Unlike other industries, automotive research and development efforts are largely funded by the industry, rather than through public sources. Automotive R&D spending is increasing rapidly to keep pace with the demands for more sophisticated and effective technologies such as autonomous vehicles, telematics, and intelligent transportation systems, owing to the need to prevent accidents and maintain proper public transportation. Improved fuel economy and reduced vehicular emission continue to drive automakers to bring improvements in vehicle powertrain, light weighting, aerodynamics, and other vehicle attributes. Consumer preferences, increasing congestion, and various mobility choices mean that vehicles have to incorporate a variety of creative technologies to attract buyers. As a consequence, both public sources and private companies are investing substantially in the automotive industry.
Figure Global Autonomous Vehicle Market, 2018-2028
Source: Expert Interviews, Secondary Research, and BIS Research
The autonomous vehicle market is anticipated to grow at a CAGR of 20.78% during the forecast period 2018-2028. The autonomous vehicle market is driven by several factors such as increasing push from governments as well as consumers to ensure road safety and to develop connected and autonomous infrastructures, which boost the demand for reliable transportation system. Additionally, increased government focus on streamlined traffic infrastructure boosts the market growth. Moreover, factors such as increasing focus on vehicle platooning, transition from car ownership to mobility-as-a-service (MaaS), and revenue generation opportunity for different layers of automotive ecosystem is anticipated to create numerous opportunities for the market growth. However, factors such as reliability issue with autonomous vehicle, non-availability of required infrastructure, and undefined legal responsibilities in developing countries, and rise in cyber threat due to increasing data, hamper the market growth.
The level 1 segment dominated the global autonomous vehicle market, accounting for around 88.16% of the total market in 2017 and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the rise in demand for high-end passenger cars that include ADAS features such as adaptive cruise control, lane departure warning, drowsiness monitoring, among others, in North America and Europe. Numerous automotive OEMs are integrating their vehicles with level 1 features, owing to the growing vehicular safety concerns and rising government rules and regulations. In terms of growth, the level 4 autonomous vehicle market is anticipated to be the potential segment, expected to register the highest CAGR of 97.37% from 2020 to 2028. This is mainly due to the increasing R&D investment by automotive OEMs and self-driving technology providers such as Audi, Toyota, General Motor, Uber, Waymo, and Zoox, among others in order to develop level 4 autonomous vehicles. These companies are testing their level 4 vehicles in the U.S., Germany, and China, among others. Additionally, factors such as supportive government policies regarding autonomous vehicles and increasing government investment to develop connected infrastructure for testing autonomous vehicles are expected to drive the market growth.
The passenger vehicle segment dominated the global autonomous vehicle market, accounting for around 97.28% of the total market in 2017 and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the increasing demand for ADAS features such as adaptive cruise control, lane departure warning, traffic jam assist, and drowsiness monitoring, among others, owing to the growing emphasis towards road safety. Additionally, numerous automotive OEMs are integrating their vehicle level 1 and level 2 features owing to growing vehicular safety concern and rise in government rules and regulations. Moreover, in terms of growth, the passenger vehicle segment is anticipated to be the potential segment, expected to register the highest CAGR of 20.78% from 2018 to 2028. This is mainly due to the increasing investments by governments, automotive OEMs, and self-driving technology providers with an aim to develop advance autonomous vehicles. Companies such as Waymo, Uber, and Zoox are continuously testing their autonomous cars and robo-taxis.
North America dominated the global autonomous vehicle market and contributed 62.51% of the total market share in 2017 and is anticipated to uphold its dominance throughout the forecast period. The autonomous vehicle market in North America is majorly driven by factors such as growing demand for advanced safety features. Additionally, increasing number of high-end passenger cars such as BMW, Audi, Mercedes-Benz, General Motors, Ford, Fiat, and Volvo among others, is expected to boost the market growth, as North America is home to numerous leading high-end passenger car manufacturers, which are equipped with level 1 and level 2 of autonomy. Moreover, North America is home to leading self-driving technology providers such as Waymo, Uber, and Zoox, which provides immense opportunities to these technology providers to partner with leading enterprises such as Walmart for the development and implementation of delivery of goods through autonomous vehicles. Asia-Pacific autonomous vehicle market is expected to grow at a faster pace as compared to North America and Europe, during the forecast period. This is mainly due to the increasing investment in R&D by automotive OEMs which are headquartered in China, Japan, and South Korea. Additionally, government support and better infrastructure for autonomous vehicle is anticipated to boost the demand for autonomous vehicle in APAC, during the forecast period.
The global autonomous vehicle market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the initiatives taken by players in component market include new product launches and developments, development of precise and secure systems, pricing strategies, acquisitions of small-scale start-ups and emerging players, and formation of partnerships among the major players of the automotive components industry.
The key players in the global autonomous vehicle market are AUDI AG, BMW Group, Daimler AG, FCA Italy S.p.A, Ford Motor Company, General Motors, MAN SE, Nissan Motor Co., Ltd, Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, Volvo Group, Waymo LLC, Zoox Inc.
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