Autonomous driving technology is gaining immense traction in the contemporary world. As per Coherent Market Insights, the global autonomous vehicle industry is projected to record a robust CAGR of 39.9% during the forecast period, totaling a valuation of US$ 1529.69 billion by 2030.
Audi AG, General Motors, Tesla, Inc., Nissan Motor Company, BMW AG, Ford Motor Company, and Daimler AG are few leading manufacturers. They employ different strategies to stand out from the crowd.
Top players are constantly striving to develop prototypes of fully self-driving cars integrated with advanced technologies like AI and ML. They are also using tactics like acquisitions, partnerships, and mergers to gain a competitive edge.
Recent Developments
In October 2024, Tesla unveiled a much-awaited robotaxi, Tesla Cybercab. The new model is planned to be fully autonomous, having no steering wheels or pedals. Tesla’s CEO Elon Musk announced that production of Tesla Cybercab will likely start before 2027. This development highlights the company’s commitment to advancing autonomous driving, creating safer roads, and transforming the transportation industry.
In June 2024, Nissan started demonstrations of a prototype, Nissan LEAF, equipped with in-house-built, autonomous drive technologies. The new prototype comes with 14 cameras, 6 LiDAR sensors, and 10 radars. It highlights the company’s progress in the field of autonomous driving.
Factors Impacting Growth of Autonomous Vehicle Industry
The future of global autonomous vehicle industry looks bright. This is mainly due to growing popularity of autonomous driving and rising emphasis on enhancing road safety.
Increasing investments in research and development for producing fully autonomous vehicles is also expected to boost the self-driving vehicle industry. Similarly, introduction of new government regulations and laws to facilitate safe AV deployment will likely support industry expansion.
A prominent trend expected to boost sales growth is the widening applications of autonomous vehicles in the commercial transport segment. Many companies are shifting their focus towards developing autonomous vehicles for logistics, ride-sharing, and delivery services.
“Ongoing innovations in AI algorithms and sensor technologies are paving the way for the development of more reliable and safe autonomous driving systems. This will positively impact the global autonomous vehicle industry in the coming years,” says a lead analyst at Coherent Market Insights.
Regional Insights
North America is anticipated to record significant growth during the forecast period owing to growing adoption of self-driving cars and rapid expansion of mobility as a service sector. Amendments in traffic regulations for incorporating autonomous cars on public roads will likely boost sales growth through 2030.
