AUTONOMOUS VEHICLE MARKET ANALYSIS

Autonomous Vehicle MarketSize and Trends

The global autonomous vehicle market size was valued at US$ 104.47 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 39.9% from 2023 to 2030.  The autonomous vehicle market is undergoing significant developments due to increased collaboration between automotive and electronics companies. Increasing R&D expenditure on development of autonomous vehicles is also expected to drive growth of the global autonomous vehicle market in the coming future.

Global Autonomous Vehicle Market Trends:

• Adoption of various growth strategies by market players is a major trend: Major players in the global autonomous vehicle market are adopting collaborations and development of new solutions to boost their competitive edge in the market. For instance, in August 2019, Audi entered into a partnership with BMW and Daimler for the development of an advanced driving system. With such collaborations, companies can create highly functioning autonomous vehicles with autonomous parking and driving.