by The ever-expanding Autonomous Vehicle Market enables driverless capabilities through continuous advancements in artificial intelligence and sensor technologies. Autonomous vehicles employ technologies such as radar, lidar, GPS systems, ultrasonic sensors and cameras to detect surrounding vehicles and obstacles and navigate accordingly without any human input. These advanced driver-assistance systems and self-driving features provide increased safety and convenience on roadways. Furthermore, autonomous trucking and ride-sharing services promise to make delivery and transportation processes more efficient. The global Autonomous Vehicle Market is estimated to be valued at US$ 146.15 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the Autonomous Vehicle Market size is the integration of 5G network connectivity. 5G cellular networks have significantly higher speeds and lower latency compared to previous generations. This will allow autonomous vehicles to transmit huge amounts of data from their various sensors to other vehicles and infrastructure in real-time. Using vehicle-to-everything (V2X) communication, autonomous vehicles will be able to instantly share information about road and traffic conditions, nearby obstacles and other hazards. 5G will enhance autonomous vehicles’ understanding of their environment and enable new advanced applications around automated driving, remote monitoring and over-the-air updates. As 5G networks continue expanding globally, integration with autonomous driving systems will accelerate.
Porter’s Analysis
Threat of new entrants: The autonomous vehicle market has high capital investment and technological challenges which act as barriers for new entrants.
Bargaining power of buyers: Buyers have significant bargaining power due to availability of several autonomous vehicle service providers in the market.
Bargaining power of suppliers: A few large technology companies control key technologies like sensors and connectivity which gives them strong bargaining power.
Threat of new substitutes: Emerging mobility solutions like shared mobility and electric vehicles pose threat of substitution.
Competitive rivalry: The autonomous vehicle market sees intense competition among key global players to capture more market share.
Key Takeaways
The global Autonomous Vehicle Market is expected to witness high growth.
Regional analysis: North America currently holds the highest share in the autonomous vehicle market due to presence of key players like GM, Ford, Tesla, Waymo in the US and Canada. Government support and investments are also driving growth. Asia Pacific is expected to witness fastest growth in the autonomous vehicle market during the forecast period led by China, Japan and South Korea. Growing demand for new mobility solutions, declining costs of sensors and connectivity technologies are fueling adoption.
Key players: Key players operating in the autonomous vehicle market are Atlas Copco, Caterpillar, Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore, Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Americas, Inc., J C Bamford Excavators Ltd. (JCB), Komatsu America Corp., Liebherr Group, Sany Heavy Industries Co. Ltd, Terex Corporation, Ahern Rentals, Herc Rentals Inc., and United Rentals, Inc. The players are investing significantly in developing advanced autonomous technologies.
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