Autonomous vehicles, also known as self-driving vehicles use a combination of sensors like radar, LIDAR, GPS, odor sensors and cameras to navigate and maneuver the vehicle without any human intervention. Autonomous vehicles are advantageous compared to traditional vehicles as they help in reducing road accidents caused by human errors. Autonomous vehicles are incorporated with advanced driver assistance systems that provide features like adaptive cruise control, traffic jam assistance, automated emergency braking and blind spot monitoring which enhances safety and comfort during driving. 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 Opportunity:
The rise in demand for improved safety and comfort while driving is estimated to present a lucrative opportunity for the growth of the autonomous vehicle market size during the forecast period. Autonomous vehicles utilize various technologies such as ADAS, sensors and automations which help avoid road accidents caused due to human errors or distractions. According to the World Health Organization, around 1.35 million people die each year as a result of road traffic crashes. Autonomous vehicles can detect potential collisions and respond timely without any human delays, thus significantly improving road safety. In addition, autonomous vehicles also offer self-driving capabilities which allow drivers to engage in other activities while commuting, thereby enhancing comfort. The implementation of stringent government regulations regarding road safety is also anticipated to surge the adoption of autonomous vehicles during the forecast years.
Porter's Analysis
Threat of new entrants: The autonomous vehicle market requires substantial investment in R&D for technology development. Due to presence of established players threat of new entrants is moderate.
Bargaining power of buyers: Bargaining power of buyers is moderate as cost of autonomous vehicle is high and limited to commercial use currently limiting the adoption rate.
Bargaining power of suppliers: Bargaining power of suppliers is high due to specialized components and technologies required by autonomous vehicles manufacturers.
Threat of new substitutes: Threat of new substitutes is low as autonomous technology is nascent with no direct substitution currently.
Competitive rivalry: Competition is high among key players to gain market share through continuous innovation and technology development.
SWOT Analysis
Strength: Advanced driver-assistance systems, improved road safety, and enhanced mobility for elderly and disabled are the key strengths.
Weakness: High initial costs, lacking in infrastructure, and technical limitations are major weaknesses.
Opportunity: Growing investments in autonomous technology development, supportive government regulations, and expanding mobility services offer opportunities.
Threats: Cyber security threats, legal liability issues, and market acceptance from users are major threats.
Key Takeaways
The global autonomous vehicle market is expected to witness high growth at a CAGR of 6.0% during the forecast period of 2023 to 2030.
Regional analysis: North America dominated the market in 2024 with a share of over 35% owing to presence of major players and government initiatives for autonomous vehicles development in the US and Canada. Europe remains the second largest market for autonomous vehicle.
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.
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