Autonomous Vehicle Market to Reach $2,161.78 Billion, Globally, by 2030 at CAGR of 40.1%: Allied Market Research

PORTLAND, Ore., March 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Autonomous Vehicle Market by Level of Automation (Level 1, Level 2, Level 3, Level 4, and Level 5), Application (Civil, Defense, Transportation & Logistics, and Construction), Drive Type (Semi-autonomous and Fully Autonomous), and Vehicle Type (Passenger Car and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global autonomous vehicle industry generated $76.12 billion in 2020 and is estimated to reach $2,161.78 billion by 2030, growing at a CAGR of 40.1% from 2021 to 2030.

Major determinants of the market growth

The transition from ownership to mobility-as-a-service (MaaS), growth in connected infrastructure, improved safety, and reduction in traffic congestion have boosted the growth of the global autonomous vehicle market. However, high manufacturing cost and data management challenges hinder the market growth. On the contrary, development of smart cities and supportive government regulations would unlock new opportunities for the market players in the future.

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Covid-19 outbreak:

• The Covid-19 pandemic negatively affected the demand for automotive vehicles due to restriction on import-export across the international boarders and restrictions on public and private transportation.
• The prolonged lockdown disrupted the supply chain and created shortage of raw materials, which in turn, hampered manufacturing activities of autonomous vehicles.

The defense segment to showcase the highest CAGR through 2030

Based on application, the defense segment is expected to register the highest CAGR of 43.4% during the forecast period, owing to rise in demand for autonomous vehicles in the defense sector. However, the civil segment held the largest share in 2020, accounting for nearly two-thirds of the global autonomous vehicle market in 2020, owing to rise in availability of semi-autonomous cars across the globe.

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The fully autonomous segment to register the highest CAGR by 2030

Based on drive type, the fully autonomous segment is projected to manifest the highest CAGR of 52.3% during the forecast period, owing to adoption of automation in the transport sector. However, the semi-autonomous segment dominated in terms of revenue in 2020, accounting for more than 90% of the global autonomous vehicle market share in 2020, due to trend of automation and surge in availability of semi-autonomous vehicles in the market.

North America held the largest share

Based on region, North America held the highest share in 2020, contributing to more than one-third of the market, owing to rise in use of semi-autonomous vehicles in the region. However, the global autonomous vehicle market across Asia-Pacific would register the fastest CAGR of 42.4% from 2021 to 2030, due to the continuous technological advancements in the automobile sector.

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Key Players in the Industry

• Cerner Corporation
• Epic Systems Corporation
• Eclinicalworks, LLC
• GE Healthcare
• Mckesson Corporation
• Athenahealth, inc.
• Quest Diagnostics Incorporated
• Gebbs healthcare solutions, inc.
• Experian PLC
• Allscripts Healthcare Solutions, INC.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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