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Autonomous/Self Driving Vehicle Market Forecast to Grow at 37.8% CAGR from 2024 to 2031 | SkyQuest Technology

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Autonomous/Self Driving Vehicle Market Forecast to Grow at 37.8% CAGR from 2024 to 2031 | SkyQuest Technology

June 26
17:15 2024
Autonomous/Self Driving Vehicle Market Forecast to Grow at 37.8% CAGR from 2024 to 2031 | SkyQuest Technology
Skyquest Technology
Autonomous/Self Driving Vehicle Market Size, Share, Growth Analysis, By Autonomous Type(Semi-autonomous (Level 1, Level 2, Level 3), Fully Autonomous (Level 4), By Vehicle Type(Passenger Vehicle (Hatchbacks, Coupe & Sports Car, Sedan, SUV), By Component(LIDAR, RADAR, Ultrasonic Sensors, Infrared Sensors), By Mobility Type(Personal Mobility, Shared Mobility), By Region – Industry Forecast 2024-2031

Autonomous/Self Driving Vehicle Market size was valued at USD 37.8 Billion in 2022 and is poised to grow from USD 52.09 Billion in 2023 to USD 677.23 Billion by 2031, at a CAGR of 37.8% during the forecast period (2024-2031).

Autonomous Vehicles (AD) could change the way consumers perceive mobility. AD systems can make driving safer, easier and more enjoyable. Previously, hours of road driving could be spent making video calls to a friend, watching funny movies, or even working.

Continuous advances in sensor technology, artificial intelligence, and machine learning are improving the capabilities of such vehicles These technologies play an important role in autonomous system intelligence, decision-making, and safety all of which enhance it.

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The autonomous vehicles market is characterized by fierce competition and rapid technological advances, with a diverse range of players ranging from traditional car manufacturers to tech giants to new startups.This competitive environment is driven by a variety of strategies, including partnerships, acquisitions and extensive R&D efforts.

Key players

Traditional Automakers

General Motors (GM):

Overview: Through its fleet division, GM invests heavily in autonomous vehicle technology.

Strengths: Strong manufacturing capabilities, extensive R&D, and capital investments in AI and sensor technology.

Strategy: We will partner Honda and SoftBank, aiming to accelerate the deployment of the autonomous car sharing platform.


Strategic moves: Partnering with Volkswagen and investments in AI, mapping and sensor technology. Strengths: Focus on integrating autonomous technology into smart city design and rigorous testing across locations. Overview: Ford’s autonomous vehicle efforts are led by its subsidiary, Argo AI.

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Overview: Waymo is a leader in autonomous vehicles, with extensive experience in automation technologies.

Strengths: Advanced AI algorithms, advanced testing, and critical data sets for millions of autonomous driving miles.

Strategic move: Launching Waymo One, an autonomous ride-hailing service, and partnering with the automakers like Chrysler and Jaguar.

October 2023 – Uber partners with Waymo, a car company that can operate under Alphabet, the parent company of Google. Phoenix became the first city where Uber officially began acquiring Waymo’s autonomous cars. The Waymo vehicles are responsible for providing the autonomous rides offered by Uber and the pricing of these vehicles is in line with traditional vehicles offered by Uber.

August 2023 – Baidu, Inc. announced the expansion of its autonomous ride-hailing platform Apollo Go to cover Wuhan Tianhe International Airport, expanding the driverless car service.

May 2023– Valeo and Didi Autonomous Driving entered a strategic financing agreement. Valeo is ready to invest in DiDi Autonomous Driving and the joint efforts of the two companies are focused on creating intelligent safety solutions for the L4 robotaxis.

December 2022 – Apple changes its self-driving targets for upcoming electric cars, delaying the car’s target shipment date until 2026 by about a year.

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Innovation Accelerates: Paving the Way for Tomorrow’s Mobility

The autonomous vehicle market is poised to revolutionize the transportation industry with the potential to improve the safety, efficiency and comfort. The development and deployment of automation technologies is growing rapidly, with significant investments in research and development by the established automotive giants and innovative technology companies the input is caused.

Advances in AI, machine learning and sensor technologies, as well as supportive regulatory frameworks and growing consumer interest are driving the growth of this market. But major challenges remain, including technical barriers, high development costs, computing do security concerns and substantial infrastructure needs accompany. Despite these challenges, the autonomous vehicles market holds the promising growth. The continued availability of autonomous driving technology, coupled with increasing partnerships and collaborations across industries, is likely to accelerate market adoption.

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