Global Autonomous Technology Market By Type (Semi-autonomous, Fully autonomous), By Application (Defense, Transportation, Others), By Region, And Segment Forecasts, 2023 to 2032
Report Id: 44213 | Published Date: Jul 2024 | No. of Pages: 10 | Base Year for Estimate: Jul 2024 | Format:
Market Overview:
The influx of autonomous solutions in the automotive sector as per the growing consumer needs is leading to rapid growth in the autonomous vehicle market. The primary objective of the autonomous vehicle market is to introduce self-sufficiency that can drive itself safely, effectively and at a low cost. The main principle behind the integration of this technology is to reduce the number of accidents and offer the population efficient and convenient means of transport.
The global autonomous technology market was valued at USD 41.13 billion in 2024 and is projected to reach USD 114. 60 billion by 2031, growing at a CAGR of 22.8% from 2024-2031. Factors such as traffic congestion, the urgency to introduce sustainable transportation and the increasing adoption of AI and ML are driving the market growth.
Premium Insights:
Various sectors such as automotive, aerospace, healthcare and manufacturing are increasingly adopting autonomous technologies
Significant investments from both private and public sectors are accelerating the development and deployment of autonomous solutions.
Global Autonomous Technology Market Dynamics:
Drivers: Focus on safety & efficiency, growing investment from tech giants & automakers, changing consumer preferences and focus on smart cities & connected infrastructure.
-Autonomous technology has the potential to significantly improve transportation safety by reducing human error, a major factor in accidents. Additionally, autonomous systems can optimize routes and traffic flow, leading to increased efficiency.
-Leading technology companies and established automakers are investing heavily in autonomous technology research and development. This significant investment fuels innovation and accelerates the progress of autonomous systems.
-Growing public interest in self-driving cars and a shift towards on-demand transportation models create a potential customer base for autonomous technology applications.
-The development of smart cities with connected infrastructure, including vehicle-to-everything (V2X) communication, creates a supportive environment for the adoption and integration of autonomous technologies.
Restraints: Technical & regulatory challenges, cybersecurity concerns, high costs of development and limited availability of skilled workforce.
-Autonomous systems still face technical challenges like sensor limitations, handling unexpected situations, and ensuring reliable performance in diverse weather conditions. Additionally, clear and comprehensive regulations governing the operation and liability of autonomous systems are necessary before widespread adoption can occur.
-The reliance on complex software and connectivity in autonomous systems raises cybersecurity risks. Ensuring robust security measures and addressing data privacy concerns are essential for consumer trust and market growth.
-Developing and implementing autonomous technology can be expensive, from sensor integration and AI software to infrastructure upgrades. This can be a barrier for wider adoption, particularly for smaller companies or public transportation systems.
-Developing and maintaining autonomous technology requires a specialised workforce with expertise in AI, machine learning, robotics, and engineering. A shortage of skilled personnel can hinder the pace of innovation and market expansion.
Opportunities: Expansion into niche markets & specific applications, Ethical consideration and advancement in sensor technologies.
-While fully autonomous vehicles may take time, the market can expand by focusing on specific applications where autonomous technology offers clear advantages. Examples include autonomous shuttles in closed environments, delivery drones, and self-driving trucks on designated routes.
-Ethical considerations around data usage, decision-making algorithms, and societal impacts of autonomous technology need to be addressed to ensure responsible development and implementation.
-Developments in sensor technology, such as high-resolution lidar and advanced cameras, can improve the accuracy and perception capabilities of autonomous systems, leading to safer and more reliable performance.
Market By Autonomous Technology Type Insights:
Based on Type, the market is segmented into Autonomous vehicles, autonomous robots and autonomous drones. While other segments like delivery drones and industrial robots are witnessing growth, autonomous vehicles hold the largest market share in 2024. The potential impact on personal transportation, ride-sharing services, and logistics is driving significant investment and development efforts in this segment.
Based on the level of autonomy, the market can be segmented into Levels 1, 2, 3. 4 and 5. The level 2 segment deals with partial automation where the vehicle can control steering, acceleration and braking but the driver must remain engaged, also known as DAS (driver-assisted systems). This segment holds the largest market share as it offers a stepping stone towards full autonomy and consists of features such as adaptive cruise control, lane departure warning and automatic which enhances the driver's safety and offers a taste of autonomous functionality for consumers.
Based on application, the market is segmented into automotive, aerospace & defence, agriculture, logistics & supply chain, healthcare and consumer electronics. The autonomous segment has been and will continue to dominate the market as autonomous technology's primary utilisation in cars, trucks, and other transportation vehicles. It holds immense potential for transforming transportation. The market also offers solutions for various levels of autonomy, with significant investments in the development of L4 and L5 in vehicles, so that it can operate without human interaction in controlled environments.
Market By End-Use Insights:
Based on end-use, consumer applications is the dominating segment and are expected to lead the market in 2024 due to the widespread adoption of level 2 assistance features in passenger cars. Consumers are increasingly interested in technologies that enhance safety and comfort during their commutes.
Market By Region Insights:
Based on regional coverage, the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America is expected to have the largest market share in 2024, owing to several reasons, such as being home to many of the world’s leading technology companies and automotive infrastructure, and fostering autonomous driving technology and research. Several states in North America have already been successfully tested for Self-driving cars.
Competitive Scenario:
Major players operating in this market are General Motors (GM), Ford, Toyota, Volkswagen, Group (VW), BMW, Stellantis (formerly Fiat Chrysler Automobiles), Alphabet (Waymo), Daimler AG (Mercedes-Benz), Nissan, Honda, Tesla, Apple, Amazon (Zoox), Baidu
Scope of Work-Global Autonomous Technology Market
Key Market Developments
July 2023- Volkswagen announced a new launch of its self-driving vehicles, for ride-hailing and goods delivery services by 2026. Volkswagen also plans to test 10 ID Buzz electric vehicles retrofitted with Mobileye’s autonomous driving platform with safety drivers on board in limited areas of Austin, including downtown.
March 2024-Minus Zero which is being developed in India, Bengaluru, showcased autonomous driving technology i.e similar to Tesla’s Autopilot and aims to be the first Indian technology provider to offer hub-to-hub autonomous driving
January 2024-Morris Garages (MG) launched the MG Astor 2024. This is their first car to be launched consisting of a personal AI assistant in India. The new Astor 2024 has a host of features including Wireless Android Auto, Apple CarPlay and a Wireless Charger
Frequently Asked Questions (FAQs)
What is the current size of the global autonomous technology market?
Ans. The global autonomous technology market was valued at USD 41.13 billion in 2024
What are the main drivers of the autonomous technology market?
Ans. The key drivers include a focus on safety & efficiency, growing investment from tech giants & automakers, changing consumer preferences and a focus on smart cities & connected infrastructure.
What are the primary challenges faced by the autonomous technology market?
Ans. Challenges include technical & regulatory challenges, cybersecurity concerns, high costs of development and limited availability of skilled workforce.
What opportunities exist in the autonomous technology market?
Ans. Opportunities include expansion into niche markets & specific applications, Ethical consideration and advancement in sensor technologies.
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