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Autonomous Vehicle Global Market Report 2023: Sector to Reach $411.3 Billion by 2028 at a CAGR of 38%

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Global Autonomous Vehicle Market

Global Autonomous Vehicle Market
Global Autonomous Vehicle Market

Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- The "Autonomous Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to's offering.

The global autonomous vehicle market size reached US$ 58.5 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 411.3 Billion by 2028, exhibiting a CAGR of 38.41% during 2022-2028.

Autonomous vehicle (AV), or a driverless vehicle, refers to an automobile that can operate independently without any human intervention. It can perform necessary functions by sensing and responding to external conditions and surroundings through superior and in-built programs.

It consists of advanced sensor technology, advanced driver assistance system (ADAS), complex algorithm processors, smart control systems and actuators to gather information and perform tasks and responsive actions, such as steering, braking and acceleration.

In comparison to the human-driven vehicles, AVs offer increased safety on the road, minimize human errors and fatigue and can be driven by individuals with physical disabilities.

Significant growth in the automotive industry, along with rapid digitization, represents one of the key factors creating a positive outlook for the market. Furthermore, the increasing requirement for safe and efficient mode of transportation is also driving the market growth.

This has resulted to a growing preference among consumers for AVs with internet connectivity, safety alerts, automatic crash notifications and enhanced engine controls.

Additionally, various technological advancements, such as the integration of artificial intelligence (AI), robotics, machine learning (ML) and the Internet of Things (IoT), are acting as other growth-inducing factors. In line with this, AV manufacturers are also using efficient light detection and ranging (LiDAR) and radio detection and ranging (RADAR) sensing technology for extensive monitoring and generation of 3D maps of the surroundings.

Other factors, including the implementation of favorable government policies promoting auto-tech, along with innovations in connected vehicle technology and dynamic mobility applications, are anticipated to drive the market further.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, AUDI Aktiengesellschaft (Volkswagen Group), Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, General Motors, Tesla Inc., Toyota Motor Corporation, Uber Technologies Inc. and Waymo LLC (Alphabet Inc.).

Key Questions Answered in This Report
1. What was the size of the global autonomous vehicle market in 2022?
2. What is the expected growth rate of the global autonomous vehicle market during 2023-2028?
3. What are the key factors driving the global autonomous vehicle market?
4. What has been the impact of COVID-19 on the global autonomous vehicle market?
5. What is the breakup of the global autonomous vehicle market based on the component?
6. What is the breakup of the global autonomous vehicle market based on the level of automation?
7. What is the breakup of the global autonomous vehicle market based on application?
8. What are the key regions in the global autonomous vehicle market?
9. Who are the key players/companies in the global autonomous vehicle market?

Key Attributes:

Report Attribute


No. of Pages


Forecast Period

2022 - 2028

Estimated Market Value (USD) in 2022

$58.5 Billion

Forecasted Market Value (USD) by 2028

$411.3 Billion

Compound Annual Growth Rate


Regions Covered


Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Autonomous Vehicle Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Component
6.1 Hardware
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Software and Services
6.2.1 Market Trends
6.2.2 Market Forecast

7 Market Breakup by Level of Automation
7.1 Level 3
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Level 4
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Level 5
7.3.1 Market Trends
7.3.2 Market Forecast

8 Market Breakup by Application
8.1 Transportation and Logistics
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Military and Defense
8.2.1 Market Trends
8.2.2 Market Forecast

9 Market Breakup by Region

10 SWOT Analysis

11 Value Chain Analysis

12 Porters Five Forces Analysis

13 Price Analysis

14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players

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