Self-Driving Electric Vehicle Market to Reach $5.0 Trillion, Globally, by 2031 at 36.3% CAGR. Allied Market Research.
Rise in demand for low-emission and safe transportation, the surge in the development of safety features, and supportive government initiatives drive the growth of the global self-driving electric vehicle market.
PORTLAND, Ore., March 10, 2023 – According to the Allied Market Research report, the global self-driving electric vehicle industry generated $0.23 trillion in 2021 and is anticipated to generate $5.0 trillion by 2031, witnessing a CAGR of 36.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Rise in demand for low-emission and safe transportation, surge in the development of safety features, and supportive government initiatives drive the growth of the global self-driving electric vehicle market. However, high manufacturing and maintenance costs and privacy & security issues restrict the growth of the market. On the other hand, technological advancement & research, and the growing use of self-driving electric vehicles for ride-hailing and delivery services will present new growth opportunities for the global self-driving electric vehicle market in the coming years.
- The outbreak of the COVID-19 pandemic had a negative impact on the sales of self-driving electric vehicles, owing to the disruption of the entire global automotive supply chain, and plant closure.
- However, several manufacturers focused on the design and development of self-driving electric vehicles post-pandemic for the delivery and logistic industries.
The passenger cars segment to achieve the highest revenue during the forecast period
By vehicle type, the passenger cars segment grabbed the highest share of more than 90% of the overall self-driving electric vehicles market in 2021 and is projected to maintain its dominance in 2031. This is because of the rise in the development of autonomous and high-performing self-driving electric passenger vehicles. Moreover, the commercial vehicles segment is expected to witness the fastest CAGR of 40.9% from 2022 to 2031. The growth of the segment is driven by government initiatives in various countries across the globe to adopt zero-emission technology for heavy-duty commercial vehicles.
The battery electric vehicles segment to rule the roost during forecast period
Based on type, the battery electric vehicles segment contributed the largest share of more than half of the global self-driving electric vehicle market and is expected to maintain its leadership in terms of revenue during the forecast period. The growth is attributed to the surge in the deployment of AI and assistive technologies such as radar and computer vision in battery electric vehicles. However, the fuel cell electric vehicles segment is expected to showcase the highest CAGR of 38.3% during the forecast period, owing to the rapid shift towards environmentally friendly vehicles from traditional vehicles to control emissions.
The level 2 segment to grab lion’s share during the forecast period
Based on the level of automation, the level 2 segment contributed to the largest share of around 90% of the global self-driving electric vehicle market and is expected to maintain its leadership in terms of revenue during the forecast period. This is due to an increase in demand for safety features and semi-autonomous driving technology in vehicles. On the other hand, the level 3 segment is projected to witness a fastest CAGR of 39.5% from 2022 to 2031. The growth is attributed to the rise in government approval to test level 3 autonomous technology in some countries.
Asia Pacific to achieve the largest revenue by 2031
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for nearly half of the global self-driving electric vehicle market and is likely to maintain its dominance during the forecast timeframe. The market in the region is driven by supportive regulatory frameworks, government funding, and investments in autonomous technologies. However, the market in North America is projected to witness a fastest CAGR of 38.8% from 2022 to 2031. The market is driven by an increase in the launch of a new range of self-driving electric vehicles on roads to offer safe transportation.
Leading Market Players
- TOYOTA MOTOR CORPORATION
- General Motors
- Volkswagen AG
- Daimler AG
- Volvo Group
- HONDA MOTOR CO., Ltd
- Hyundai motor company
- Ford Motor Company
- BMW AG
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