Autonomous Vehicle Market Size to Reach $980.7 Billion, Globally, by 2040 at 22.3% CAGR: Allied Market Research

The global autonomous vehicles market is driven by factors such as increased adoption of connected infrastructure due to advancement in technology. However, lack of steady regulatory framework is restricting the market growth. On the contrary, urbanization and need for efficient mobility solutions will create lucrative growth opportunities for the market.

/EIN News/ -- Wilmington, New Castle, Delaware , Feb. 04, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Autonomous Vehicle Market by Level of Automation (Level 3, Level 4, Level 5), by Component (Hardware, Software), by Vehicle Type (Passenger Cars, Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2031-2040". According to the report, the "autonomous vehicle market" was valued at $134.8 billion in 2030, and is estimated to reach $980.7 billion by 2040, growing at a CAGR of 22.3% from 2031 to 2040.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2031–2040
Base Year	2030
Market Size in 2030	$134.8 Billion
Market Size in 2040	$980.7 Billion
CAGR	22.30%
No. of Pages in Report	213
Segments covered	Level of Automation, Component, and Vehicle Type
Drivers	Increase in adoption of connected infrastructure due to advancement in technology
Opportunities	Urbanization and need for efficient mobility solutions
Restraints	Lack of steady regulatory framework

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The Level 3 segment to maintain its leadership status throughout the forecast period

By level of automation, the level 3 segment held the highest market share in 2030, accounting for nearly half of the global autonomous vehicles market revenue and is estimated to maintain its leadership status throughout the forecast period.

This dominance is driven by the increasing integration of advanced driver-assistance systems (ADAS) that enable vehicles to handle critical driving tasks under certain conditions while still requiring human intervention when necessary. The growing adoption of level 3 automation in premium passenger cars and luxury vehicles, particularly in developed regions, has also fueled market growth.

The software segment to maintain its leadership status throughout the forecast period

By component, the software segment held the highest market share in 2030, accounting for more than three-fifths of the autonomous vehicles market and is estimated to maintain its leadership status throughout the forecast period.

The growth of software is driven by the increasing reliance on artificial intelligence (AI) and machine learning algorithms for enabling critical functions such as object detection, path planning, and decision-making. The demand for robust software solutions to manage complex sensor data from LiDAR, radar, and cameras is further propelling the segment's expansion.

The passenger cars segment to maintain its leadership status throughout the forecast period

By vehicle type, the passenger cars segment held the highest market share in 2030, accounting for more than two-thirds of the global autonomous vehicles market and is estimated to maintain its leadership status throughout the forecast period. This dominance is attributed to the rising consumer demand for advanced driver-assistance systems (ADAS) and semi-autonomous features in premium and mid-range passenger cars. The increasing focus on enhancing passenger safety, comfort, and convenience has further driven the adoption of autonomous technologies in this segment.

North America to maintain its dominance by 2040

Based on region, North America held the highest market share in terms of revenue in 2030, accounting for nearly half of the global autonomous vehicles market revenue and is likely to dominate the market during the forecast period. This dominance is driven by the presence of major automotive manufacturers and technology companies actively investing in autonomous vehicle development. The region benefits from well-established infrastructure, a high adoption rate of advanced technologies, and strong consumer demand for innovative mobility solutions. 

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Leading Market Players: -

• Waymo
• Tesla Inc.
• General Motors
• Aurora Innovation
• Hyundai
• Uber
• Toyota Motor Corporation
• Renault Group
• AB Volvo
• Valeo

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The report provides a detailed analysis of these key players in the global autonomous vehicles market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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