It also estimates that Europe would exhibit the highest CAGR of 42.6% during 2019-2026. On the other hand, according to Allied Market Research, the market could reach from $54.23 billion in 2019 to $556.67 billion in 2026 with a CAGR of 39.47%. According to their report, no Level 4 or Level 5 vehicles will be operational by 2030. Level 2 vehicles are estimated to capture 92% of the total market share even in 2030, while level 3 cars will capture the rest. Lux Research, in one of their reports, revealed that the self-driving vehicle market has the potential to become an $87 billion opportunity by 2030. Various global consulting and research firms have come up with different estimates of autonomous vehicle market size. Autonomous Vehicles Market Size And Growth The following table explains the autonomy levels in the vehicles. Service Providers Working on Autonomous VehiclesĪccording to the National Highway Traffic Safety Administration, autonomous cars are segmented under six different levels of autonomy starting from Level 0 to Level 5.Technology Companies Working on Autonomous Vehicles.Car Companies Working on Autonomous Vehicles.Seeing that interest and the potential we thought to conduct a thorough market analysis of the autonomous vehicle industry. The growing interest of individuals and corporates in this domain is sure going to take this industry to new heights in the near future. During the last three years, quite a number of automobile giants have announced their plans to launch fully autonomous cars by 2020. However, the race wasn’t just limited to automakers but tech companies along with service providers also joined the competition.Ĭurrently, several major companies are engaging in the research and development of both semi and fully autonomous vehicles. In 2015, Tesla started to commercialize ‘Autopilot’ features in its cars and soon started the race to be the top autonomous vehicle company. In 2009, when Google announced to start their research in self-driving, the concept became majorly popular. It recently got updated again on May 25, 2021.Įven though the concept started as early as 1500AD when Leonardo da Vinci designed a Self-propelled cart, it really came into practice in the 20th century. It was later updated on Mar 22, 2019, and Apr 26, 2020. The article was first published on Sep 6, 2017.
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