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Autonomous Vehicle Market Share

Report ID: GMI8218
Published Date: Feb 2024
Report Format: PDF

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Autonomous Vehicle Market Share

Volkswagen AG and Toyota Motor Corporation dominate the autonomous vehicle industry with over 15% of the market share. Volkswagen AG dedicates considerable resources to research and development (R&D) efforts, primarily directed towards advancing autonomous vehicle technology. Additionally, they allocate investments towards state-of-the-art sensors, artificial intelligence, and machine learning algorithms, aiming to elevate the safety, dependability, and effectiveness of autonomous driving systems.

Toyota Motor Corporation adopts a data-centric strategy in the development of autonomous vehicles, gathering and evaluating real-world driving data. Leveraging insights gleaned from data analytics, they refine autonomous driving algorithms, bolster predictive capabilities, and fine-tune vehicle performance and safety measures.

Autonomous Vehicle Market Companies

Major companies operating in the autonomous vehicle industry are:

AB Volvo
BMW AG
Embark Trucks Inc.
General Motors Company
Honda Motor Company
Nissan Motor Co. Ltd.
Tesla Inc.
Toyota Motor Corporation
Volkswagen AG

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of autonomous vehicle reached USD 2 trillion in 2023 and is set to witness 13.5% CAGR from 2024 to 2032, owing to increasing consumer inclination towards autonomous driving worldwide.

The ICE segment recorded over 65% share in 2023, due to being substantially less expensive, making them more viable for early research & testing.

North America market reached 19% revenue share in 2023, attributed to rising traffic congestion and deaths, along with a public desire for convenience in the region.

AB Volvo, BMW AG, Embark Trucks Inc., General Motors Company, Honda Motor Company, Nissan Motor Co. Ltd., Tesla Inc., Toyota Motor Corporation, and Volkswagen AG are some of the major autonomous vehicle companies worldwide.