Statzon Data Reveals the Autonomous Vehicle Market is Thriving Even When the Industry is Still in Its Infancy
Commonly known as a self-driving car, the autonomous vehicle is a breakthrough innovation that creates a lot of attention. Market data in Statzon database shows the autonomous vehicle market is already thriving, although it is still considered an emerging market. The value of this market has already reached USD 87.6 billion in 2021 and is expected to hit more than USD 600 billion in 2030, according to Next Move Consulting Strategy, a research provider partnering with Statzon in providing market data.
We would still have to wait for at least another decade to see a mass deployment of a fully autonomous vehicle, a 100% self-driving car without any human intervention. However, Robotaxi, or driverless taxi services are already available in several areas with optimal geographic and climate conditions.
Autonomous Vehicle Market Segmentations
Based on the Society of Automotive Engineers (SAE) levels of autonomous driving, the market is classified into two categories: semi-autonomous (Level 1,2, and 3 in SAE level categorization) and fully autonomous vehicles (Level 4 and 5).
The fully autonomous vehicle segment gained only a small portion of the market with a market value of 84.3 billion in 2021, but this segment will experience remarkable growth, accelerating at 42.9% CAGR during the forecast period 2022-2030.
The semi-autonomous segment generated USD 84.3 billion in 2021 and it will still dominate the market until the end of the forecast period despite having a lower growth rate compared to the fully autonomous segment.
By propulsion type, ICE segment is currently dominating the market and is valued at USD 46.2 billion in 2021. BEV segment is the second biggest in the market, valued at USD 25.9 billion in 2021, growing at a 27.8% CAGR, which is the highest CAGR among other segments. The ICE and BEV segments combined accounted for 82% of the market in 2021 with the other segments (HEV, PHEV, FCEV) taking only small portions of the market.
Another segmentation is to classify the market into shared mobility and personal mobility. The shared mobility segment gained USD 65.7 billion in 2021, roughly 75% of the total market. This segment is expected to reach USD 396.7 billion by 2030, registering a CAGR of 22.6%. Shared mobility will continue to dominate the market in the future as ownership of personal vehicles continuously declines. The future of mobility will mostly rely on Mobility as a Service (MaaS) which encourages the use of public transport, ride-hailing, and shared mobility.
China and US in the race to autonomous driving
The US has been a long-time leader in autonomous vehicle development, steered by tech hubs on the west coast with companies like Uber and Tesla making headlines for both successes and failures. The country is the biggest contributor to the autonomous vehicle market, delivering USD 20.7 billion in 2021. The market value is expected to grow to reach USD 123.8 billion by 2030.
China market, on the other hand, was valued at USD 11.1 billion in 2021, roughly half the value of the US market, but the country is gearing up to replace US as market leader. China has an edge over US in terms of supply chains and cheaper production costs for autonomous vehicles. As a result, China is not that far behind the US in terms of volume even with a smaller market value.
China certainly enjoys favorable regulations and policies allowing testing of self-driving cars in many cities. In the US, developers are often frustrated by states specific regulations without nationwide authorization for testing. When an autonomous driving test vehicle crosses from California into Nevada, for example, it needs to stop first to change plates before continuing the test in the new state. The regulatory roadmap that will allow self-driving cars to be deployed on a mass scale is still far from ready.
China is not free from problems, though. Production of autonomous vehicles in the country is highly dependent on chips designed by foreign companies, mostly US groups Nvidia, Qualcomm, and Intel. In recent years, China saw a boom in its local chip market with companies like MetaX Integrated Circuits and Biren Technologies trying to compete with western production. Yet, they are still years behind their American competitors
Rika Melissa, Statzon
rika@statzon.com
https://statzon.com
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