Overview and Scope
Connected and autonomous mobility vehicles (CAVs) refer to vehicles that can communicate with each other and the surrounding infrastructure and operate without human intervention. These vehicles are equipped with a range of sensors, communication technologies, and artificial intelligence that allow them to sense their surroundings, interpret sensory information, and operate without human intervention.
Sizing and Forecast
The connected and autonomous mobility vehicles market size has grown exponentially in recent years. It will grow from $133.03 billion in 2023 to $197.56 billion in 2024 at a compound annual growth rate (CAGR) of 48.5%. The growth in the historic period can be attributed to emergence of advanced driver assistance systems (adas), development of gps and navigation systems, early research and development in autonomy, pioneering autonomous vehicle projects, shift towards mobility as a service (maas)..
The connected and autonomous mobility vehicles market size is expected to see exponential growth in the next few years. It will grow to $824.41 billion in 2028 at a compound annual growth rate (CAGR) of 42.9%. The growth in the forecast period can be attributed to consumer trust and adoption, urban mobility solutions integration, continued regulatory developments, increased adoption of on-demand services, evolution of v2x communication, growth in electric and hybrid vehicles.. Major trends in the forecast period include consumer acceptance and adoption, urban mobility solutions, enhancements in sensor technologies, regulatory support and standards, rise in on-demand mobility services, development of v2x communication..
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Segmentation & Regional Insights
The connected and autonomous mobility vehicles market covered in this report is segmented –
1) By Level Of Automation: Level 1, Level 2, Level 3, Level 4, Level 5
2) By Propulsion Type: Semi-Autonomous, Fully Autonomous
3) By Vehicle Type: Passenger Car, Commercial Vehicle
4) By Application: Civil, Defense, Transportation And Logistics, Construction
North America was the largest region in the connected and autonomous mobility vehicles market in 2023. The regions covered in the connected and autonomous mobility vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising number of road accidents is expected to propel the growth of the connected and autonomous mobility vehicles market going forward. A road accident is an incident that resulted in property damage or personal injury and occurred at a location intended for public transportation, or that is often used for transportation and in which at least one of the involved parties was a moving vehicle. Connected and autonomous vehicles (CAVs) can use their connectivity and automation to help prevent and mitigate road accidents by performing evasive maneuvers, monitoring the driver’s attention, and taking over control of the vehicle if the driver is not paying attention. For instance, in May 2022, according to The National Highway Traffic Safety Administration, US-based government agency focused on transportation safety, it is estimated that in the US around 42,915 people died in motor vehicle traffic crashes in 2021, an increase of 10% from 38,824 fatalities in 2020. Further, in the US there were 5,250,837 police-reported traffic crashes in 2020. Therefore, the rising number of road accidents is driving the growth of the connected and autonomous mobility vehicle market.
Key Industry Players
Major companies operating in the connected and autonomous mobility vehicles market report are Microsoft Corporation, General Motors (GM), Mercedes-Benz Group AG, Ford Motor Company, Bayerische Motoren Werke AG (BMW), SAIC Motor Corp. Ltd., Tesla Inc., Nissan Motor Co. Ltd., Intel Corporation, BYD Co. Ltd., Groupe Renault, The Volvo Group, Magna International Inc., Uber Technologies Inc., ABB Ltd., Nvidia Corporation, Jaguar Land Rover Automotive PLC, Didi Chuxing Technology Co. Ltd., Baidu Inc., Aptiv plc, Porsche Automobil Holding SE, Lyft Inc., Motional, Aurora Innovation Inc., SAE International, Nuro Inc., Argo AI, AutoX Inc., Swift Navigation, Nauto
The connected and autonomous mobility vehicles market report table of contents includes:
1. Executive Summary
2. Connected And Autonomous Mobility Vehicles Market Characteristics
3. Connected And Autonomous Mobility Vehicles Market Trends And Strategies
4. Connected And Autonomous Mobility Vehicles Market – Macro Economic Scenario
5. Global Connected And Autonomous Mobility Vehicles Market Size and Growth
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32. Global Connected And Autonomous Mobility Vehicles Market Competitive Benchmarking
33. Global Connected And Autonomous Mobility Vehicles Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Connected And Autonomous Mobility Vehicles Market
35. Connected And Autonomous Mobility Vehicles Market Future Outlook and Potential Analysis
36. Appendix
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