Global Semi-Autonomous Vehicle Market Assessment, By Vehicle Type [Passenger Vehicles, Commercial Vehicles], By Level [Level 1, Level 2, and Level 3], By Region, Opportunities and Forecast, 2017-2031F

Global semi-autonomous vehicles market is projected to observe a CAGR of 20.84% in the forecast period 2024-2031, growing from USD 18.03 billion in 2023 to USD 81.99 billion in 2031. 

Semi-Autonomous Vehicle Market Size, Trends, Report 2031

Global semi-autonomous vehicles market&nbsp;is projected to observe a&nbsp;CAGR of 20.84%&nbsp;in the forecast period 2024-2031, growing from&nbsp;USD 18.03 billion&nbsp;in 2023 to&nbsp;USD 81.99 billion&nbsp;in 2031. The market has experienced growth in recent years. It is estimated to maintain a strong pace of expansion in the forecasting years due to the rising adoption of semi-autonomous vehicles, the high purchasing power of consumers, technological advancement in semi-autonomous vehicles, and strict and favorable government rules and policies concerning road and vehicle safety. Semi-autonomous vehicles are featured with different technologies, including laser, artificial intelligence (AI), and cameras, to efficiently identify dangers and obstacles on roads and highways, driving the global semi-autonomous vehicles market demand significantly. Emerging countries, including India, witnessed an increase in accidents due to a lack of attention and inappropriate behavior, which is estimated to propel the global semi-autonomous vehicle market growth in the forecast period. According to a report by the World Health Organization, global road traffic deaths decreased by 5%, resulting in 1.19 million fatalities per year between 2010 and 2021. This decline was witnessed in 108 UN member countries. In contrast, India witnessed a 15% rise in fatalities during the same period.
In addition, semi-autonomous vehicles are offering more time and comfort to the drivers. During driving, drivers can sit back, take short breaks, and relax. These features make driving more efficient and energy-saving, propelling the demand for semi-autonomous vehicles across the globe in the forecast period. Key participants are efficiently introducing a semi-autonomous driving system for new semi-autonomous vehicles to address the rising requirement for such types of vehicles and offer an overall better driving experience.
For instance, in March 2023, Guangzhou Xiaopeng Motors Technology Co., Ltd. announced the launch of an advanced semi-autonomous driving system in Guangzhou, Shenzhen, and Shanghai that can recognize traffic lights at an intersection, turn left or right automatically, conduct full name changes, and more. This is China&rsquo;s first ADAS system for utilization in city driving environments to enhance the safety of the customers.
<h2 style="text-align: justify;">Integration of Sophisticated Systems and Artificial Intelligence Drives Market Growth</h2>
Integration of sophisticated systems and artificial intelligence is playing a crucial role in increasing the global semi-autonomous vehicles market demand as both enhance the overall experience of driving. Adaptive cruise control, lane-keeping assist, and automatic braking are some sophisticated systems that reduce the likelihood of accidents and allow the vehicle to make informed decisions about its environment. These features of complex systems are expected to propel the demand for semi-autonomous vehicles globally. Artificial intelligence is continually adapting and learning to improve the performance and reliability of vehicles over time, making vehicles safer and smarter, surging the global semi-autonomous vehicle market growth in the forecast period. Market players are developing new semi-autonomous driving systems to offer several advancements in new sophisticated features, including automatic parking, among others.
For instance, in March 2023, General Motors announced the launch of a new semi-autonomous driving system, Ultra Cruise, to provide drivers with a list of new improvements. Ultra Cruise aims to propose advanced features comprising speed limits, automatic parking, object avoidance, and automatic lane change coupled with the deployment of a 360-degree representation of the environment around the vehicle.
<h2 style="text-align: justify;">Innovation of V2X Communication Propels Market Demand</h2>
Vehicle-to-everything (V2X) communication is a foremost trend that surges the potential of semi-autonomous vehicles, as V2X enables vehicles to communicate with each other while running. This communication is also formed with road infrastructure and offers drivers real-time information about accidents, weather changes, and traffic conditions. These technological innovations in semi-autonomous vehicles are improving consumer trust and acceptance because consumers are suspicious about relinquishing control of automated systems. In semi-autonomous vehicles, 5G technology is very prevalent because it expands V2X communication and shifts the attitudes of consumers towards semi-autonomous vehicles. Organizations in the global market are initiating tests to attain customer trust and increase the sales of semi-autonomous vehicles.
For instance, in March 2024, the U.S. Insurance Institute for Highway Safety announced its latest safety system ratings program on regulating the semi-autonomous advanced driver assistance system or &lsquo;self-driving&rsquo; systems presently offered in a few luxury cars.
<h2 style="text-align: justify;">Favorable Government Regulations Drive Market Growth</h2>
Government regulations concerning road and vehicle safety drive the demand for semi-autonomous vehicles as these vehicles are fuel-efficient, offer opportunities for cost savings in logistics, and decrease CO2 emissions. Regulatory bodies globally are identifying the potential benefits of autonomous vehicles and are actively supporting their deployment and development. Regulatory frameworks are being established to ensure data privacy, safety standards, and liability considerations are addressed. In addition, with the emergence of hybrid and electric vehicles, customer demand has shifted towards developing advanced technology that can enhance the overall driving experience, improve fuel efficiency, and decrease environmental impact. The integration of advanced driver assistance systems in semi-autonomous vehicles is projected to be a viable choice for satisfying these goals.
For instance, in April 2023, the European Parliament and the Council revised the regulation to reinforce the CO2&nbsp;emission performance standards for new passenger cars and vans and bring them in series with the European Union&rsquo;s goal to touch climate neutrality by 2050.&nbsp;&nbsp;
<h2 style="text-align: justify;">Passenger Vehicles Register the Largest Market Share by Vehicle Type</h2>
Passenger vehicles hold the largest market revenue share in the global semi-autonomous vehicle market, owing due to rising demand for passenger vehicles and growing requirements to improve the overall driving experience. Semi-autonomous systems in passenger vehicles allow drivers to navigate through traffic and enable them to take sharp turns effectively and safely, which further reduces stress for the driver. In addition, manufacturers in the market are efficiently working on enhancing passenger vehicles and integrating features, including connected features, ADAS, and obstacle avoidance to allow the driver to take hands and feet off from the steering and pedals according to their comfort.
For instance, in June 2023, Bayerische Motoren Werke GmbH announced the all-new BMW 5 Series in Germany, which allows drivers to go hands-free at high speeds of up to 130km/h. This BMW&rsquo;s semi-autonomous driver assist tech received approval from German authorities to allow its &lsquo;Level Two&rsquo; to be utilized on divided autobahns in the electric i5 and 5 Series.
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<h2 style="text-align: justify;">North America Dominates with the Largest Market Share</h2>
North America registers the largest market share in the global market due to the rapid adoption of semi-autonomous vehicles, the high purchasing power of consumers, and rising urbanization. The presence of giant market players in the North America semi-autonomous vehicle market is among the foremost factors propelling the market growth in the forecast period. Development of road infrastructure and advancement in semi-autonomous systems to address the rising demand for transportation effectiveness and road safety propels the market growth in the forecast period. Market players are collaborating and partnering to increase the commercialization of semi-autonomous vehicles, fostering market growth significantly.
For instance, in May 2023, Robert Bosch GmbH, a leading company in North America, announced a partnership with PlusAI, Inc. to power commercial vehicles with semi-autonomous driving features.&nbsp;
Future Market Scenario (2024-2031F)
1.&nbsp;Increasing number of accidents and strict government regulations concerning road safety are projected to propel the growth of global semi-autonomous vehicles.
2.&nbsp;Rising awareness concerning carbon emissions and sustainable transportation coupled with improved fuel effectiveness are increasing the global semi-automotive vehicles market demand.
3.&nbsp;The significant advancements in connected vehicle technology and the integration of artificial intelligence are anticipated to boost the market's growth in the forecast period.
4.&nbsp;Rapid technological advancement in the automotive sector for semi-autonomous vehicles and emerging new trends in self-driven cars are estimated to rise and offer market growth opportunities to market players.
Report Scope
&ldquo;Semi-Autonomous Vehicles Market Assessment, Opportunities, and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global semi-autonomous vehicle market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 20.84% between 2024 and 2031
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Revenue Forecast in 2031
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USD 81.99 billion
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Segments Covered
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Vehicle Type, Level
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Waymo LLC, Tesla, Inc., Bayerische Motoren Werke AG, Ford Motor Company, General Motors Company, The Hyundai Motor Company, Mercedes-Benz Group AG, Nissan Motor Co., Ltd., Audi AG, Zoox, Inc.
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In this report, the&nbsp;global semi-autonomous vehicle market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Vehicle Type
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<li>Passenger Vehicles</li>
<li>Commercial Vehicles</li>
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<li>By Level
<ul>
<li>Level 1</li>
<li>Level 2</li>
<li>Level 3</li>
</ul>
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<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Global semi-autonomous companies are efficiently partnering with other companies to enhance product specifications and business operations. Key participants also generate high profits by adopting different strategies including partnership, collaboration, new product launches, mergers and acquisitions, and others which further help in expanding product portfolio and footprint. In addition, companies are engaging in new and different research and development companies to enhance autonomous driving systems and offer safer surroundings.
In January 2022, NVIDIA Corporation found success in China and ramped up competition with Tesla by powering its semi-autonomous driving systems. NVIDIA Corporation also promises the capabilities for fully autonomous driving.
In June 2023, the California Department of Motor Vehicles allowed Mercedes-Benz AG to sell semi-autonomous vehicles in California.
Key Players Operating in the Global Semi-Autonomous Vehicle Market are:
<ul style="text-align: justify;">
<li>Waymo LLC</li>
<li>Tesla, Inc.</li>
<li>Bayerische Motoren Werke AG</li>
<li>Ford Motor Company</li>
<li>General Motors Company</li>
<li>The Hyundai Motor Company</li>
<li>Mercedes-Benz Group AG</li>
<li>Nissan Motor Co., Ltd.</li>
<li>Audi AG</li>
<li>Zoox, Inc.</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
If you can't find what you're searching for or have any custom requirements for the global semi-&nbsp;autonomous vehicle market, you may approach our team at&nbsp;<a href="mailto:info@marketsandata.com">info@marketsandata.com</a>.

Global Semi-Autonomous Vehicle Market Assessment, Opportunities and Forecast, 2017-2031F

Global semi-autonomous vehicle market is expected to experience growth due to an increase in demand for semi-autonomous vehicles, a rise in the purchasing power of consumers, rapid urbanization, and technological innovations in vehicles. 

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