Autonomous Luxury Vehicle Market Size Projections Indicate a CAGR of 32.57%, Envisioned to Attain a Value of USD 174.57 Billion by 2030

According to Zion Market Research, the global autonomous luxury vehicle market size is projected to reach USD 174.57 billion by 2030 from its value of USD 17.83 billion in 2022, at a CAGR of 32.57% during the forecast period.

NEW YORK, USA, Oct. 03, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Autonomous Luxury Vehicle Market By Automation [Level 5, Level 4, And Level 3], By Component [Service, Hardware, And Software], By Application [Self-Driving Bus, A Self-Driving Truck, Rideshare, Ride-Hail, Robo Taxi, And Civil], By Vehicle [Hatchback, SUV, And Sports Utility Vehicles], By Driver [IC Engine And Electric], By Fuel [Battery Electric Vehicle (BEV), Internal Combustion Engine (ICE) Vehicle, Hybrid (HEV & PHEV), And Fuel Cell Electric Vehicle (FCEV)], By Sensors [Camera Unit, Ultrasonic Sensors, LiDAR Sensors, Radar Sensors, And Biometric Sensors], By End User [Personal Mobility And Car-Sharing], And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the global autonomous luxury vehicle market size was valued at about USD 17.83 billion in 2022. The market is expected to grow at a CAGR of 32.57% and is anticipated to reach a value of USD 174.57 billion by 2030.”

Autonomous Luxury Vehicle Market Overview:

The autonomous vehicle, also known as a self-driving vehicle, employs light detection & ranging (LiDAR), artificial intelligence software, and RADAR sensing technology to monitor the 60-meter range surrounding the car and create an active 3D map of the live location. Without human intervention, the autonomous vehicle can travel between different locations automatically. They combine software and sensors for vehicle navigation, control, and handling. On the basis of a vast multitude of sensors such as radar, the majority of autonomous vehicles create an internal map of their surroundings. These automobiles provide mobility, safety, and driving enjoyment.

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Autonomous Luxury Vehicle Market: Growth Drivers

There is a significant spike in the tangible luxury offerings in automobiles due to the consumers’ inclination toward more comfortable and advanced featured vehicles. The shift in preference of people from sedans to SUVs due to the growing disposable income of the people boosts the global autonomous luxury vehicle market. Increasing awareness among the consumers regarding adopting the safe and productive mode of driving is further fueling the global autonomous luxury vehicle market. The modern and hectic life of people especially in the developed region is inducing people to adopt autonomous vehicles to save time. The growing traffic zones are significantly contributing to the growth of the global autonomous luxury vehicle market. The growing rules and regulations of the government owing to the passenger safety and surge in the cases of road accidents are proliferating the global autonomous luxury vehicle market growth.

The increasing mandates from the government such as the anti-lock braking systems and driver assistance systems further expand the market. However, the increasing demand for the cost-effective autonomous vehicles system is anticipated to propel the market growth significantly. The growing aggressive efforts of the manufacturers to improve the driving experience and product portfolio have projected the market to grow significantly during the forecast period.

The growing per capita income of people in developing countries bolsters the market growth.

The increasing investment in research and development in autonomous vehicles is boosting the growth of the global market. The integration of dynamic mobile applications with the autonomous vehicle is attracting the customers to adopt highly advanced technology. Moreover, the emergence of smart cities and the proliferation of connected vehicle technology integrated with the internet of things (IoT) & robotics assistance further bolster the market growth.

Autonomous Luxury Vehicle Market: Segmentation

The global autonomous luxury vehicle market can be segmented into automation, component, application, vehicle, driver, fuel, sensors, end-users, and region.

By automation, the market can be segmented into level 5, level 4, and level 3. By component, the market can be segmented into service, hardware, and software. By application, the market can be segmented into the self-driving bus, a self-driving truck, rideshare, ride-hail, Robo taxi, and Civil.

By vehicle, the market can be segmented into the hatchback, SUV, and sports utility vehicles. Among these, the SUV segment holds the hegemony over others due to the growing demand for luxury vehicles. By driver, the market can be segmented into an IC engine and electric.

By fuel, the market can be segmented into battery electric vehicle (BEV), internal combustion engine (ICE) vehicle, hybrid (HEV & PHEV), and fuel cell electric vehicle (FCEV). The battery-electric vehicle (BEV) segment holds the largest share in the global autonomous luxury vehicle market.

By sensors, the market can be segmented into the camera unit, ultrasonic sensors, LiDAR sensors, radar sensors, and biometric sensors. By end-users, the market can be segmented into personal mobility and car-sharing.

Browse the full “Autonomous Luxury Vehicle Market By Automation [Level 5, Level 4, And Level 3], By Component [Service, Hardware, And Software], By Application [Self-Driving Bus, A Self-Driving Truck, Rideshare, Ride-Hail, Robo Taxi, And Civil], By Vehicle [Hatchback, SUV, And Sports Utility Vehicles], By Driver [IC Engine And Electric], By Fuel [Battery Electric Vehicle (BEV), Internal Combustion Engine (ICE) Vehicle, Hybrid (HEV & PHEV), And Fuel Cell Electric Vehicle (FCEV)], By Sensors [Camera Unit, Ultrasonic Sensors, LiDAR Sensors, Radar Sensors, And Biometric Sensors], By End User [Personal Mobility And Car-Sharing], And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/autonomous-luxury-vehicle-market

Regional Analysis:

North America holds the largest share in the global autonomous luxury vehicle market owing to the surge in the sales of luxury automobiles. The growing government regulations regarding the installation of the smart driver safety system further fuels the regional market growth.

Europe is a growing region in the global market due to the intensifying investments in research and development activities. However, the region is known to be the global hub for the luxury automobile market.

Asia Pacific is anticipated to witness huge growth during the forecast period due to the growing technological advancements and the presence of some prominent players in the region.

Competitive Players:

The report contains qualitative and quantitative research on the global Autonomous Luxury Vehicle market, as well as detailed insights and development strategies employed by the leading competitors.

Some of the main players in the global Autonomous Luxury Vehicle market include;        

• Cisco Systems
• Renesas Electronics
• ZF Friedrichshafen
• Magna International
• Valeo
• Texas Instruments
• Infineon Technologies
• NXP Semiconductors
• Denso
• Delphi Automotive
• Robert Bosch
• Continental
• Baic Motor
• Waymo
• Saic Motor Corporation
• Baidu
• Changan Automobile
• Tesla
• Porsche
• Daimler
• BMW

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The global Autonomous Luxury Vehicle market is segmented as follows:

By Automation

• Level 5
• Level 4
• Level 3

By Component

• Service
• Hardware
• Software

By Application

• Self-Driving Bus
• Self-Driving Truck
• Rideshare
• Ride-Hail
• Robo Taxi
• Civil

By Vehicle

• Hatchback
• SUV
• Sports Utility Vehicles

By Driver

• IC Engine E
• lectric

By Fuel

• Battery Electric Vehicle (BEV)
• Internal Combustion Engine (ICE) Vehicle
• Hybrid (HEV & PHEV)
• Fuel Cell Electric Vehicle (FCEV)

By Sensors

• Camera Unit
• Ultrasonic Sensors
• LiDAR Sensors
• Radar Sensors
• Biometric Sensors

By End-Users

• Personal Mobility
• Car-Sharing

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Key Questions Answered in This Report:

• What is the Autonomous Luxury Vehicle?
• Which key factors will influence Autonomous Luxury Vehicle market growth over 2023-2030?
• What will be the value of the Autonomous Luxury Vehicle market during 2023-2030?
• What will be the CAGR value of the Autonomous Luxury Vehicle market during 2023-2030?
• Which region will contribute notably towards the Autonomous Luxury Vehicle market value?
• Which are the major players leveraging the Autonomous Luxury Vehicle market growth?
• What can be expected from the global Autonomous Luxury Vehicle market report?

Key Offerings:

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market

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