North America Autonomous Vehicle Market: Industry Analysis and Forecast (2023-2029) by Component, Level of Automation, Fuel Type, and Region.

North America Autonomous Vehicle Market Overview:

North American autonomous vehicle market is growing rapidly owing to emergence and popularity of self-driving cars. Many vehicles on the roads of North America today are equipped with driving assistance technologies that help save lives and prevent injuries on the roads of our country. Some driving assistance technologies are designed to warn of an imminent accident, while others are designed to take action to avoid an accident. Continued advances in automotive technology, such as driving assistance technology and autonomous driving systems, are aimed at providing even greater safety benefits. North America Autonomous Vehicle market is expected to register CAGR of 7% during the forecast period.

North America Autonomous Vehicle Market Dynamics:

The increasing popularity of self-driving automobile sector is basically because of increasing demand from companies and consumers. With a modern-day international valuation of $54 billion, the independent car marketplace will most effective keep to grow, as 55% of small companies accept as true with they'll have a completely independent fleet withinside the subsequent twenty years and 57% of human beings acquainted with the idea of self-riding motors are inclined to experience inner them. Even legacy automakers are closely making an investment in self-riding technology: Audi by myself will spend $16 billion on self-riding motors through 2023.

 

However, whilst there's notable aid for the boom of the self-riding automobile enterprise, there's additionally hesitation. One viable cause for the hesitancy is the shortage of clean guidelines so as to govern the self-riding automobile enterprise. At this time, the regulatory panorama for self-riding motors continues to be developing, however a framework is starting to evolve this is impactful for enterprise stakeholders. This article will summarize the prevailing guidelines and proposed destiny guidelines for self-riding motors.

 

Federal Regulations are expected to Support the North America Autonomous Vehicle Market Growth:

There are several agencies directly involved in national oversight of autonomous vehicles, including: the SS Department of Transportation (“DOT”), the Federal Highway Administration (“FHA”). , Federal Transportation Administration (“FTA”) and the National Highway Traffic Safety Administration (“NHTSA”).  

 

The current federal framework for regulating self-driving cars is explained in two plans proposed by DOT. The first plan, titled Ensuring U.S. Leadership in Automated Vehicle Technologies (AV 4.0), represents the latest iteration in the ongoing development of new technology readiness and address public concerns about safety, security, and privacy. In AV 4.0, released in January 2020, three main benefits are mentioned, each with its own subdomain.

 

Leading through Innovation: North America`s Race to the Automated Vehicle Frontier:

Long an industry leader in the Automated car space, North America`s contributions to self-driving cars are fueled closely through tech hubs at the west coast of the United States. With groups like Uber and Tesla making headlines for each successes and failures, America is main the percent in its bid to get completely independent automobiles at the road.

 

Pioneers in Technology:

There isn't any doubt that California is the American hotbed for AV technology. Waymo (Google) has long been checking out its model of the AV in California, logging extra than 2.three million miles. Companies like Ford and GM also are gift at the California self-using scene, and Arizona is every other key participant withinside the enterprise, with over six hundred self-driving automobiles at the country`s roads. Both Arizona and California have lately allowed completely independent automobiles to be examined without human supervisors in the back of the wheel.

 

Speeding into Red Tape:

While individual states take the lead on AVs, there may be a larger trouble at the horizon. Unlike the EU, there may be no governing consensus at the law of AVs, ensuing in a patchwork of various processes throughout states. When Audi`s self-using take a look at car crosses from California into Nevada, it have to pull over and alternate license plates, permitting it to hold in driverless mode. While this will appear minor, it`s a symptom of a bigger trouble. The Federal Government has identified the problem and is making an attempt to streamline the method to AVs on the countrywide level. However, fears over protection and cyber assaults have stalled the rules from being enacted. Furthermore, any federal rules regulating using AVs might override country law, setting innovator states like California and Arizona at a disadvantage.

 

North America Autonomous Vehicle Market Segmentation:

Level 2 Autonomy Cars are expected to adhere the sales of Autonomous vehicles in the North American Region:

Level 2 autonomy includes several active safety features that work together to relieve the driver of a particular level of driving responsibility. For example, dashcams and radar sensors can ensure that a vehicle is traveling in the desired lane at a constant speed and away from surrounding vehicles. At this level, you'll find some of today's autonomous driving systems, including: B. Cadillac Super cruise and Tesla Autopilot. One important thing to keep in mind is that Tier 2 vehicles require the driver to focus on the road. This can be done through a camera that monitors the driver's eyes or a sensor that detects when the driver releases the steering wheel.

 

North America Autonomous Vehicle Market Regional Insights:

USA accounts for 65% market share in 2020 owing to rising innovations in the automotive industry in the region. Moreover, various automakers in the country including Tesla, Ford, Chevrolet and others are constantly aiming for new technological adoptions including Level 3 autonomy, ADAS system, Lane assistance and LiDAR sensing and others. Owing to the rapid collocation and collaborative approach in the automakers in the USA, the country is dominating the market with highest CAGR of 30% with YOY growth rate of 18.38%.

 

Canada, on the other hand is adopting the autonomy levels with slow but steady CAGR of 10%. Increasing demand for autonomous vehicles among the Gen Z and rich populace in the Vancouver and Montreal region is the key factor driving the market growth. Moreover, stringent government regulations for road traffic control and driver safety are expected to adhere the demand for self-driving vehicles in the Canadian region. 

The objective of the report is to present a comprehensive analysis of the North America Autonomous Vehicle Market to the stakeholders in the industry. The report provides trends that are most dominant in the North America Autonomous Vehicle Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the North America Autonomous Vehicle Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the North America Autonomous Vehicle Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the North America Autonomous Vehicle Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the North America Autonomous Vehicle Market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the North America Autonomous Vehicle Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Autonomous Vehicle Market is aided by legal factors.

 

North America Autonomous Vehicle Market Scope:

North America Autonomous Vehicle Market Scope
Market Size in 2022	USD 7.78 thousand units.
Market Size in 2029	USD 74.23 thousand units.
CAGR (2023-2029)	38%
Historic Data	2017-2021
Base Year	2022
Forecast Period	2023-2029
Segment Scope	By Components AI Camera Ultrasonic Sensors LiDAR RADAR GPS Communication System
	By Level of Automation Autonomous vehicles (Level 1) Semi-Autonomous vehicles (Level 2 & 3) Level 4 Vehicles
	By Fuel Type Electric Vehicles ICE
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

North America Autonomous Vehicle Market Players:

• Waymo
• Volvo Car Corporation
• Ford Motor Company
• General Motors Company
• Volkswagen Group
• Uber Technologies Inc.
• Toyota Motor Corporation
• Tesla Inc., Subaru of America, Inc.
• NVIDIA Corporation
• Aptiv PLC
• Autoliv Inc.