The first fully autonomous cars are expected to hit the market between 2025 and 2030, with driverless car technologies being viewed as an essential boost for this market.
The global autonomous vehicle market for luxury segment is projected to grow at a CAGR of 35.35% during the forecast period from 2025 to 2030, with the market size predicted to reach 27,906 Units in 2025 and 126,774 Units by 2030.
Based on body type, the sedan/hatchback segment is expected to hold the largest market share, owing to the increased demand for luxury vehicles and current testing of autonomous vehicles using sedan/hatchback cars. However, SUV is expected to be the fastest-growing segment, mainly due to the continuously increasing sales and preference for luxury SUVs and off-road driving practices.
Based on fuel type, the battery electric vehicle (BEV) segment is projected to hold the majority of the market share as well as witness the fastest growth, owing to the strict emission norms, focus on environment safety, vehicle electrification, and government regulations.
How is the market progressing, geographically?
Among regions, North America is expected to be the dominant market for autonomous vehicle for luxury segment over the forecast period. This growth can be majorly attributed to the presence of a large customer base and increased disposable income of end-users in this region, which in turn has resulted in rise in R&D innovations by local and international automotive OEMs. Moreover, the US and Canada being developed economies, have seen a huge increase in the vehicle production volume over the past few years. Furthermore, sustainable government regulations, growing demand for luxury vehicles, growth in purchasing power, and concerns related to the increasing number of road accidents are expected to boost the growth of this market.
What are the factors impacting the market growth?
The growth of the global market for autonomous vehicles for luxury segment is being majorly influenced by the following factors:
- Integration of technology in vehicles
- Growing need for safe, productive, and efficient driving experience
- Growth in connected vehicle technology and dynamic mobility application
- Changing buyer preferences
In addition, robotic assistance and autonomous luxury cars as a car shared service are expected to further create ample growth opportunities for the market.
On the flip side, acceptance of consumers towards automation, concerns related to cyber security and safety, and lack of required infrastructure in developing nations are the major factors likely to hamper the growth of this market.
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Key players and strategies implemented
The global market for autonomous vehicles in luxury segment includes major companies such as Daimler (Germany), BMW (Germany), Tesla (US), and Audi (Germany). These players asopted various strategies such as new product development, expansions, supply contracts, mergers & acquisitions, and joint ventures in order to witness sustained growth and maintain their position in the market.
