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Autonomous Vehicle Market Expected To Hit $197 Billion By 2030

Over the past several years, Ford has invested heavily in autonomous vehicle technology, mostly through its subsidiary, Argo AI. That company has expanded its operations exponentially in recent months as it works to roll out a full-scale commercial autonomous vehicle business, developing a new, game-changing Lidar sensor, a guide on how autonomous vehicles should view cyclists, rounding up a group of outsiders to improve safety standards, opening a new test center in South Carolinaditching its human safety drivers in Austin and Miami, launching autonomous vehicles on Lyft, and supplying self-driving tech to other companies. All of these moves could potentially pay off in a big way over the coming years too, according to a new study from from Strategic Market Research (SMR).

SMR’s newly released report on the state of the global autonomous vehicle market reveals that it generated $25.14 billion in revenue in 2021, but the firm is also predicting massive growth for that particular segment over the coming years, which will propel it to a whopping $196.97 billion by the end of 2030. Much of this growth will reportedly take place in North America, which currently accounts for 45.5 percent of total market share.

Thus far, the explosive growth experienced in the autonomous vehicle space stems from rapidly advancing technology and a rise in smart city development, with many cities across the globe currently working on developing the infrastructure needed to enable vehicle-to-everything communication used in some self-driving applications.

Regardless, a few obstacles will undoubtedly stand in the way of this rapid predicted expansion, as the report points out. Parts of the world that are less developed will likely struggle to implement the infrastructure needed for self-driving vehicles, while many regulatory questions remain as well.

We’ll have more automotive insights like this to share soon, so be sure and subscribe to Ford Authority for 24/7 Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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Comments

  1. David Dickinson II

    Now that EVs have lost their luster, Wall Street needs something new to pump and dump.

    Reply
    1. Robert.Walter

      Seriously? Still irrationally cheerleading for failure I see.

      Reply
  2. Steve

    With no increase in sales just inflation driving the cost up

    Reply
    1. Robert.Walter

      Dude 25 to 197 G$, is a 688% increase over a 7 year span.

      That’s the same as saying what you pay a buck for will cost you 688 bucks in 7 years.

      Please don’t write stupid things.

      Reply
  3. Tigger

    Doubt it. The vast majority of people still want to drive their own vehicle. Self driving vehicles are a solution to a problem that does not exist.

    Reply
    1. Robert.Walter

      Vast majority of people, at the dawn of the automotive age, would have been happy to have a faster horse that needed less care.

      People don’t always know what they want until it’s available to them.

      This is definitely a solution to certain problems.

      I think the real debate will be as to the size of the broader AV market, it’s growth rate, and whether AV functionality will be a strict purchase or lease proposition or a hybrid of the two.

      Reply
      1. David Dickinson II

        The “problem” you are trying to solve is drivers thinking for themselves. The horror…the horror.

        Reply
  4. Bob

    Where do I go to place a bet that I’ll meet George Jetson before this happens?
    …irrationally cheerleading…
    Or, maybe, we’re all just being ignorantly Realistic.
    Got to be on Ford’s payroll. No other explanation.

    Reply
  5. Steve

    I worked for 14 years in the sensor industry, I’m telling you that you NEVER would want sensors taking control of your vehicle…..ever. These sensors are so value engineered that they will be designed to fail, when they fail (not if but when) that repair bill will not be cheap at all. Huge mark ups. So then you don’t get it fixed, what then? Back to driving the car yourself. So that sounds like it’s worth it, huh? Just say no thank you. How many vehicle owners get their cruise control fixed when it fails? How many even use cruise control? Exactly.

    Reply
    1. Robert.Walter

      Oh please not again with the “more than a generation ago, my employer made crap sensors so everyone will forever make crap sensors too” nonsense. (That’s like Edison saying his incandescent lamp could never be surpassed, but here we are with LED lighting.)

      All those sensors have to be in the aggregate is better than drivers are in the aggregate and AV is a success.

      That’s not an unachievable goal given how lousy folks are in general and many drivers in particular are rolling examples of the Dunning-Kruger phenomenon.

      Insurance companies will hate AV because insurance costs (due to those D-K drivers) will come down and as a result so will their profits. Drivers will see these savings passed on to them.

      Reply

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