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“Increasing demand for luxury vehicles is set to drive the autonomous vehicle market for luxury segment”
The global autonomous vehicle market for luxury segment is projected to be 27,906 units in 2025 and is projected to grow to 126,774 units by 2030, at a CAGR of 35.35%. Increasing accident fatalities coupled with rising concern for vehicle safety and security have accentuated the need for the development of autonomous vehicles. Other factors such as an increase in disposable income, the rise in purchasing power, and changing buyer preferences have fueled the market for luxury and premium cars, which is in turn expected to drive the autonomous vehicle market for luxury segment. On the other hand, the lack of infrastructure is the key restraint for the growth of autonomous luxury vehicles. The autonomous vehicle market for luxury segment requires basic infrastructure such as well-organized roads, lane marking, and availability of GPS for effective functioning. The lack of infrastructure in developing countries could make it difficult to achieve a common platform for autonomous luxury vehicles.
“Car Sharing: The fastest growing segment of the autonomous vehicle market for luxury segment, by end user“
Changing consumer attitude about vehicle ownership and increasing penetration of shared mobility are expected to fuel the demand for the autonomous luxury vehicle car sharing market. Car sharing services offer convenience and cost savings for consumers. Also, car sharing services reduce operating costs such as maintenance, tires, and gas. The preference for luxury vehicles and growing market for vehicle car sharing will fuel the luxury autonomous vehicle car sharing market.
“Radar Sensors: The fastest growing component of the autonomous vehicle market for luxury segment”
The radar sensor is projected to be the fastest growing component of the autonomous vehicle market for luxury segment. The major advantage of radar is that it can be used for long as well as short distance ranges. At present, advanced driver assistance system (ADAS) technologies such as adaptive cruise control (ACC), lane departure warning (LDW), blind spot detection (BSD), and park assist use the radar sensor technology. Factors such as the increase in demand for high-end cars, regulations for improved safety, changing buyer preferences, and increasing roadways infrastructure will contribute to the growth of radar sensors market for autonomous luxury vehicle.
“Europe: The fastest growing region in the autonomous vehicle market for luxury segment”
The European autonomous vehicle market for luxury segment is projected to grow at the highest CAGR during the forecast period. Europe is a hub for automotive giants and premium vehicles. The demand for luxury vehicles is high in countries such as Germany, Italy, UK, Spain, and France. Also, Germany is home to several luxury OEMs such as BMW Group, Audi AG, and Daimler AG, which in turn encourages the market growth of autonomous vehicles market for luxury segment.
The study contains insights of various industry experts, ranging from component suppliers to Tier 1 companies and OEMs.
The break-up of the primaries is as follows:
- By Company Type– OEMs- 45%, Tier 1- 35% Tier 2 - 20%
- By Designation C level - 35%, D level - 25%, Others - 40%
- By Region North America - 40%, Europe - 30%, Asia Pacific - 25%, RoW - 5%
Major players profiled in the report are:
• BMW (Germany)
• Audi (Germany)
• Daimler (Germany)
• Tesla (US)
• Porsche (Germany)
Tier I suppliers:
• Robert Bosch (Germany)
• Continental (Germany)
• Denso (Japan)
• Delphi (UK)
• Infineon (Germany)
• NXP (Netherlands)
The report segments the autonomous vehicle market for luxury segment and forecasts its size, by volume, on the basis of region (Asia Pacific, Europe, North America, and RoW), body type (sedan/hatchback and SUV), component type (biometric sensors, radar sensors, LiDAR sensors, ultrasonic sensors and camera unit), fuel type (BEV, hybrid (HEV & PHEV), ICE, and FCEV), and end-user (car sharing and personal mobility).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the autonomous vehicle market for luxury segment. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall autonomous vehicle market for luxury segment and their subsegments. This report will help stakeholders to better understand the competitor landscape and gain insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.