Global Autonomous Vehicle Market Projected to Reach $37 Billion by 2023 [Report]

A new report projects that the global market for autonomous vehicles will jump by more than one-third over the next two years. The analysis by U.K. investment publication BuyShares said the autonomous car segment declined by 3% last year due to the effects of the COVID-19 pandemic, but the firm expects a quick rebound after automakers poured tens of billions of dollars into autonomous technologies over the past five years. The study projects that the overall market for autonomous vehicles will climb from an estimated $27 billion in 2021 to $37 billion by 2023 — a jump of about 36%. “Although there have been many financial, practical, and scientific challenges in developing these vehicles, the entire market continues growing, with many autonomous cars expected to be on the roads in the following years,” BuyShares’ Jastra Kranjec wrote.