Autonomous vehicle services market to cross $200B by 2030, says study
With autonomous vehicles (AVs) promising drastically reduced operating expenses and healthy profit margins, says the firm, there has been a huge inflow of new entrants into the market for autonomous vehicle mobility services. These companies are offering myriad services for AVs, employing innovative new business models that threaten the dominance of OEMs.
“For an autonomous technology to be viable, it needs to have a profitable and sustainable business model,” says Manish Menon, Mobility Industry Analyst at Frost & Sullivan. “The key challenge is to quickly evolve from the current sales and leasing business models to investing in the assets and capabilities that can support NextGen solutions in the autonomous mobility space and its associated services. This is especially pertinent for OEMs as revenues from vehicle sales and leasing will drastically decrease.”
The new research analyzes the emerging global market for autonomous vehicle services, assesses the new business models supporting these services, and provides detailed revenue forecasts through 2030. Of all the AV services clusters, says the firm, peripheral services will roughly account for 55% of the market in 2030.
The mobility services market is expected to grow from $0.01 million in 2019 to $22.41 billion in 2030, showcasing the most drastic cluster for expansion in the next decade. The autonomous logistic services market is also predicted to develop at a CAGR of 41.7% in the same time frame, driven by consumer demand for faster delivery.
“Autonomous vehicles can be used to gather data about passengers that can be leveraged to optimize vehicle routing and demand generation,” says Kamalesh Mohanarangam, Mobility Program Manager at Frost & Sullivan. “Between 2020 and 2030, OEMs will begin consolidating the car data ecosystem, and vehicle usage data will become the new currency for value creation amongst B2B/B2C entities.”
According to the firm’s analysis, OEMs and service providers operating in this sector can also explore the opportunities in the following:
- Realigning business models along the lines of internet and software companies for better implementation of subscription or pay-as-you-go models.
- Mining shared data from OEMs and data aggregators to create new service offerings, analyze efficient vehicle routing, and ensure optimal fleet utilization.
- Collaborating with governments to integrate planned rapid transport systems with autonomous taxi and shuttle services.
- Partnering and investing in AD technology companies to optimize the movement of goods within the supply chain ecosystem.
- Integrating real-time data tracking systems to enable value-added, in-vehicle, on-demand services suited to passenger preferences.
For more, see “Future Business Models of Autonomous Vehicle Services, 2030.“
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