Autonomous vehicles have gained prominence in recent years as advances in AI technology have brought true self-driving cars closer to reality.
Companies such as Tesla and Waymo have been deploying autonomous vehicles on public roads, while pilot programs and commercial services continue expanding in cities around the world
What was once considered a futuristic concept is gradually becoming a real-world business opportunity, attracting billions of dollars in investment from automakers, tech companies, and transportation providers. – Unlock trusted, data-backed investing tools with TipRanks Premium, from analyst ratings and forecasts to breaking news and portfolio analysis. – Discover high-conviction stock picks and new investing opportunities with the TipRanks Smart Investor Newsletter According to Precedence Research, the autonomous vehicle market was valued at an estimated $273.75 billion last year and is expected to reach $364.08 billion in 2026. Looking further ahead, the market is projected to grow at a compound annual rate of nearly 35% over the next decade, reaching more than $5.4 trillion by 2035. North America currently represents the largest share of the global autonomous vehicle market, accounting for 40.46% of industry revenue last year.
The Asia-Pacific region, however, is expected to be the fastest-growing market, with a projected CAGR of almost 37% over the coming decade. With such a solid growth opportunity ahead, some of Wall Street’s analysts are highlighting autonomous vehicle stocks they believe are well-positioned to benefit from the industry’s expansion. We opened the TipRanks database to look at a couple of their picks – companies that are deeply involved in the rollout of autonomous driving technology.