The global self-driving cars market accounted for USD 21 million units in 2021 and it is projected to reach USD 65 million units by 2030, growing at a CAGR of 13.38% during the forecast period 2022 to 2030. Development of self-driving modular systems enabling OEMs to handpick the technology is an important factor for the growth of the self-driving cars market.
Safety features are an essential prerequisite for automotive consumers throughout the world. Governments throughout the world have made it compulsory to incorporate features such as automatic emergency braking (AEB) and lane departure warning (LDW) paving way for advanced technologies and self-driving cars. Various safety features have been developed to help drivers and reduce the number of accidents.
Self-Driving Cars Market Report Highlights
- By type, the semi autonomous car segment will dominate the market. The semi automatic cars in the self driving cars market will show the fastest growth due to its good amount of adoption rate which is due to the increasing technological development and good penetration rate. It offers many features like intelligent park assist and adaptive cruise control. As the government is mandating the implementation of driver assistance systems this segment is expected to grow.
- By vehicle type, the passenger car segment will hold the maximum share in the global market. Increasing population, increasing urbanization, increase in the purchasing power and improved standard of living is the major factors that are driving the growth of the passenger car segment. Increased investments through government and other organizations in the development of these technologically advanced features in the car is driving the market. The commercial vehicle segment is also expected to grow. In order to improve the traffic capacity the European Union has partnered with the ensemble consortium and Netherlands organization for applied scientific research in planning to implement a multi brand truck platooning in the European region.
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- In January 2021, General Motors and Cruise have collaborated with Honda to enhance its autonomous vehicle mobility services in Japan, which is based on an agreement made in 2018.
- In July 2020, Mobileyes which is an Intel company, disclosed it’s partnership with Willer, which is a transportation services provider in order to launch a self driving robo taxi in Japan and other numerous parts of South East Asia.
Asia-Pacific is the leading market in this sector pertaining to the increasing population. Also the high number of people belonging to the working age group has led to increase in the number of people using vehicles. Automobile industry has aimed to develop advanced technologies and improve sales in the developing nations like China and India.
Europe proves to be the second largest market for the automotive industry for self drive vehicles pertaining to the heavy investments engaged by the tech giants for advanced technologies. It aims at making alterations to support the production of autonomous vehicle in the UK.
Self-Driving Cars Market Dynamics
Stringent vehicle safety regulations set by the government have proved to be a driving force for the self drive cars market as it provides better accuracy. Growing demand for safety and driving on the roads is also a matter of concern owing to the increasing number of road accidents and loss of lives. Comfort features have become the basic facilities that are searched by the buyers owing to the increasing purchase capacity of the consumers. Increasing demand for luxury vehicles which provide better facilities have been in demand during the recent times pertaining to the high income generated.
Introduction of Ai-Based camera systems for self-driving applications have proved to be beneficial for a better experience while ensuring safety to the passengers with the help of modern technology. Development of self-driving modular systems enabling OEMs to handpick the technology is an important factor for the growth of the market. Technological advancements that are seen in the market in this sector is encouraging people to opt for such options. Growth in connected vehicle technology and dynamic mobility application is also proving to be a driving force for the growth of the market.
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Lack of required infrastructure in emerging nations proves to be a restraining factor for the growth of the market. This hampers the production of the components required for the successful functioning of the vehicle. Improper roads and traffic signal facilities also create obstacles for the growth of the market as this technology fails to coupe with such difficulties.
Consumer acceptance of self-driving cars is a very difficult question to be solved pertaining to the risk factors associated with this technology. Risk of malfunction and breach in functionalities leads to a decline in the confidence of the masses regarding these self drive vehicles.
Development of ADAS technology provides a great opportunity to the market during the forecast period. Increasing demand for 5G technology for vehicle connectivity is also propelling the market at a great speed. It will help better connection between the virtual system and the physical body which is using it to travel. It will also rule out the chances of human errors and emotions that tend to make a major contribution in the event of an accident.
Increasing demand for electric vehicles has also proved to be an opportunity for the market as it requires self assessing automatic features in the car for its functioning. Increasing developments in autonomous shared mobility has also proved to be am opportunity which will propel the market growth. Increasing investments in lidar startups by automotive industries helps support this developing technology in the current market.
High system and component cost posses a big challenge as it reduces the affordability of the vehicles for the common man. The rising living cost of the people make it impossible for them to make big expenses for such luxury vehicles. Environmental constraints and security threats which are created on account of cyber crimes and hacking increase the risk factors associated with the purchase of these vehicles. It can also lead to theft of the vehicles by the use of automated functions by which they operate.
Maintaining a balance between cost and quality will prove to be a big challenge as with increasing quality the cost goes up which tends to exceed the expense capacity of the people. Real-time image processing in multi-camera systems is a challenge as a single fault in it would cost a big loss to the consumer in the event of a mishap. Creating and maintaining maps for self-driving cars is a tedious process and will challenge the market in terms of accuracy and precision in the real-time traffic on the roads. These factors challenge the growth of the market during the forecast period.
Self-Driving Cars Market Key Players
- Autoliv Inc. (Stockholm, Sweden)
- Aptiv (Dublin, Ireland)
- Daimler AG (Stuttgart, Germany)
- Baidu (Beijing, China)
- AutoX, Inc. (California, United States)
- HYUNDAI MOTOR GROUP (Seoul, South Korea)
- Volvo (Gothenburg, Sweden)
- Pony.ai (Fremont, California, United States)
- Ford Motor Company (Michigan, United States)
- Waymo LLC (California, United States)
- Robert Bosch GmbH (Gerlingen, Germany)
Self-Driving Cars Market Segmentation
- Fully Autonomous
- Semi- Autonomous
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Adaptive Cruise Control (ACC)
- Adaptive Front Light (AFL)
- Automatic Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Cross Traffic Alert (CTA)
- Driver Monitoring System (DMS)
- Forward Collision Warning (FCW)
- Intelligent Park Assist (IPA)
- Lane Departure Warning (LDW)
- Night Vision System (NVS)
- Pedestrian Detection System (PDS)
- Road Sign Recognition (RSR)
- Tire Pressure Monitoring System (TPMS)
- Traffic Jam Assist (TJA)
By Electric Vehicle
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
- Camera Unit
- Radar Sensor
- Ultrasonic Sensor
- Infrared Sensor
By Level of Autonomy
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
Why should you invest in this report?
If you are aiming to enter the global self-driving cars market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for self-driving cars are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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