The global autonomous cars market size was USD 1.45 billion in 2020. The market is projected to grow from USD 1.64 billion in 2021 to USD 11.03 billion in 2028 at a CAGR of 31.3% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Autonomous Cars Market, 2021-2028.” As per our researchers, the speedy development in sensor-processing technologies, adaptive algorithms, high-definition mapping, and the placement of infrastructure-to-vehicle and vehicle-to-vehicle communication technologies are reassuring numerous corporations to magnify their manufacturing capabilities and navigate vehicle automation to an elevated level. Furthermore, giant businesses associated with automobile manufacturing are promptly adopting Artificial Intelligence (AI) and Machine Learning (ML) technologies and implementing them in automobile manufacturing.
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List of Key Players Covered in this Market Report
- Autoliv Inc. (Stockholm, Sweden)
- Aptiv (Dublin, Ireland)
- Waymo LLC ( California, United States)
- Robert Bosch GmbH ( Gerlingen, Germany)
- Daimler AG ( Stuttgart, Germany)
- Baidu (Beijing, China)
- AutoX, Inc. (California, United States)
- ai (Fremont, California, United States)
- Ford Motor Company (Michigan, United States)
- HYUNDAI MOTOR GROUP (Seoul, South Korea)
- Volvo (Gothenburg, Sweden)
The report offers valued insights attained by a detailed study conducted by our researchers. Wide-ranging research was directed to provide the estimated size of this market. The data used to project the shares for multiple segments at the country, regional, and global levels are acquired from in-depth interviews with numerous investors. Furthermore, we have gained admission to numerous global and regional funded databases to provide precise material to make business investment judgments easy for stakeholders.
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On the basis of type, the market is separated into semi-autonomous and fully autonomous. The semi-autonomous car segment held 21.9% in 2020 in terms of the autonomous cars market share. The semi-automatic and self-driving car markets have been sectioned according to the degree of automation (at levels 1, 2, and 3, respectively).
On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. In terms of region, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
Drivers and Restraints
Extensive Implementation of ADAS to Enhance Market Growth
Advanced driver assistance systems (ADAS) aid drivers via their artificial intelligence (AI) and various other innovative characteristics, thus evading interruptions and plummeting the burden on the driver. The prompt acceptance of progressive technologies in software algorithms, cameras, sensors, processors, and mapping has upgraded the application process of ADAS in automobiles. Additionally, increasing issues of the protection and security of cars, inhabitants, and walkers and to decrease the rate of road mortalities, automobile producers are integrating ADAS in cars, therefore stimulating the autonomous cars market growth.
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Increasing Adoption of Technologically Advanced Cars to Aid Growth in Asia Pacific
The market size in Asia Pacific was worth USD 0.72 billion in 2020. The region dominates in the global market on account of the rising implementation of autonomous cars and the mounting customer inclinations towards technologically radical aspects. Automotive corporations are scheduling to inflate manufacturing divisions and attain prompt technological development in production amenities in developing nations, such as India and China.
Europe held the second-largest share in the global market for autonomous cars owing to the widespread capitalization by crucial manufacturers to improve advanced technologies. For instance, the British government is dedicated to connecting self-driving cars on the streets by the end of 2021. It is also considering making the essential alterations to the guidelines in order to back up the expansion of autonomous cars in the U.K.
Key Player Focus on Widespread Research & Development Activities
Crucial players are often seen applying effective schemes and strategies in order to conquer the market and set a prominent footprint in their respective industries.
For instance, Robert Bosch GmbH is an international player in the sector of autonomous car technology. The disposition of a wider variety of advanced driver-aiding solutions and the expansion of self-driving vehicles for the smart and secure age of movement are the main ideas of the company. Likewise, the endless R&D struggles by the corporation are resulting in the formation of advanced technologies, which are a few of the substantial aspects accountable for the supremacy of the company.
February 2020: Pony.ai, which is an autonomous driving corporation, raised nearly USD 400 million from Toyota Motor Corporation in order to extend their collaboration in mobility services. The alliance is estimated to enhance self-directed driving technology, along with install mobility services.
- North America (The U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
- The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)
Frequently Asked Questions:
What is the Scope of this market?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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