Global autonomous car market is estimated to be valued at USD 146.80 Bn in 2024 and is expected to reach 1,558.09 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 40.1% from 2024 to 2031.
Report Description:
Global autonomous car market has been witnessing tremendous growth over the past few years due to advancements in sensor technology, automotive artificial intelligence and connectivity. Major automakers as well as tech companies have significantly ramped up their investments in research and development of self-driving vehicles. the surroundings in real time which enables them to make safer decisions much faster than any human. The transition to autonomous vehicles is expected to massively disrupt the automotive industry and transform mobility globally. As connectivity and automation in vehicles increases, it will not only enhance safety but also provide consumers with an immersive in-vehicle experience.
Market Dynamics:
Global autonomous car market growth is driven by several factors such as government initiatives for developing autonomous infrastructure, rising demand for autonomous electric vehicles, development of 5G connectivity for vehicle-to-everything applications and focus on reducing road accidents. However, high R&D costs, technological challenges around sensor fusion, cybersecurity threats and lack of recommended safety standards hampers the market growth. Developing unified international regulations for testing and commercial deployment of autonomous vehicles presents a major opportunity in the near future. As more entities participate in driverless vehicle development, collaborations between automakers, technology firms and governments are expected to accelerate innovation in this space.
Key features of the study:
Detailed Segmentation
Detailed Segmentation
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients