Autonomous Car Market is valued at US$ 146.80 Bn in 2024 and is expected to surpass US$ 1,558.09 Bn by 2031, registering a CAGR of 40.1% during the forecast period (2024-2031), according to the Global Autonomous Car Market Report, by Level of Automation (Level 1, Level 2, Level 3, Level 4, Level 5), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
An autonomous car or driverless car or connected vehicle is a vehicle capable of sensing its environment and operating without human intervention. In layman’s terms, an autonomous car can guide itself without human input. Autonomous cars have been deemed as the cars of the future with inclusion of advanced technology such as machine learning, sensors, actuators, complex algorithms, SONAR, LIDAR, and GPS. Moreover, these cars are equipped with high-performing processors to execute specialized software. Sophisticated software installed in the autonomous car processes all sensory input, maps the path and sends instructions to the car’s actuators that control braking, acceleration, and steering.
Key Developments
In July 2022, Baidu, Inc., a company specialized in Internet-related service and artificial intelligence unveiled an autonomous vehicle having detachable steering wheel. This new vehicle will be used as robotaxi service. This vehicle will possess autonomous Level 4 capabilities that require no human intervention, along with 12 cameras, and 8 lidars.
Enhanced mobility for the geriatric population and disabled individuals is expected to boost the global autonomous car market growth over the forecast period. According to Coherent Market Insights’ analysis, countries including Japan, Italy, and Germany, where people over 65 years old or elderly account for more than 20% of the total population. This age group is more susceptible to slow responsiveness to myopia and other diseases. According to the National Highway Traffic Safety Administration, there has been an increase in accidents involving the elderly. The autonomous car can make driving for people of this age group a more independent and safer affair. Moreover, in countries such as the U.S., geriatric population is expected to boost the demand for autonomous cars. Disabled or handicapped individuals are among the most who are unable to drive, which in turn, is expected to increase the demand for these cars. Thus, these factors are expected to propel growth of the global autonomous market over the forecast period.
Global Autonomous Car Market- Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has affected the global autonomous car market significantly. Lockdown was imposed across the globe as a precautionary measure by governments of countries to stop the spread of coronavirus. This led to the temporary suspension of all businesses due to disruption of supply chain operations and lack of manpower. This hampered the production of autonomous cars during the pandemic and hence the global autonomous car market witnessed slow growth.
Link: https://www.coherentmarketinsights.com/market-insight/autonomous-car-market-2128
Key Trends and Analysis of the Global Autonomous Car Market:
- North America region is expected to exhibit the highest growth rate over the forecast period, this growth is attributed to the increase in research and development activities undertaken by the key players such as Waymo, Motional, Uber Technologies Inc., and others to develop autonomous car technology. The companies are continuously working on the sensors, software, hardware, and navigation systems to provide efficient and safe autonomous cars. Hence, the North American region is expected to exhibit highest growth over the forecast period.
- Europe is expected to witness remarkable growth over the forecast period as Europe’s General Safety Regulation (GSR) aims at reducing serious injuries, deaths, and accidents caused on roads. Many autonomous car manufacturing companies have received approval from the European government for autonomous cars. For instance, Mercedes-Benz is the first automotive company to meet the demanding legal requirements of UN-R157 for a Level 3 system in Germany, in December 2021.
- Major players operating in the global autonomous car market include Audi AG, Bayerische Motoren Werke AG, General Motors Company, Nissan Motor Co., Ltd., Tesla Motors, Inc., The Volvo Group, Toyota Motor Corporation, Uber Technologies Inc., Waymo LLC, Kia- Hyundai, Poni.ai.
