Smart cars and integrated technologies are expected to drive demand for autonomous vehicles.
Wilmington, Delaware, United States, Dec. 14, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The autonomous car industry was worth US$ 1.1 trillion in 2021. A CAGR of 10.8% is expected from 2022 to 2031, reaching US$ 3.0 trillion by the end of the year. The development of autonomous cars requires sensors, machine learning systems, algorithms, and powerful processors.
Significant investments are being made in research and development by traditional automakers and technology companies to make autonomous vehicles a reality. Technology advances and market readiness are accelerated by this competition.
Human errors, one of the leading causes of traffic accidents, can be reduced significantly with autonomous vehicles. Enhanced safety is achieved by using advanced sensors, cameras, and artificial intelligence technologies.
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The optimal flow of traffic can be improved by better coordination and communication among autonomous vehicles. As a result, transportation systems could be more efficient, thereby reducing travel times.
Global Autonomous Car Market: Key Players
Globally, autonomous cars are consolidated, with several major players controlling most of the market share. Market players through comprehensive research and development efforts are developing autonomous driving systems. Top self-driving car companies are expanding their product portfolios and acquiring other companies.
- General Motors Company
- Ford Motor Company
- Mercedes-Benz Group AG
- Volkswagen AG
- Toyota Motor Corporation
- Waymo LLC
- Autoliv Inc.
- Robert Bosch GmbH
- Volvo Group
- Ficosa International SA
- Gentex Corporation
- Harman International Industries
- Aisin Corporation
- Valeo
- Hyundai Mobis
- ZF Friedrichshafen AG
- Hella KGaA Hueck & Co.
- Texas Instruments Inc.
- Mobileye Global Inc.
- Visteon Corporation
Key Findings of the Market Report
- In 2021, the adaptive front lighting segment held the largest share of the global market.
- Globally, automatic emergency braking captured the second largest share of the market in 2021.
- In 2021, the level 1 segment accounted for the majority of the market on a global basis.
- With growing investments in infrastructure development and expansion in the automotive sector, Asia Pacific is expected to dominate the global autonomous car market.
Global Autonomous Car Market: Growth Drivers
- Throughout the years, advances in artificial intelligence, machine learning, and sensors, as well as advances in technology, have enabled autonomous vehicles to become increasingly sophisticated in the market. The advent of these innovations can lead to a more sophisticated and reliable autonomous vehicle system.
- A wide adoption of self-driving vehicles could reduce insurance costs, fuel consumption, and maintenance costs. In addition to increased productivity, businesses will benefit from employee travel time being used for work-related activities.
- With autonomous vehicles providing greater independence for the elderly and the disabled, demand for these vehicles is expected to rise over time. It is anticipated that more people will be able to access transportation services because of these developments, improving their mobility as a result of these new developments.
- Using electric autonomous vehicles can reduce greenhouse gas emissions by reducing fuel consumption and emissions. In addition, shared autonomous vehicles could lead to a reduction in the number of vehicles on the road.
- A regulatory framework that supports autonomous vehicle deployment and testing is crucial for the growth of the market. In order to ensure the responsible development of autonomous technologies, governments and regulatory bodies must establish guidelines and safety standards.
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Global Autonomous Car Market: Regional Landscape
- Asia Pacific is expected to lead the autonomous car market. With the increase in traffic flow, road safety, and technological advancements, autonomous vehicles have become increasingly popular in the region. Electric and connected vehicles are also being promoted in the region, which is in line with the development of autonomous cars.
- Clean energy initiatives in the region have driven an increase in interest in autonomous vehicles. With increasing adoption of vehicles and increased investments by automakers, the market for autonomous vehicles is growing across the region.
- Autonomous cars are expected to dominate the market in North America during the forecast period. A pioneer in autonomous vehicles, this region is home to some of the world’s largest automotive clusters and technology companies. Rising innovations and development of these vehicles in the region is likely to grow demand for autonomous car in the region.
- In a region where driving options progress into more efficient and safer choices, traffic regulations will need to be amended to include autonomous cars on public roads.
Key Developments
- In November 2023, Polestar introduced its new Polestar 4 coupe-SUV, which featured Luminar’s next-generation lidar technology ahead of the Level 3 automated system’s launch. The chauffeur will integrate Luminar’s Iris lidar to enable eye-free, point-to-point autonomous highway driving.
- In December 2023, The French automotive systems company Valeo SA, with a market capitalization of €20.04 billion, expects regulatory changes in India by 2026 to 2027 to help boost the $150 million market for advanced driver assistance systems (ADAS), as adoption reaches mass levels.
Global Autonomous Car Market: Segmentation
By ADAS Feature
- Adaptive Cruise Control
- Lane Departure Warning
- Tire-pressure Monitoring
- Blind Spot Detection
- Adaptive Front Lighting
- Night Vision
- Park Assist
- Automatic Emergency Braking
- Forward Collision
- Pedestrian Detection
- Traffic Sign Recognition
- Traffic Jam Assist
- Driver Monitoring
By Component
By Level of Autonomy
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
By Car Type
- Hatchback
- Sedan
- Utility Vehicle
By Propulsion Technology
- Battery Electric
- Hybrid Electric
- Plug-in Hybrid Electric
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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