The global self-driving cars market size was valued at USD 23.80 million units in 2022 and it is expected to reach at USD 80.43 million units by 2032, growing at a CAGR of 13% during the forecast period 2023 to 2032.
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The self-driving cars are also known as autonomous vehicles which have a great potential for growth in the automobile sector. In order to carry out the operations automatically the self-driving cars are made up of numerous sensors. These sensors help the navigation process by performing situational analysis, trajectory control and motion planning. Due to the increased connectivity of these vehicles the threat of these cars getting hacked is increasing. Many organizations are developing anti hacking algorithms for the self-driving cars in order to prevent hacking. The developments of electric vehicle charging points would greatly affect the growth of autonomous vehicles as many autonomous vehicles are driven using the electrical power. Demand for luxury cars will further increase the demand for these self-driving cars during the forecast period. There has been a considerable growth in China and India, among others developing nations. The standard of living has also changed and improved in many developing countries due to a considerable increase in the spending power.
There was an increased use of personal transportation during pandemic. Increase in the fear of acquiring the disease and in order to follow the government restrictions there was a significant effect on the transportation and the mobility sector. There was a great amount of uncertainty in the market during the pandemic. This hampered the business growth. There was a growing panic among the consumers due to the increasing number of Hospitalized patients and that's occurring due to COVID 19. This fear increased the use of personal transport.
Safety features is the most important factor for automotive customers across the world. The compulsion imposed by the government regarding safety features of LDW, AEB, EBS and many others have forced the manufacturers to incorporate such facilities into the recent vehicles. These facilities prove to be the basic feature in the self driving vehicles which proves to be a driving factor for the company. This improves the driving experience and quality provided by the vehicle. Many different types of safety features have been developed in order to help the drivers and lower the number of accidents across the world. Major OEMs such as Honda and Toyota are launching vehicles with safety features like blind spot detection, forward collision warning, rear cross traffic, and automatic emergency braking as a standard in all its vehicles. Self-driving cars could play a important role in reducing this number of accidents and provide a safe and efficient driving experience for the customers. Active safety systems such as blind spot detection, automatic emergency braking are the technologies that are providing a boost to the self-driving cars market. Increasing demand for the luxury vehicles in developing and developed nations will further strengthen the demand for self-driving cars in the coming years. In developing countries such as China and India, among others the growth rate for the self-driving cars is more. German car brands like as BMW, Mercedes-Benz, and Audi dominate the global luxury automobiles market.
Report Scope of the Self-Driving Cars Market
|Market Size by 2032||USD 80.43 Million Units
|Growth Rate from 2023 to 2032||
CAGR of 13%
|North America Market Share in 2022||45%|
|Transportation Segment Market Share in 2022||92%|
|Forecast Period||2023 to 2032|
|Segments Covered||Type, Vehicle, Application, System, Electric Vehicle, Components, Level of Autonomy, Geography|
|Companies Mentioned||Autoliv Inc. (Stockholm, Sweden), Aptiv (Dublin, Ireland), Daimler AG (Stuttgart, Germany), Baidu (Beijing, China), AutoX, Inc. (California, US), HYUNDAI MOTOR GROUP (Seoul, South Korea), Volvo (Gothenburg, Sweden), Pony.ai (Fremont, California, US), Ford Motor Company (Michigan, US), Waymo LLC (California, US), Robert Bosch GmbH (Gerlingen, Germany)|
On the basis of the type, the semi autonomous car segment is expected to dominate the market during the forecast period. Semi autonomous segment has the largest market share in the global market. The semi autonomous cars have various levels of automation. The various levels are level 1, 2 and 3. They shall be our fastest growth of level two and Level 3 automation of semi autonomous car segment in the market. The penetration rate of level two and three is more as compared to level one. Increasing technological developments in level 2 and Level 3 is driving the growth of the market. There are many other features that are included in the semi autonomous vehicles segment like the adaptive cruise control, intelligent park assist etc. The intelligent emergency breaking and intelligent park assisting are the segments that are expected to show the fastest growth in the market. The automatic emergency breaking system is expected to be a standard across all the vehicles according to the National Highway Traffic Highway Safety Association.
Vehicle Type Insights
On the basis of the vehicle type, the passenger car segment is expected to have the largest market share during the forecast period. Due to the rapid urbanization across the developing nations and increase it to manned in the developed nations the passenger car segment is expected to grow during the forecast period. Higher demographic growth, improved standards of living and the increase in the purchasing power in the developing nations are the most important factors that are leading to high growth of this market. There's an increased production of cars across the globe in many developed as well as the developing nations due to a great demand for these self driven cars. Various organizations and governments or investing a great amount of percentage in the development of these technologically advanced vehicles which will help in enhancing the safety features in order to prevent accidents on the roads. Self driven cars are able to provide convenience and comfort which is helping in creating a high demand for the self driven cars in the market.
Apart from the passenger car segment the commercial car segment is also expected to have a good amount of share in the self driven cars market. The Ensemble consortium and Netherlands organization partnered with the European Union. This partnership is aiming for applied scientific research in order to implement a multi brand truck for the European highways which will help in improving the traffic capacity. These technologically advanced drugs will be able to reduce the carbon dioxide emissions in Europe. And the fuel consumption shall be less as compared to the other vehicles.
On the basis of application, the transportation segment has dominated the market for the self-driving cars which had a share of about 92% in 2022. Due to an increased funding provided by the government for this self-driving car trails is driving the market. In order to have more innovations in the transportation industry the Intelligent Mobility Fund was provided by the government in the UK. The transportation could be either commercial or industrial transportation. In the future it is expected that there shall be a hired option of driverless technology in transportation as there is and increasing amendment in the transport regulations by the US government. These improved transport regulations are creating a gateway for the self driving cars in this region.
Apart from US the Europe is also expected to emerge as a lucrative market for self-driving cars. Due to an increasing preference from the consumers there is a growth in the market of self-driving cars which are technologically advanced products offered to this market.
The North America region had the largest market share till the recent years. The North American region accounted for a volume a share of about 45% till the year 2022. The growth of the self driving cars in this market is due to the amendments in the traffic regulations in the US. Due to these amendments there shall be an incorporation what is self driving cars on the public roads in the United states. In order to make transport completely autonomous this regulation is being adopted across all the states in the United states. Due to an increasing demand of the mobility as a service sector it is expected that the market shall grow well for the self driving cars in the future. The Department of Transport of UK had allowed the self driving vehicles on public roads without any additional permits or insurance. The UK government is also working on making changes to the current regulations in order to support the development of the self-driving cars in this market.
The market size in Asia Pacific region stood at USD 0.72 billion in the year 2020. There has been an increase in the adoption of electric vehicles and hybrid vehicles in United States. Due to a change in the traffic regulations in this region the market is expected to grow well during the forecast period. The European region has also seen a great demand for autonomous cars in the recent years. UK is determined to convert all the vehicles running on the roads of this region to the autonomous vehicles in the coming years. The autonomous car manufacturers are able to provide a good amount of variants in the cars due to the software and technology developers.
Key market players in the self-driving cars market
Segments covered in the self-driving cars market report
By Vehicle Type
By Electric Vehicle
By Level of Autonomy
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