Global Autonomous Cars Market Insights Forecasts to 2032
- The Global Autonomous Cars Market Size was valued at USD 2.5 Billion in 2022.
- The Market is growing at a CAGR of 36.3% from 2022 to 2032.
- The Worldwide Autonomous Cars Market is expected to reach USD 55.6 Billion by 2032.
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Autonomous Cars Market Size is expected to reach USD 55.6 Billion by 2032, at a CAGR of 36.3% during the forecast period 2022 to 2032.
An autonomous car is a driverless car which is also known as a self-driving car. It can be operated with or without human intervention. An autonomous car has various sensors, cameras, radars, Lidars, and AI systems to navigate the car on a predefined destination path to reach without needing a driver. Driverless or autonomous cars have become a significant revolution in automation technology. Advanced technologies and improvements such as computers, smartphones, and wireless networks are utilized together in a car to provide assistance and drive automatically without the help of the driver. Additionally, developments in sensor technology, adaptive algorithms, high-definition mapping, and the deployment of infrastructure to vehicle and vehicle-to-vehicle communication technologies have motivated key players to develop their production and drive the autonomous vehicle market growth during the forecast period.
Global Autonomous Cars Market Report Coverage
|Market Size in 2022:||USD 2.5 Bn|
|Forecast Period:||2022 – 2032|
|Forecast Period 2022 – 2032 CAGR:||36.3%|
|022 – 2032 Value Projection:||USD 55.6 Bn|
|Historical Data for:||2020-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||150|
|Segments covered:||By Type, By Vehicle Type, By Application and By Region.|
|Companies Covered:||Tesla, Cruise LLC, Uber Technologies, Lyft, Inc., WAYMO, Aptiv, Baidu, Didi Chuxing, Zoox, AutoX Inc., Nuro Inc., Volkswagen AG, Lumotive LLC, Pony.ai, Robert Bosch GmbH, Autoliv, Mercedes Benz AG, BYD Company Ltd., Ford Motor Company, Volvo and Others.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Rising demand for advanced automotive safety to drive the autonomous cars market during the forecast period. The growing frequency of road accidents caused by human error or a lack of safety systems in automobiles is driving up demand for self-driving vehicles. In this case, autonomous vehicles with advanced safety technology such as parking assistance systems, blind spot detection systems, adaptive cruise control, and others benefit. Self-driving vehicles offer several benefits over traditional vehicles since they are outfitted with advanced technologies such as LiDAR, radar, cameras, sensors, and other advanced technologies for safe driverless operation. As a result, rising demand for autonomous vehicles to reduce automotive accidents caused by human errors will fuel market expansion over the forecast period. Furthermore, automakers are focusing on developing driverless cars and related technologies that will allow the automobile to become a partner in a drive-by, continuously monitoring the vehicle's surroundings and taking control of the car in a variety of situations to avoid crashes caused by human errors and a lack of safety features. All of these factors are expected to boost the market for autonomous vehicles during the forecast period.
There is high complexity and R&D cost in the adoption of self-driving cars that is expected to restrain autonomous cars market growth during the forecast period. Autonomous vehicles consist of more than 40 sensors, including LiDAR, RADAR, and cameras that assist in the systematic functioning of the vehicle. These sensors are very expensive, and their functioning depends on the type of software and hardware used during operational activities. This further increases the cost of the overall system.
By Type Insights
The semi-autonomous segment dominates the market with the largest revenue share over the forecast period.
Based on type, the global autonomous cars market is segmented into fully autonomous and semi-autonomous. Among these, the semi-autonomous segment is dominating the market with the largest revenue share over the forecast period. Almost all new-generation vehicles on the market today include semi-autonomous technologies for economical driving. As a result, the rising popularity of semi-autonomous vehicles with features such as ADAS, autopilot, automatic vehicle braking, parking systems, and others is expected to drive the segment’s expansion during the forecast period. Rapid technological improvement in the automotive sector for completely autonomous vehicles, as well as emerging new trends in self-driving cars, are predicted to grow and offer desirable opportunities for the fully autonomous segment's growth.
By Vehicle Type Insights
The commercial vehicles segment is witnessing significant CAGR growth over the forecast period.
Based on vehicle type, the global autonomous cars market is segmented into passenger cars, and commercial vehicles. Among these, the commercial vehicles segment is witnessing significant CAGR growth over the forecast period. Commercial vehicles have fixed paths, destination and the distance travelling are more than passenger vehicles. Autonomous vehicles are more suitable for such situations, preventing accidents. Therefore, the vehicle type segment driving the autonomous cars market during the forecast period.
By Application Insights
The defense segment is expected to hold the substantial CAGR growth of the global autonomous cars market during the forecast period.
Based on the application, the global autonomous cars market is classified into transportation and defense. Among these, the defense segment is expected to grow at a rapid pace during the forecast period, due to the rising number of initiatives across the various regions. Advanced technologies offered by different companies also attract customers to adopt autonomous vehicle technology for their use. Different companies signing up to provide hi-tech autonomous driving experience. Moreover, autonomous cars provide hi-tech security and technology providing safety features while driving to prevent accidents. Thus, the application segment witnessing significant autonomous cars market growth during to forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the largest market share over the forecast period. Asia Pacific region witnessed heavy growth in the autonomous cars market growth due to road safety, security, efficient traffic flow, compelling transit features, and avoiding accidents. Rising demand for transportation and road safety driving autonomous cars market during the forecast period. The growing technological improvements in China have increased the demand for semi-autonomous vehicles, which is going to drive the autonomous cars market during the forecast period.
North America market is expected to witness significant growth during the forecast period. North American region focussing on regularization of autonomous vehicles with unique requirements. Governments have started programs funding to provide safe and autonomous vehicle deployment.
List of Key Market Players
- Cruise LLC
- Uber Technologies
- Lyft, Inc.
- Didi Chuxing
- AutoX Inc.
- Nuro Inc.
- Volkswagen AG
- Lumotive LLC
- Robert Bosch GmbH
- Mercedes Benz AG
- BYD Company Ltd.
- Ford Motor Company
Key Market Developments
- In August 2022, Tesla revealed that it hopes to have its self-driving technology ready by the end of the year. Since 2020, the corporation has been testing its Full Self-driving (FSD) mode.
- In January 2022, Nuro, the company's third-generation delivery truck, was unveiled. According to the business, it is the most advanced autonomous flagship delivery truck. It was meant to carry larger deliveries, approximately doubling the previous model's capacity. It will also have temperature-controlled and customizable storage.
- In January 2022, In California, Volvo launched the autonomous driving technology Ride Pilot to its clients. Ride Pilot will be available as a subscription add-on for the company's upcoming completely electric cars. This program was created by the autonomous driving software startup Zeneact, in collaboration with the Volvo Cars development team and Luminar developers. The system is made up of sensors, including Luminar's cutting-edge Iris LiDAR sensor, which works with the software produced.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global autonomous cars market based on the below-mentioned segments:
Autonomous Cars Market, Type Analysis
- Fully Autonomous
Autonomous Cars Market, Vehicle Type Analysis
- Passenger Cars
- Commercial Vehicles
Autonomous Cars Market, Application Analysis
Autonomous Cars Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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