The Autonomous Car Market Is Estimated To Witness High Growth Owing To Increasing Demand For Self-Driving Vehicles
The autonomous car market is estimated to be valued at US$ 147.63 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
An autonomous car, also known as a driverless car or robotic car, is a vehicle capable of driving and maneuvering on roadways without human input or oversight. Autonomous cars use a combination of cameras, sensors, GPS, LiDAR and radar to navigate roads and make decisions about other vehicles, obstacles, traffic lights, signs etc. The technology is increasingly being used in vehicles to perform functions such as parking assistance, lane keep assistance, accident avoidance and adaptive cruise control.
Market Dynamics:
The autonomous car market is driven by increasing demand for self-driving vehicles across the globe. Consumers are increasingly adopting autonomous driving technology due to benefits such as enhanced road safety, assistance to elderly people and disabled drivers, and ability to multitask by allowing passengers to work, sleep or enjoy entertainment during their commute. In addition, growing research and development investments by leading automotive manufacturers to integrate advanced driver assistance systems and develop prototypes of fully autonomous vehicles is also expected to support market growth over the forecast period. However, high manufacturing costs of autonomous vehicles and technological challenges related to object and facial recognition, navigation in unknown or rarely driven areas are expected to restrain the market to a certain extent.
SWOT Analysis
Strength: Autonomous cars provide safety by reducing human errors which cause majority of road accidents. They can optimize routing using AI and connectivity which improves fuel efficiency. Autonomous technology allows mobility for elderly and disabled people who cannot drive.
Weakness: High investment cost required for R&D, testing and mass production of autonomous cars make the technology inaccessible for low budget consumers currently. Cyber security threats from hacking autonomous vehicles is also a challenge for OEMs. Lack of supporting infrastructure like connectivity and mapping in many regions hamper comprehensive autonomous drive experience.
Opportunity: Mobility as a service market for driverless ride-hailing business allows automakers to generate revenue from autonomous fleets. Federal, state and local governments are releasing new regulations to support deployment of autonomous vehicles which will accelerate commercialization.
Threats: Traditional automakers competing in the driverless market pose threat from new entrants with dedicated focus and capabilities in robotics and AI. Adoption depends on public acceptance, and fears about safety and job losses during the transition can hinder growth targets.
Key Takeaways:
The Global Autonomous Car Market Demand is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing safety concerns with human-driven vehicles and implementation of vehicle automation technologies. According to a report, the market size for 2023 is US$ 147.63 Bn and is expected to reach US$ 276.86 Bn by 2030.
Regional analysis
The Asia Pacific region dominates the autonomous car market currently with China and Japan as major markets. Government initiatives to build smart cities and invest in R&D are driving faster adoption of driverless technologies in the region. North America is another fast growing market for autonomous vehicles due to presence of major OEMs and technology players. Europe is also witnessing increasing testing and pilot projects for autonomous driving.
Key players
Key players operating in the autonomous car market are 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. Leading automakers are actively partnering with tech firms and pursuing autonomous vehicle projects to gain early mover advantage in the driverless mobility market.
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