- Automotive manufacturers strengthen R&D in Level 3 vehicle autonomy to tap into the vast demand for autonomous cars; integration of advanced electronics and artificial intelligence expand lucrative opportunities
ALBANY, N.Y., March 02, 2022 (GLOBE NEWSWIRE) -- The sales of driverless sedan cars have generated substantial revenues to stakeholders in the autonomous car market over the years. Opportunities in the utility vehicles are also expected to rise considerably in near future, bolstering the sales. The segment held a leading market share in 2020. The global autonomous car market is projected to reach US$ 206.94 Bn by 2031.
The past few years several countries have witnessed slew of R&D on on-road testing of autonomous vehicles, lending impetus to autonomous vehicle mobility service (MaaS) business. This has extended the revenue potential for vehicle manufacturers in the autonomous car market.
High-income groups have been at the forefront of uptake of autonomous cars. On the other hand, many vehicle manufactures are shifting their focus toward low- to medium-income groups. To this end, they are keen on reducing the prices. After the outbreak of COVID-19 pandemic, top players in the autonomous car market have been increasingly adopting new business models to consolidate their supply and distribution chains.
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Key Findings of Autonomous Car Market Study
- Safety & Comfort in Next-gen Driverless Cars to Open New Frontiers: Increased preference of superior safety features is nudging automotive manufactures to incorporate advanced driverless assistance systems. Novel ADAS components are being explored and several of them have been commercialized. Adaptive cruise control, lane departure warning system, tire pressure monitoring system, and adaptive front light system have boosted comfort and safety of next-generation of autonomous vehicles, thus expanding the outlook of autonomous car market.
- Ongoing Testing of Autonomous Vehicles Fueling Prospects: The past few decades have seen steadily increasing acceptance of autonomous cars in developing economies worldwide. The trend has spurred testing of these for meeting the requirements of public roads & highways. In particular, Heavyweights including General Motors, Ford, and Nikola Corp. have made sizable R&D funding on level 3 autonomy, find the authors of an in-depth study on the autonomous car market.
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Autonomous Car Market: Key Drivers
- Development of autonomous vehicles has gained momentum on the back of strict implementation of rules and regulations pertaining to safety standards in vehicles. Growing R&D in driverless cars, note analysts at TMR, is expanding profitable avenues in autonomous car market.
- Increase trend of vehicle electrification is a key driver of the autonomous car market. The growing production of battery electric, hybrid electric, and plug-in hybrid electric is generating noticeable revenue streams globally.
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Autonomous Car Market: Key Regional Growth Dynamics
- Asia Pacific and Europe accounted for a major share of the global autonomous car market in 2020. A number of automotive OEMs and tier-1 suppliers are growing their R&D in driverless vehicles.
- The Asia Pacific autonomous car market is expected to expand at promising pace during the forecast period. The presence of suppliers of advanced electronic components in the region and the increasing acceptance of driverless features in cars are underpinning the revenue generation.
Autonomous Car Market: Key Players
Numerous leading automobile manufacturers are keenly expanding testing programs and leaning on unveiling new products to consolidate their product portfolio of autonomous mobility. They are particularly leveraging collaborations and partnerships, and mergers & acquisitions to meet their objectives, find the authors of the TMR study on the autonomous car market.
Some of the key players in the autonomous car market are Visteon Corporation, Mobileye, Texas Instruments Inc., AB Volvo, Robert Bosch GmbH, Autoliv Inc., Waymo LLC, Toyota Motors, Volkswagen AG, Daimler AG, Ford Motor Company, General Motors, and General Motors.
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Global Autonomous Car Market: Segmentation
- Autonomous Car Market, by System
- Adaptive Cruise Control
- Lane Departure Warning
- Tire Pressure Monitoring System
- Blind Spot Detection
- Adaptive Front Light System
- Night Vision System
- Park Assist System
- Automatic Emergency Braking
- Forward Collision System
- Pedestrian Detection System
- Others
- Autonomous Car Market, by Component
- LiDAR
- RADAR
- Camera
- Sensor
- Others
- Autonomous Car Market, by Car Type
- Hatchback
- Sedan
- Utility Vehicle
- Autonomous Car Market, by Level of Autonomy
- Level-1
- Level-2
- Level-3
- Level-4
- Level-5
- Autonomous Car Market, by Propulsion
- Internal Combustion Engine
- Gasoline
- Diesel
- Electric
- Battery Electric
- Hybrid Electric
- Plug-in Hybrid Electric
- Internal Combustion Engine
- Autonomous Car Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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