Chicago, June 20, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Autonomous / Self-driving Cars Market by Component (Radar, LiDAR, Ultrasonic, & Camera Unit), Vehicle (Hatchback, Coupe & Sports Car, Sedan, SUV), Level of Autonomy (L1, L2, L3, L4, L5), Mobility Type, EV, and Region", published by MarketsandMarkets™, The global Autonomous / Self-driving Cars Market size is projected to grow from 20.3 million units in 2021 to 62.4 million units by 2030, at a CAGR of 13.3%.
The increasing adoption of ADAS & safety features, the focus of governments to enhance vehicle and pedestrian safety, initiatives by OEMs to provide advanced safety features, and the advent of new age technologies will surge the demand for Autonomous / Self-driving cars.
The Autonomous / Self-driving Cars Market is dominated by global players such as General Motors (US), Ford (US), Daimler (Germany), Volkswagen (Germany), Toyota (Japan) and Waymo (US).
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FCEV is expected to witness highest CAGR in the Autonomous / Self-driving Cars Market by Electric Vehicle Type
Stringent emission regulations across the globe have led to the increased use of fuel cells in the automotive and transportation industries. Governments in the US and Europe are supporting the use of fuel cell electric vehicles. For example, the European Commission has demonstrated the hydrogen bus project, HYFLEET CUTE, in which 31 partners from industry, government, academic, and consulting organizations have participated to promote fuel cell buses. In this project, 33 fuel cell buses operate for daily public service in Europe. Such initiatives are likely to positively impact the demand for FCEVs.
SUVs will be a key market for Autonomous / Self-driving cars
The sale of high-end, mass-market sport-utility vehicles (SUVs) continues to grow in the global market, despite the record contraction in economic activities due to disruptions caused by the coronavirus outbreak. BMW plans to introduce the first system on the US roads to qualify as Level 3 conditional automation by SAE’s standards. The SUV, iNext will feature BMW’s 5th-generation eDrive system, which is reported to offer up to 530 hp and a high-density, lightweight 80-kWh battery pack good for a range of around 400 miles.
OEMs such as General Motors, Mitsubishi Motors (Japan), BMW (Germany), Volkswagen (Germany), Toyota (Japan), and Daimler (Germany) have launched several SUVs equipped with ADAS features. Toyota’s RAV4 is one of the best-selling SUV’s worldwide, which is equipped with ADAS features such as a collision avoidance system, adaptive cruise control, and lane departure warning system.
Customers Prefer cars with more safety and convenience features despite their high price. This is driving the growth, and hence the market is expected to be on the rise.
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China is estimated to become largest market for Autonomous / Self-driving Cars Market in the Asia Pacific Region during the forecast period
China is one of the fastest-growing economies in the Asia Pacific region. It has experienced exceptional growth in the last few decades and has become the world’s second-largest economy. China is the largest vehicle manufacturer in the world and is expected to retain its leading position during the forecast period. The rising demand for vehicles in the country, coupled with favourable investment regulations and economical labour costs, has raised domestic vehicle production levels. Vehicle safety norms are also driving the Autonomous / Self-driving Cars Market in the country. Several advanced safety features are mandated in the country to prevent accidents. Many car manufacturers have established production facilities in China to cater to global demand.
Local OEMs in China have partnered with global OEMs to gain a competitive edge in the market. For instance, SAIC Motor's affiliated OEMs include SAIC Passenger Vehicle Branch, SAIC Maxus, SAIC Volkswagen, SAIC General Motors, SAIC-GM-Wuling, Naveco, SAIC-IVECO Hongyan, and Sunwin. SAIC Motors contributed 24.1% to the total vehicle sales in China.
As per China Passenger Car Association (CPCA), China exported about 760,000 cars in the first five months of 2021, up 103% year-on-year. The main export destinations included Chile, Saudi Arabia, Russia, and Australia. New-energy vehicle (NEV) exports surged, mainly to Western Europe. In May, exports stood at almost 20,000 units, driven by Tesla's exports from its Gigafactory in Shanghai.
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