Pune, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The global autonomous car market size was USD 1.45 billion in 2020. The market is projected to grow from USD 1.64 billion in 2021 to USD 11.03 billion in 2028 at a CAGR of 31.3% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Autonomous Car Market, 2021-2028.” As per our researchers, the speedy development in sensor-processing technologies, adaptive algorithms, high-definition mapping, and the placement of infrastructure-to-vehicle and vehicle-to-vehicle communication technologies are reassuring numerous corporations to magnify their manufacturing capabilities and navigate vehicle automation to an elevated level.
Furthermore, giant businesses associated with automobile manufacturing are promptly adopting Artificial Intelligence (AI) and Machine Learning (ML) technologies and implementing them in automobile manufacturing. For instance, according to Washington Post, Tesla cars, which have been introduced as self-driving cars, are loaded with the latest technologies such as progressive hardware capability of offering autopilot programs, and completely self-driving abilities, via the software updates intended to augment operations as time passes.
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Key Industry Development:
- February 2020: Pony.ai, which is an autonomous driving corporation, raised nearly USD 400 million from Toyota Motor Corporation in order to extend their collaboration in mobility services. The alliance is estimated to enhance self-directed driving technology, along with install mobility services.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 31.3% |
| 2028 Value Projection | USD 11.03 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 1.64 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | By Type, By Vehicle Type |
| Growth Drivers | Extensive Implementation of ADAS to Enhance Market Growth |
| Increasing Adoption of Technologically Advanced Cars to Aid Growth in Asia Pacific |
Drivers & Restraints-
Extensive Implementation of ADAS to Enhance Market Growth
Advanced driver assistance systems (ADAS) aid drivers via their artificial intelligence (AI) and various other innovative characteristics, thus evading interruptions and plummeting the burden on the driver. The prompt acceptance of progressive technologies in software algorithms, cameras, sensors, processors, and mapping has upgraded the application process of ADAS in automobiles. Additionally, increasing issues of the protection and security of cars, inhabitants, and walkers and to decrease the rate of road mortalities, automobile producers are integrating ADAS in cars, therefore stimulating the autonomous car market growth.
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Report Coverage
The report offers valued insights attained by a detailed study conducted by our researchers. Wide-ranging research was directed to provide the estimated size of the market for autonomous cars. The data used to project the shares for multiple segments at the country, regional, and global levels are acquired from in-depth interviews with numerous investors. Furthermore, we have gained admission to numerous global and regional funded databases to provide precise material to make business investment judgments easy for stakeholders
Segments-
On the basis of type, the market for autonomous cars is separated into semi-autonomous and fully autonomous. The semi-autonomous car segment held 21.9% in 2020 in terms of the autonomous car market share. The semi-automatic and self-driving car markets have been sectioned according to the degree of automation (at levels 1, 2, and 3, respectively).
On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. In terms of region, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
| Segmentation | By Type
|
By Vehicle Type
|
Regional Insights-
Increasing Adoption of Technologically Advanced Cars to Aid Growth in Asia Pacific
The market size in Asia Pacific was worth USD 0.72 billion in 2020. The region dominates in the global market on account of the rising implementation of autonomous cars and the mounting customer inclinations towards technologically radical aspects. Automotive corporations are scheduling to inflate manufacturing divisions and attain prompt technological development in production amenities in developing nations, such as India and China.
Europe held the second-largest share in the global market for autonomous cars owing to the widespread capitalization by crucial manufacturers to improve advanced technologies. For instance, the British government is dedicated to connecting self-driving cars on the streets by the end of 2021. It is also considering making the essential alterations to the guidelines in order to back up the expansion of autonomous cars in the U.K.
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Competitive Landscape
Key Player Focus on Widespread Research & Development Activities
Crucial players are often seen applying effective schemes and strategies in order to conquer the market for autonomous cars and set a prominent footprint in their respective industries.
For instance, Robert Bosch GmbH is an international player in the sector of autonomous car technology. The disposition of a wider variety of advanced driver-aiding solutions and the expansion of self-driving vehicles for the smart and secure age of movement are the main ideas of the company. Likewise, the endless R&D struggles by the corporation are resulting in the formation of advanced technologies, which are a few of the substantial aspects accountable for the supremacy of the company.
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A list of prominent Autonomous Car manufacturers operating in the global market:
- Autoliv Inc. (Stockholm, Sweden)
- Aptiv (Dublin, Ireland)
- Waymo LLC ( California, United States)
- Robert Bosch GmbH ( Gerlingen, Germany)
- Daimler AG ( Stuttgart, Germany)
- Baidu (Beijing, China)
- AutoX, Inc. (California, United States)
- Pony.ai (Fremont, California, United States)
- Ford Motor Company (Michigan, United States)
- HYUNDAI MOTOR GROUP (Seoul, South Korea)
- Volvo (Gothenburg, Sweden)
Frequently Asked Questions:
1. Who has the best Autonomous Car?
Autoliv Inc., Aptiv, Waymo LLC,Robert Bosch GmbH,Daimler AG, Baidu, AutoX, Inc., Pony.ai, Ford Motor Company, HYUNDAI MOTOR GROUP, Volvo
2. How big is the Autonomous Car Market?
The market is projected to grow from USD 1.64 billion in 2021 to USD 11.03 billion in 2028 at a CAGR of 31.3% during the 2021-2028 period
3. Which region held the highest share in the market?
Asia Pacific Autonomous Cars Market Size, 2017-2020
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- COVID-19 Impact
- Global Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Type
- Fully Autonomous
- Semi-Autonomous
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
- North America Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis – By Type
- Fully Autonomous
- Semi-Autonomous
- Market Analysis – By Country
- U.S.
- Canada
- Mexico
- Europe Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis – By Type
- Fully Autonomous
- Semi-Autonomous
- Market Analysis – By Country
- U.K.
- Germany
- France
- Rest of Europe
- Asia pacific Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis – By Type
- Fully Autonomous
- Semi-Autonomous
Continued...
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