Chicago, May 09, 2023 (GLOBE NEWSWIRE) -- 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%, over the forecast period, according to a new report by MarketsandMarkets™.
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| Report Attributes | Details |
| Market size value in 2021: | 20.3 million units |
| Projected to reach 2030: | 62.4 million units |
| CAGR: | 13.3% |
| Base Year Considered: | 2020 |
| Forecast Period: | 2021-2030 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Oceania, Europe, North America, and RoW |
| Segments Covered: | Component, Electric Vehicle, Mobility Type, Level of Autonomy, Vehicle Type, System and Region |
| Companies Covered: | General Motors (US), Ford (US), Daimler (Germany), Volkswagen (Germany), Toyota (Japan) and Waymo (US). More than 30 major players are covered under the report. |
Upcoming safety mandates and increasing focus on sophisticated driving assistance features would spur the growth of self-driving solutions. Increasing focus on active safety systems and car assessment programs would drive the demand for ECUs in modern vehicles.
The increasing number of accidents due to distractions as well as alcohol-impaired driving fatalities have become a major concern for lawmakers and have sparked the demand for advanced safety features such as driver monitoring systems, automatic emergency braking, lane departure warning, and others.
Rise of Electric Infrastructure Subsidies Sparks Growth in ADAS Solutions for BEVs
Governments in countries such as India, China, the US, and European countries are subsidizing electric infrastructure, which has resulted in the growth of the BEVs segment. OEMs are focusing on launching new electric variants of existing ICE models. In addition, owing to tough competition from major EV manufacturers such as Tesla, major OEMs have planned to introduce more safety and driving assistance features to stay competitive. Leading automakers such as Nissan, Tesla, and Audi are increasingly focusing on green vehicles with more driving comfort features. Hence, the demand for ADAS solutions in the electric vehicle segment is expected to rise during the forecast.
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The Cost of LiDAR for Self-Driving Vehicles Decreasing, Opening Doors for OEMs and Tech Providers
Components for self-driving vehicles such as LiDAR are currently expensive, and the reliability of these components is still being explored. However, the cost of LiDAR is significantly decreasing over time. For instance, Volvo announced plans to produce vehicles with LiDAR in 2022. The automaker partnered with Luminar, a major LiDAR technology focus startup. According to the company, LiDAR cost can be low as USD 1,000 for level 5 autonomy and USD 500 for driving assistance if produced at a scale. LiDAR systems are also being used in the development of fully autonomous cars by companies such as Waymo (US), Ford Motor Company (US), Nissan Motor Company (Japan), and others. These autonomous cars have performed well under controlled conditions and are expected to be fully commercialized in the coming years.
In the short term, level 1 and level 2 self-driving cars are expected to provide huge growth opportunities for OEMs, technology providers, sensor suppliers, and HD mapping companies. Level 1 ADAS typically include ADAS features such as adaptive cruise control, lane centering, and park assist systems. These systems are already available in most of luxury and mid-segment cars in developed markets. OEMs are offering more and more ADAS features in economic segment cars. Level 2 ADAS driving systems are designed to drive a vehicle with minimal input from the human driver. More development in L3, L4, and L5 driving systems would further strengthen the self-driving cars market.
Asia Pacific Emerges as the Largest Market for Self-Driving Cars with Advancements in Safety Features and Stringent Regulations
The Asia Pacific region is expected to be the largest market for self-driving cars during the forecast period. Leading automakers in the region, such as Toyota, Honda, and Hyundai, leverage the advantages of safety systems and have made essential safety features a standard across their models. Stringent regulations imposed on vehicles for safety are also influencing the market growth. These regulations are as stringent as the regulations set in North America and Europe. Moreover, improving socio-economic conditions in emerging nations, such as India, Indonesia, and Thailand, has resulted in an increased demand for premium segment passenger cars, which, in turn, increases the demand for advanced driver assistance systems and thereby drives the self-driving cars market in this region. Regulations and guidelines for autonomous and semi-autonomous differ depending on countries and regions. Regions such as North America and Europe have formed their set of regulations, which are to comply with various levels of autonomy in vehicles. These regulations act as a driving factor for adopting self-driving cars.
Key Market Players:
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). These companies have adopted strategies such as new product development, expansion, collaborations, partnerships, and mergers & acquisitions to gain traction in the Autonomous / Self-Driving Cars Market.
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