New York, NY, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “North America Autonomous Cars Market Share, Size, Trends, Industry Analysis Report, By Automation Level (Level 1, Level 2, Level 3, Level 4 and 5); By Vehicle Type; By Application; By Country; Segment Forecast, 2024 - 2032" published by Polaris Market Research in its research repository.
The North America autonomous cars market size and share are currently valued at USD 12.31 billion in 2023. It is anticipated to generate an estimated revenue of USD 64.68 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 20.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What are Autonomous Cars? What is the Expected Autonomous Cars Market Share in North America?
An autonomous car, also known as a self-driving car or driverless car, is a car that utilizes a mixture of cameras, sensors, artificial intelligence (AI), and radar to travel between destinations without a human operator. Using a range of sensors located throughout the vehicle, autonomous automobiles build and update a map of their environment. After processing all of the sensory data, advanced software creates a route and instructs the actuators in the automobile, which manage steering, braking, and acceleration. The program is assisted in adhering to traffic regulations and navigating obstacles by object detection, obstacle avoidance algorithms, hard-coded rules, and predictive modeling.
Also, the North America autonomous cars market size is expanding significantly. The world's leading automakers and technology businesses are based in North America, which makes the region a fertile field for research and development of autonomous driving technologies.
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North America Autonomous Cars Market Key Companies
- Aptiv PLC
- Autoliv Inc.
- Ford Motor Company
- General Motors Company
- NVIDIA Corporation
- Subaru of America, Inc.
- Tesla Inc.
- Toyota Motor Corporation
- Uber Technologies Inc.
- Volkswagen Group
- Volvo Car Corporation
- Waymo
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Key Highlights
- The market growth is attributed to supportive government initiatives, rising R&D investments for self-driving vehicles, increasing demand for electric vehicles, growing worries about vehicle safety, and rising urbanization.
- The North America autonomous cars market segmentation is mainly based on application type, product type, and country.
- The U.S. dominated the market in terms of revenue share in 2023.
Market Developments
Growth Drivers:
- Increased Adoption of Autonomous Cars: The market will expand due to the growing use of autonomous vehicles as concerns about security and safety increase. The need for safe and efficient driving solutions, developments in connected car technology, more R&D in the autonomous car industry, and government support in the form of incentives and policies for these vehicles are all factors propelling the North America autonomous cars market growth.
- Rapid Digitization: The fast digitization of connected cars is expected to propel growth in the North American autonomous car market. The region will see a rise in demand for driverless cars as a result. Compared to conventional cars, connected cars offer a more seamless integration of crucial elements needed for vehicle autonomy, such as vehicle-to-vehicle and vehicle-to-infrastructure communication.
Industry Trends:
- Government Initiatives: The governments of North America are providing funds and support for the creation, testing, and research of autonomous vehicles. The activities above aim to enhance safety during transportation, expedite technological progress, and preserve regional competitiveness within the autonomous car sector.
Restraints:
- Decreased Consumer Demand: The North America autonomous cars market share has been significantly impacted by the COVID-19 outbreak. The North American automotive industry has seen disruptions as a result of production halts, a decline in customer demand, and the economic instability that was overcome during the epidemic. As a result, certain projects involving driverless vehicles are postponed or delayed.
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Segmentation Overview
- The Level 1 Sector Holds the Largest Market Share
The smallest driver support system available for cars in North America provides steering assistance during acceleration and braking aid. They are less expensive than the automobiles/vehicles in the other tiers. The majority of Level 1 autonomous vehicles are driven in the US.
Moreover, cars with Level 1 autonomous features improve road safety and driving enjoyment. In order to increase these capabilities, North American automakers and IT companies are making significant investments in research and development. In North America, regulations are changing to support the automobile industry's expansion.
- The Passenger Vehicle Sector Accounts for the Largest Market Share
The primary nation for the development and production of autonomous vehicles is the United States. North American automakers are concentrating on developing self-driving cars that use cutting-edge automotive artificial intelligence (AI) by partnering with tech firms and purchasing technical startups.
Furthermore, in North America, the majority of people choose private transportation over congested public transportation. The North America autonomous cars market demand will expand due in part to the growing demand for passenger cars. Automated SUVs are becoming more and more necessary, and social distancing following the pandemic has led to a rise in the use of passenger cars in North America.
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North America Autonomous Cars Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 64.68 Billion |
| Market size value in 2024 | USD 14.75 Billion |
| Expected CAGR Growth | 20.3% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Aptiv PLC, Autoliv Inc., Ford Motor Company, General Motors Company, and NVIDIA Corporation, among others |
| Segments Covered | By Automation level, By Vehicle Type, By Application, By Country |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Browse Detail Press Release: North America Autonomous Cars Market Size Worth USD 128.08 Billion By 2032 | CAGR: 20.0%
Regional Insights
U.S.: The increasing emphasis on efficiency and safety, along with technology improvements, have led to a surge in the use of autonomous vehicles throughout the region. The development and testing of autonomous driving systems have attracted significant investment from prominent automakers and technology companies in the U.S.
Browse the Detail Report “North America Autonomous Cars Market Share, Size, Trends, Industry Analysis Report, By Automation Level (Level 1, Level 2, Level 3, Level 4 and 5); By Vehicle Type; By Application; By Country; Segment Forecast, 2024 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/north-america-autonomous-cars-market
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Key Questions Addressed in the Report:
- How big is the North America autonomous cars market?
Ans: The market size and share is currently valued at USD 12.31 billion in 2023 and is anticipated to generate an estimated revenue of USD 64.68 billion by 2032.
- What is the expected growth rate of the market during the forecast period?
Ans: The market exhibits a robust 20.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
- Who are the key players in the market?
Ans: Some of the prominent North America autonomous cars market key players are Autoliv Inc., Aptiv PLC, NVIDIA Corporation, Toyota Motor Corporation, Tesla Inc., Volkswagen Group, and General Motors Company.
- Which segments are covered by the report?
Ans: The market segmentation is mainly based on application type, product type, and country.
- Which factors are driving the market growth?
Ans: The market growth is attributed to supportive government initiatives, rising R&D investments for self-driving vehicles, increasing demand for electric vehicles, growing worries about vehicle safety, and rising urbanization.
Polaris Market Research has segmented the North America autonomous cars market report based on automation level, vehicle type, application, and country:
By Automation Level Outlook
- Level 1
- Level 2
- Level 3
- Level 4 & 5
By Vehicle Type Outlook
- Passenger Vehicle
- Commercial Vehicle
By Application Outlook
- Transportation
- Commercial
- Personal
- Industrial
- Defense
- Others
By Country Outlook
- U.S.
- Canada
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