Dublin, Dec. 30, 2024 (GLOBE NEWSWIRE) -- The "Self-Driving Cars Market by Level of Autonomy (Semi-Autonomous (L1, L2, and L3) and Autonomous (L4 and L5), Component Type, Mobility Type (Personal Mobility and Shared Mobility), Vehicle Class (a&B, C&D, and E&F), and Region - Global Forecast to 2035" report has been added to ResearchAndMarkets.com's offering.
The global self-driving cars market is projected to reach 37.09 million units in 2024 to 76.21 million units in 2035, at a CAGR of 6.8% from 2024-2035.
The self-driving car market is expanding due to rising consumer demand for safer, more convenient vehicles, supported by advancements in autonomous technologies and artificial intelligence. Government investments and regulatory support are accelerating adoption, particularly in regions like North America and Europe, where solid automotive industries and supportive policies are in place. Additionally, rapid technological advancements in the Asia Pacific, particularly in China, drive growth through partnerships and deployments of autonomous fleets, further contributing to global market expansion.
L4 segment is expected to experience a notable growth in the self-driving cars market during the forecast period.
The Level 4 (L4) segment is set for notable growth in the self-driving cars market, driven by advancements in autonomous technology and increasing demand for applications such as robotaxis and autonomous shuttles. L4 vehicles, capable of full autonomy within predefined operational domains, transform urban mobility and public transportation. Companies like Navya (France) and Holon GmbH (Germany) are pioneering this segment, with Navya testing autonomous shuttles for integration into urban transport systems and Holon developing shuttles for campus and urban use. In the US, Waymo LLC has expanded its fully autonomous robotaxi operations to Phoenix and San Francisco, showcasing the viability of L4 autonomy for real-world applications. Regulatory frameworks in Europe and North America, alongside significant investments from players such as Cruise LLC, Zoox, and more, further accelerate the adoption of L4 vehicles, signaling a transformative shift in transportation and mobility solutions.
Camera segment is expected to experience the fastest growth in the self-driving cars market during the forecast period.
The camera segment is set to experience rapid growth in the self-driving car market due to its critical role in enabling advanced driver assistance systems (ADAS) and autonomous functionalities. Cameras support essential features such as adaptive cruise control, traffic sign recognition, lane departure warnings, and automated emergency braking. Mounted at strategic locations, they provide comprehensive visual data for navigation, safety, and situational awareness.
Innovations like Robert Bosch GmbH's MPC3 camera system, integrating advanced algorithms for enhanced object detection, exemplify the segment's technological progress. Vehicles such as the BMW X3 2023 and the BMW 5 Series feature Bosch's advanced camera systems, highlighting the growing adoption of camera technology in enhancing safety and automation. As vehicle safety and automation become priorities, demand for high-resolution imaging and sensor fusion technologies is driving significant advancements in the camera segment.
Europe is expected to have a significant market share in the self-driving cars market during the forecast period.
Europe is set to hold a notable share in the self-driving cars market, driven by robust consumer demand, a strong automotive industry, and supportive regulations like the EU's General Safety Regulation 2 (GSR2), mandating ADAS features from July 2024. Key automakers such as Volkswagen, Mercedes-Benz, and BMW, alongside suppliers like Continental AG and Bosch, are heavily investing in autonomous technologies. Germany leads the market, bolstered by initiatives like Volkswagen's collaboration with Mobileye in March 2024 to develop a Level 4 autonomous ID.Buzz for urban mobility, highlighting the region's focus on innovation and advanced mobility solutions.
The self-driving cars market is dominated by major players, including Toyota Motor, Tesla, BYD, Volkswagen, Ford Motor Company, Hyundai Motor Group and more. These companies are expanding their portfolios to strengthen their self-driving cars market position.
The report provides insight on the following:
- Analysis of key drivers (InFocus on improving road safety, Government regulations for integration of advanced safety technologies, and Rise of autonomous ride-hailing services), restraints (High development costs and Data privacy concerns), opportunities (Emergence of subscription-based service offerings and Consumer focus on sustainable transportation solutions), and challenges (Substantial cost of ADAS integration, Lack of software standardization, and Inadequate infrastructure for self-driving cars)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the self-driving cars market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the self-driving cars market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the self-driving cars market.
- Competitive Assessment: In-depth assessment of market share, growth strategies, and service offerings of leading players like Toyota Motor Corporation (Japan), Tesla (US), BYD Co., Ltd. (China), Volkswagen Group (Germany), Ford Motor Company (US), Hyundai Motor Group (South Korea) among others in self-driving cars market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2024 - 2035 |
| Estimated Market Value in 2024 | 37.09 Million Units |
| Forecasted Market Value by 2035 | 76.21 Million Units |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Self-Driving Cars Market
- Self-Driving Cars Market, by Region
- Self-Driving Cars Market, by Level of Autonomy
- Self-Driving Cars Market, by Component
- Self-Driving Cars Market, by Mobility Type
- Self-Driving Cars Market, by Vehicle Class
Market Dynamics
Drivers
- Focus on Improving Road Safety
- Government Regulations for Integration of Advanced Safety Technologies
- Rise of Autonomous Ride-Hailing Services
Restraints
- High Development Costs
- Data Privacy Concerns
Opportunities
- Emergence of Subscription-based Service Offerings
- Consumer Focus on Sustainable Transportation Solutions
Challenges
- Substantial Cost of ADAS Integration
- Lack of Software Standardization
- Inadequate Infrastructure for Self-Driving Cars
Case Study Analysis
- Frankfurt Airport Conducts Trials for Autonomous Baggage Tractors to Enhance Operational Efficiency
- Continental Develops Innovative Solutions to Address Autonomous Driving Challenges
- Waymo Integrates Advanced Perception Systems with Sensors to Reduce Traffic-Related Fatalities
- Ambarella Offers Ad Software and Hardware Solutions for Scalable Autonomous Driving
- Nvidia Provides Open Av Development Platform for Autonomous Vehicles
- General Motors and Umtri Evaluate Safety Systems to Reduce Collisions
Self-Driving Cars Market, by Level of Autonomy
- Semi-Autonomous
- L1 - Integration of Entry-Level Adas for Enhanced Safety and Comfort to Drive Market
- L2 -Increasing Preference for Advanced Safety Features to Drive Market
- L3 -Regulatory Approvals to Drive Market
- Autonomous
- L4 -Ongoing Development of Robotaxis and Shuttles to Drive Market
- L5 - Growing Investments in Urban Mobility and Smart Infrastructure to Drive Market
Self-Driving Cars Market, by Component
- Camera - Focus on Increasing Vehicle Safety to Drive Market
- LiDAR -Rapid Developments by Component Manufacturers to Drive Market
- Radar - Extensive Use of Automatic Emergency Braking and Collision Avoidance Features to Drive Market
- Ultrasonic Sensor - Widespread Deployment in ADAS Applications to Drive Market
- Infrared Sensor
Self-Driving Cars Market, by Mobility Type
- Personal Mobility - Growing Consumer Interest in Autonomous Vehicle Ownership to Drive Market
- Shared Mobility - Rising Demand for Ride-Sharing and Robotaxi Services to Drive Market
Self-Driving Cars Market, by Vehicle Class
- A&B - Emphasis on Affordable Automation to Drive Market
- C&D - Elevated Demand for ADAS-Equipped Mid-Size Sedans and SUVs to Drive Market
- E&F - Shift Toward Luxury Driving Experiences to Drive Market
Company Profiles
Key Players (OEMs)
- Toyota Motor
- Tesla
- BYD
- Volkswagen
- Ford Motor
- General Motors
- Mercedes-Benz Group
- Waymo
- BMW
- Hyundai Motor Group
Key Players (Component Providers)
- Mobileye
- Nvidia
- Robert Bosch
- Continental
- ZF Friedrichshafen
- Denso
- Magna International
- NXP Semiconductors
- Aptiv
- Valeo
Other Players (OEMs)
- Stellantis
- Renault
- Motional
- Zoox
- Navya
Other Players (Component Providers)
- Aurora Innovation
- Nuro,
- Aisin
- Hitachi Automotive
- Renesas Electronics
- Infineon Technologies
- Ficosa International
- Texas Instruments
- Voxx International
- Blackberry
- Microsemi
- Xilinx
- Veoneer
- Samsung Electro-Mechanics
- Teledyne Flir
- Mcnex Co. Ltd.
- Stonkam Co. Ltd.
- LG Electronics
Analyst's Recommendations
- Asia-Pacific to be Largest Market for Self-Driving Cars
- Level 3 Autonomy to be Dominant
- LiDAR to be Fastest-Growing Component
- AI to be Pivotal in Self-Driving Car Development
For more information about this report visit https://www.researchandmarkets.com/r/8k3msm
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