Dublin, Feb. 22, 2022 (GLOBE NEWSWIRE) -- The "Self-driving Cars Market by Component (Radar, LiDAR, Ultrasonic, & Camera Unit), Vehicle, Level of Autonomy, Mobility Type, EV and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global 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%.
Safety features are an important prerequisite for automotive customers across the world. Governments across the world have mandated the incorporation of features such as lane departure warning (LDW) and automatic emergency braking (AEB) paving way for new technologies and self-driving cars. Different types of safety features have, therefore, been developed to assist drivers and lower the number of accidents.
Growing demand for safety and driving assistance systems likely to drive the growth of the Self-driving Cars market during the forecast period
The automotive industry is witnessing a rapid evolution of safety features, which is expected to increase exponentially in the coming years to provide a safer and more convenient driving experience. Major OEMs such as Toyota and Honda are launching vehicles with features such as blind spot detection, rear cross traffic, lane keep assist, forward collision warning, and automatic emergency braking as a standard. OEMs such as Cadillac, Tesla, Nissan, Honda and Audi are currently developing L3 driving systems for their upcoming models. The increasing demand for sophisticated cruise control and driving comfort features has also fueled the safety systems market.
Transforming a vehicle into a self-driving one could help reduce errors caused by drivers. As per the NHTSA, the total number of fatalities due to road accidents in the US was 38,680 in 2020. Self-driving cars could play a crucial role in reducing this number and lead to a safe, productive, and efficient driving experience. Active safety systems such as blind spot detection (BSD), automatic emergency braking (AEB), and lane departure warning (LDW) play a major role in automated driving technology today.
Demand for luxury vehicles will further strengthen the demand for self-driving cars during the forecast period. Higher growth rates have been observed in developing countries such as China and India, among others. The standard of living has also improved in developing countries, along with a considerable rise in spending power. German auto brands such as Mercedes-Benz, BMW, and Audi dominate the global luxury car market. The change in consumer preferences has increased the demand for better products, which has positively affected the sales of premium cars across the globe.
Key Topics Covered:
Premium Insights
- Increasing Demand for Level 1 and Level 2 Cars and Rising Investment in Development of Level 4 and Level 5 Cars Will Propel Market
- Self-Driving Cars Market in Rest of the World Projected to Grow at Highest CAGR from 2021-2030
- Asia-Pacific: Self-Driving Cars Market, by Level of Automation & Country, 2021 Vs. 2030
- Personal Mobility Expected to Account for Largest Share of Market by 2030
- Self-Driving Cars Market, by Component Type - Radar Segment Expected to Lead Market During Forecast Period
- Self-Driving Cars Market, by Type - Sedan Segment Projected to Lead Market from 2021 to 2030
- Self-Driving Cars Market, by Electric Vehicle Type - BEV Segment Dominate Market During Forecast Period
Market Dynamics
Drivers
- Stringent Vehicle Safety Regulations
- Growing Demand for Safety and Driving Comfort Features
- Increasing Demand for Luxury Vehicles
- Introduction of Ai-Based Camera Systems for Self-Driving Applications
- Development of Self-Driving Modular Systems Enabling OEMs to Handpick the Technology
- Technological Advancements
- Growth in Connected Vehicle Technology and Dynamic Mobility Application
Restraints
- Lack of Required Infrastructure in Emerging Countries
- Consumer Acceptance of Self-Driving Cars
Opportunities
- Development of ADAS Technology
- Increasing Demand for 5G Technology for Vehicle Connectivity
- Rising Demand for Electric Vehicles
- Increasing Developments in Autonomous Shared Mobility
- Increasing Investments in Lidar Startups by Automotive Giants
Challenges
- High System and Component Cost
- Environmental Constraints and Security Threats
- Maintaining a Balance Between Cost and Quality
- Real-Time Image Processing in Multi-Camera Systems
- Creating and Maintaining Maps for Self-Driving Cars
Companies Mentioned
- General Motors
- Waymo
- Daimler
- Ford
- Nvidia
- Byd Co. Ltd.
- Volkswagen Ag
- Toyota
- Aurora Innovation, Inc.
- Mobileye
- Denso
- Nuro
- Tesla
- Aisin Seiki
- Renault-Nissan-Mitsubishi
- Autox
- Hitachi Automotive
- Renesas Electronics Corporation
- Huawei
- Hyundai Mobis
- Infineon Technologies Ag
- Einride
- Groupe Psa (Stellantis)
- Vay
- Audi Ag
- Hella
- Blackberry
- Xilinx, Inc
- Pony.Ai
- Ridecell Inc,
- Argo Ai
- Zoox
- Deepscale
- Aptiv
- Luminar
- Optimus Ride
- Motional
- Innoviz Technologies
- Robert Bosch
- Zf Friedrichshafen
- Valeo
- Magna International
- Continental Ag
- Nxp Semiconductors
- Ficosa International Sa
- Texas Instruments
- Voxx International Corp.
- Microsemi Corporation
For more information about this report visit https://www.researchandmarkets.com/r/zbjnm2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
