USD 79.26 Billion
Autonomous Cars Market Size, Share, Growth Analysis, By Type(Semi-Autonomous and Fully-Autonomous), By Vehicle(Commercial and Passengers Cars), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2107 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
59
|Figures:
75
Autonomous Cars Market Insights
Global Autonomous Cars Market size was valued at USD 79.26 Billion in 2022 and is poised to grow from USD 121.74 Billion in 2023 to USD 3772.03 Billion by 2031, at a CAGR of 53.6% during the forecast period (2024-2031).
The global autonomous cars market is experiencing significant growth and is poised for further expansion in the coming years. Autonomous cars, also known as self-driving cars or driverless cars, represent a revolutionary shift in the automotive industry. These vehicles are equipped with advanced technologies such as artificial intelligence, sensors, and connectivity to navigate and operate without human intervention. Key factors driving the growth of the global autonomous cars market include advancements in technology, increasing consumer demand for safer and more convenient transportation options, and supportive government initiatives.
Autonomous cars have the potential to significantly improve road safety by eliminating human errors, which are responsible for a majority of accidents. Moreover, autonomous cars offer benefits such as reduced traffic congestion, improved fuel efficiency, and enhanced mobility for people with limited mobility. The market is witnessing intense competition among traditional automakers, technology companies, and new entrants. Major players are investing heavily in research and development to enhance autonomous technology and gain a competitive edge. Strategic partnerships and collaborations are also common in the market, with companies joining forces to leverage expertise and resources. North America, particularly the United States, is currently the dominant region in the global autonomous cars market. The region boasts a favorable regulatory environment, strong technological capabilities, and a robust ecosystem of automotive and technology companies. Additionally, the Asia Pacific region, led by China, is emerging as the fastest-growing market for autonomous cars. The region is experiencing significant growth due to government support, technological advancements, and a large consumer base. However, there are several challenges that need to be addressed for the widespread adoption of autonomous cars. Safety remains a primary concern, and extensive testing and validation processes are necessary to ensure the reliability and robustness of autonomous systems. Legal and regulatory frameworks also need to be developed to address liability and privacy issues associated with autonomous vehicles.
US Autonomous Cars Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Commercial
Fastest Growth
Commercial
Growth Rate
53.6% CAGR
Global Autonomous Cars Market ($ Bn)
Country Share for North America Region (%)
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Autonomous Cars Market Segmental Analysis
The global autonomous cars market is segmented on the basis of type, vehicle, end-user, and region. Based on type, the market is segmented into semi-autonomous, and fully-autonomous. By vehicle, the market is segmented into commercial vehicles and passenger cars. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Type
Semi-autonomous cars, also known as Level 2 and Level 3 autonomous cars, are currently dominant in the market. These vehicles offer a range of advanced driver assistance features that enhance safety and convenience. Level 2 autonomous cars provide capabilities such as adaptive cruise control, lane-keeping assistance, and automated parking. Level 3 autonomous cars can handle more driving tasks under specific conditions, but still require human intervention when needed.
Fully autonomous cars, also referred to as Level 4 and Level 5 autonomous cars, represent the fastest-growing segment in the global autonomous cars market. Level 4 autonomous cars are designed to operate without human intervention in specific environments or conditions, while Level 5 autonomous cars are capable of fully autonomous operation in any driving situation. These vehicles rely on advanced sensors, artificial intelligence, and sophisticated decision-making systems to navigate and interact with their surroundings.
Analysis By Vehicle
Commercial vehicles refer to vehicles used for transportation and logistics purposes, such as trucks, delivery vans, and buses. In the global autonomous cars market, the dominant segment within commercial vehicles is autonomous trucks. Autonomous trucking technology holds great potential for improving efficiency, reducing costs, and enhancing safety in the freight transportation industry. These vehicles can operate autonomously on highways, delivering goods with minimal human intervention.
The fastest-growing segment within the passenger cars category is fully autonomous passenger cars. These vehicles are capable of operating without human intervention and navigating in various driving conditions. While fully autonomous passenger cars are still in the early stages of development and deployment, significant investments and advancements are being made by both traditional automakers and technology companies. The potential benefits of fully autonomous passenger cars, such as improved road safety, increased mobility options, and enhanced productivity during travel, make this segment highly promising for future growth.
Global Autonomous Cars Market By Vehicle
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Autonomous Cars Market Regional Insights
North America, particularly the United States, is currently the dominant region in the global autonomous cars market. This dominance is primarily due to the presence of leading technology companies, automotive manufacturers, and research institutions actively working on autonomous driving technology. The region has favorable regulations and supportive government initiatives for autonomous vehicle testing and deployment.
Asia-Pacific, specifically China, is emerging as a significant player in the global autonomous cars market. China has become a hub for autonomous vehicle research, development, and testing. The country has a large population and rapidly urbanizing cities, which pose transportation challenges that autonomous cars can help address. The Asia-Pacific region, with its growing economy and technological advancements, presents substantial opportunities for the autonomous cars market.
Global Autonomous Cars Market By Region
- Largest
- Fastest
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Autonomous Cars Market Dynamics
Drivers
Consumer Demand and Expectations:
- Consumers are increasingly interested in autonomous cars due to their potential to enhance convenience, productivity, and safety. The demand for advanced driver assistance features and autonomous capabilities is driving automakers to invest in autonomous technology and bring autonomous cars to the market.
Restraints
Safety and Liability Concerns:
- Safety remains a significant concern for autonomous cars. While autonomous technology has the potential to improve safety, ensuring its robustness and reliability in all driving scenarios is a challenge. Liability issues also arise in case of accidents involving autonomous cars, raising questions about responsibility and insurance coverage.
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Autonomous Cars Market Competitive Landscape
The global autonomous cars market is characterized by intense competition and a rapidly evolving landscape. Key players in the market are investing heavily in research and development to advance autonomous car technology and gain a competitive edge. The competitive landscape is shaped by factors such as technological capabilities, strategic partnerships, regulatory compliance, and brand reputation. Companies are focused on enhancing safety, improving user experience, and developing scalable autonomous solutions. Additionally, collaborations with technology providers, mobility service providers, and government agencies play a crucial role in driving innovation and market penetration. The competitive landscape is dynamic, with both traditional automotive manufacturers and technology companies vying for leadership positions in this transformative industry.
Top Player’s Company Profile
- Zoox (United States)
- Mobileye (Israel)
- Aptiv (Ireland)
- Uber Advanced Technologies Group (United States)
- NVIDIA (United States)
- Baidu (China)
- Volvo (Sweden)
- Ford (United States)
- General Motors (United States)
- Toyota (Japan)
- Daimler AG (Germany)
- BMW (Germany)
- Audi (Germany)
- Hyundai Motor Company (South Korea)
- Honda (Japan)
- Volkswagen Group (Germany)
- NIO (China)
Recent Developments
- In April 2021, Toyota Motor Corp. introduced upgraded editions of the Lexus LS and Toyota Mirai in Japan. These models are equipped with the latest Advanced Drive technology, which operates at Level 2 autonomy. This advanced system assists in maintaining the vehicle within its lane, ensuring a safe distance from surrounding vehicles, facilitating lane changes, and providing advanced-driver assistance.
- In March 2021, an agreement was reached between Volvo Group and NVIDIA for the collaborative development of the decision-making system for autonomous commercial vehicles and machinery. By leveraging NVIDIA's comprehensive artificial intelligence platform for training, simulation, and in-vehicle computing, the objective is to create a system capable of safely enabling fully autonomous driving on public roads and highways.
Autonomous Cars Key Market Trends
- Shifting Regulatory Landscape:
Governments around the world are adapting regulations and policies to facilitate the development and deployment of autonomous cars. Regulatory frameworks are being established to address safety, liability, and privacy concerns associated with autonomous vehicles.
- Development of AI and Machine Learning:
Artificial intelligence (AI) and machine learning play a vital role in enabling autonomous cars to perceive and understand their environment. The market is witnessing advancements in AI algorithms and machine learning models, enabling better decision-making, object recognition, and behavior prediction.
Autonomous Cars Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global autonomous cars market analysis, this industry is undergoing rapid growth and transformation, fuelled by advancements in technology, increasing investments, and changing consumer preferences. The market is highly competitive, with traditional automakers and technology companies vying for leadership positions through strategic partnerships. Consumer acceptance and trust are crucial drivers for adoption, leading to education and addressing safety and privacy concerns. North America stands as the dominant region in the global autonomous cars market, benefiting from the presence of leading technology companies, supportive government initiatives, and a strong consumer interest. On the other hand, the Asia Pacific region, led by China, is witnessing the fastest growth due to favorable policies, technological advancements, and a large market size. The global autonomous cars market holds immense potential to revolutionize transportation and shape the future of mobility.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 79.26 Billion |
| Market size value in 2031 | USD 3772.03 Billion |
| Growth Rate | 53.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Autonomous Cars Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Autonomous Cars Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Autonomous Cars Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Autonomous Cars Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Autonomous Cars Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Autonomous Cars Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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