Autonomous Car Market Size to Reach $196.97 Billion by 2030; CAGR: 25.7% - Confirms Strategic Market Research

New York, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The Worldwide Autonomous Car Market's value in 2021 was worth USD 25.14 billion, and by 2030 will reach USD 196.97 billion at a 25.7% CAGR. An autonomous car uses cameras, sensors, artificial intelligence, and radar to travel across various places without any human operator. Autonomous vehicles can operate without any human interference and can recognize their surroundings. Audi, Google, BMW, Ford, Tesla, General Motors, Volkswagen, and Volvo are among the companies testing and developing autonomous vehicles.

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Autonomous Car Market Insights: 

• On the basis of type, the semi-autonomous segment held a significant position in the worldwide market.
• The passenger car segment ruled the overall autonomous car market in terms of vehicle type.
• In 2021, the transportation segment ruled the overall market with a revenue share of nearly 93.8% on the basis of application.
• North America ruled the overall market with the highest market share of about 45% in 2021 by region.

Factors influencing the Autonomous Car Market growth: 

Factors such as the rise in the overall development of smart cities and the adoption of advanced technologies in vehicles are boosting its growth rate.

• The rise in smart city development is a major factor stimulating the overall growth of the worldwide autonomous car market. Electric autonomous cars help to reduce air pollution in smart cities and combat climate change. Traffic accidents can be reduced by 90% by adopting driverless cars, considerably enhancing road safety. Several countries, including Mexico, Canada, and the United States, are building digital infrastructure to boost connectivity between networks and vehicles to gather crucial information, ultimately enhancing road safety and lowering traffic issues. As a result, the market for autonomous vehicles is anticipated to grow with the advancement of smart cities.
  
  
• Leading car manufacturers are attempting to create driverless cars by integrating cutting-edge technologies like artificial intelligence and the Internet of Things. The rising demand to integrate new technologies in automobiles is driven mostly by government programs and measures to increase consumer safety and security. Additionally, the incorporation of AI-based cameras is increasing product demand and contributing to the expansion of the autonomous car market. The worldwide market for autonomous cars is expanding due to an increase in the adoption of cutting-edge technologies.
  
  

Autonomous Car Market: A thorough Segmentation Analysis

The worldwide Autonomous Car Market segmentation has been done on the basis of type, vehicle type, application, component, level of automation, and region.

By Type:

• Semi-Autonomous
• Fully Autonomous

By Vehicle type:

• Commercial Vehicles
• Passenger Cars

By Application

• Defense
• Construction
• Civil
• Transportation & Logistics

By Component

• Ultrasonic Sensor
• Radar Sensor
• Infrared Sensors
• LiDar
• Camera Unit
  
  

By Level of Automation

• Level 5
• Level 4
• Level 3
• Level 2
• Level 1
  
  

By Region

North America

• Canada
• United States
• Mexico
  
  

Europe

• United Kingdom
• France
• Spain
• Germany
• Italy
• Turkey
• Russia
• Rest of Europe

Asia Pacific

• Japan
• India
• Thailand
• China
• South Korea
• Rest of Asia Pacific

Rest of the World

• South Africa
• Brazil
• Others
  
  

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In 2021, the transportation segment ruled the overall market with a revenue share of nearly 93.8% on the basis of application owing to the increasing adoption of autonomous vehicles in transportation. However, over the predicted period, the defence segment will be the fastest-growing market. This is because more initiatives are being launched in places like North America. For instance, the United States and Sikorsky Defence Advanced Research Projects Agency (DARPA) stated in March 2020 that they would be testing autonomous flight software on the S-76 commercial helicopters and S-70 Black Hawk.

North America ruled the overall market with the highest market share of about 45% in 2021 by region because of its strong government support and positive consumer acceptance. The North American market is predicted to increase significantly due to the changes made in U.S. traffic laws to allow autonomous vehicles on public roads. In order to make transportation totally autonomous, the legislation is gradually being approved across all 50 states in the United States. Over the projection period, Asia Pacific is anticipated to increase significantly. China, Singapore, Japan, and South Korea are among the Asia-Pacific nations that have enacted laws and policies, including registrations, licenses, permits, and others, that will assist in the development of the autonomous car and are encouraging firms like Baidu, AutoX, Pony.ai, and others to test their vehicles on public roads.

Key players in Autonomous Car Market:

• Audi AG
• Toyota
• BMW AG
• General Motors
• Volvo Car Corporation
• Waymo 
• Microsemi Corporation
• Texas Instruments
• Nxp Semiconductors
• Google LLC
• Uber Technologies, Inc.
• Nissan Motor Company
• Honda Motor Company
• Ford Motor Company
• Ficosa International Sa
• Daimler Ag
• Volkswagon
• Voxx International Corp.

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Recent Developments

• On September 2022, In partnership with colleagues from Bogazici University in Turkey, researchers at Oxford University's Department of Computer Science created a novel artificial intelligence (A.I.) system to help autonomous vehicles (A.V.s) achieve safer and more reliable navigation, particularly in extreme weather conditions.
  
  
• On September 2022, Uber eats and Nuro collaborated to deliver food via driverless cars in the United States using Nuro's autonomous electric vehicles.
  
  
• On August 2022, Xiaomi launched its in-house autonomous driving technology, pilot technology. In the first phase, Xiaomi aims to build 140 test vehicles for the pilot technology.
  
  

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