Autonomous Cars or Driverless Cars Market

The global Autonomous Cars or Driverless Cars market was valued at USD 22.31 Billion in 2020 and is projected to reach USD 65.20 Billion by 2028, growing at a CAGR of 19.32%% from 2021 to 2028.

An autonomous vehicle is a self-driving that is able to operate itself and perform necessary functions without any human intervention, through ability to sense its surroundings and the advanced driver assistance systems are intelligent systems that are built inside the vehicle to assist the main driver in a numerous ways. The autonomous vehicle uses various technologies like artificial intelligence (AI) software, light detection & ranging (LiDAR), and RADAR sensing technology, among others to function properly.

The global Autonomous Cars or Driverless Cars market is segmented based on by Type, Application, Regions, and Countries. This report provides an analysis of the global Autonomous Cars or Driverless Cars market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report covers exhaustive analysis on the global Autonomous Cars or Driverless Cars industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. The report provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028. 

COVID-19 pandemic led to government of numerous countries across the globe to impose stringent lockdown measures during the primary stages. This led to numerous challenges owing to the supply chain. However, the market witnessed steady growth over the later stages as the governments lifted restrictions on construction activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The increasing adoption of ADAS owing to the advancement in technologies such as software algorithms, sensors, cameras, processors, and mapping has improved the applicability of ADAS in vehicles and is expected to fuel the growth of the autonomous car market in the years to come. ADAS assist drivers with the use of artificial intelligence and other technologies, thereby avoiding distractions occurred for the driver. In addition, rising concerns of the safety and security of vehicles and consumers to reduce the percentage of road fatalities, automotive manufacturers are incorporating ADAS in vehicles, thus fuelling the autonomous cars market growth.

The rising car sale across the globe is anticipated to augment the growth of the autonomous cars market during the forecast period. This is owing to the rapid urbanization, industrialization, rising disposable income of the consumers, and advancement of technologies. Furthermore, the constant upgradation and updates of various features associated to the system are anticipated to offer new avenues for the growth of the autonomous cars market in the upcoming years.

The high cost of components like sensors and other electronic components associated with these systems is anticipated to hamper the growth of the autonomous cars market. However, the present inclination towards using advanced technologies for offering better solutions and services to the consumers will surge the demand for global autonomous cars market during the forecast period.

Type Analysis: Preview

On the basis of Type, the market is segmented into Semi-autonomous Vehicles, Fully-autonomous Vehicles. Semi-autonomous Vehicles held the highest share in the global Autonomous Cars or Driverless Cars market and is projected to witness the same trend during the forecast period. Companies in this sector are opting to advanced technologies in their supply chain to cater the end user requirements effectively.

Application Analysis: Preview

Based on Application, the market is segmented into Passenger Car, Commercial Vehicle. Passenger Cars accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

Based on region, the global Autonomous Cars or Driverless Cars market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. Developing economies in the Asia Pacific region such as China and India are expected to make notable contributions in the growth over the coming years. Thus, it is expected that the Autonomous Cars or Driverless Cars market is anticipated to rise over the forecast timespan.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Autonomous Cars or Driverless Cars market are Baidu Inc., Nissan Motor Company Ltd., Tesla Motors Inc., The Volvo Group, Apple Inc., Alphabet Inc.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• The global Autonomous Cars or Driverless Cars market was valued at USD 22.31 Billion in 2020
• The global Autonomous Cars or Driverless Cars Market is projected to reach USD 65.20 Billion by 2028
• North America held the highest share of the Autonomous Cars or Driverless Cars market in 2020
• Some of the major companies operating in the Autonomous Cars or Driverless Cars market are Baidu Inc., Nissan Motor Company Ltd., Tesla Motors Inc., The Volvo Group, Apple Inc., Alphabet Inc.