February 24, 2024

The Global Autonomous Car Market Is Propelled By Improved Safety And Convenience

Autonomous cars, also known as self-driving cars, are equipped with advanced sensors and cameras to drive themselves without human intervention. These vehicles use technologies like radar, lidar, GPS and computer vision to assist, complement or completely replace human drivers. Autonomous cars promise to transform road safety by reducing human errors, a major cause of road accidents globally.

The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: Improved safety and convenience emerged as a key trend driving the growth of the global autonomous car market. Autonomous vehicles can monitor road conditions, detect pedestrians and vehicles around through advanced cameras and sensors to make driving safer compared to human driven cars which are prone to errors and distractions. According to WHO, over 1.35 million people die globally in road accidents each year. Self-driving cars can significantly reduce this number by removing human errors in driving. Once fully autonomous cars are put into practical use, they are expected to bring enhanced road safety and offer more mobility options for the elderly and differently-abled people who cannot drive themselves. This emerging trend is expected to fuel investments in developing fully autonomous vehicles and boost the market size over the forecast period.

SWOT Analysis

Strength: Autonomous cars can reduce traffic accidents caused by human errors. They have advanced computing power and sensors for navigation.

Weakness: High development costs for technology. Require extensive testing before large scale adoption. Dependence on connectivity and data infrastructure.

Opportunity: Growing demand for self-driving taxis and commercial fleets. Expand mobility services for elderly and disabled. Reduce fuel consumption and traffic congestion.

Threats: Cyber security threats from hacking of vehicle systems. Stringent safety and performance regulations across countries. Potential job losses in transportation sector.

Key Takeaways

The global autonomous car market demand is expected to witness high growth. The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.

Asia Pacific region is expected to dominate the global autonomous car market owing to increasing focus of major automakers as well as technology companies in countries such as China and Japan for development and testing of autonomous vehicles.

Key players related content comprises Key players operating in the autonomous car market are Kitchen Magic, Rev-A. Kitchen Magic is a US based company specializing in development of self-driving system kits for automakers. Rev-A is a German company known for its advanced sensors and computer vision algorithms for autonomous applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it