July 21, 2024
Autonomous Car Market

Autonomous Cars Market Is Expected To Driven By Advancements In Artificial Intelligence

The Autonomous Cars Market has witnessed significant growth in recent years driven by advancements in artificial intelligence and machine learning technologies. Autonomous cars, also known as self-driving cars, use various sensors and cameras to navigate and steer without human input. Some key advantages of autonomous cars include increased road safety, reduced traffic, and improved mobility for the elderly and disabled. As vehicles become more autonomous, they will replace traditional cars and revolutionize the transportation industry.

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 7.7% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the autonomous car market size is the growing demand for luxury autonomous vehicles. As autonomous technology matures and its benefits become more evident, demand is rising among affluent consumers who are willing to pay a premium for self-driving capabilities along with luxury features. Leading automakers are developing high-end autonomous car models with cutting-edge sensors, enhanced artificial intelligence, and premium interiors to attract ambitious early adopters. Furthermore, many companies are also working on autonomous vehicle sharing services targeting urban populations. On-demand driverless vehicles are expected to revolutionize urban transportation and offer significant benefits over conventional taxis or ride-hailing services.

Porter’s Analysis

Threat of new entrants: Low startup costs and intellectual property rights barriers to entry keep the threat of new entrants low in the autonomous car market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives and differentiated products offered by manufacturers.

Bargaining power of suppliers: A few major components suppliers exist, increasing their bargaining power over autonomous car manufacturers.

Threat of new substitutes: Alternatives like Ride-sharing and public transport pose a low threat currently due to safety concerns over autonomous driving.

Competitive rivalry: Intense competition exists among major players to introduce advanced self-driving capabilities and technologies.

Key Takeaways

The global autonomous car market 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 7.7% over the forecast period from 2023 to 2030.

Regional analysis comprises the North American region dominating currently due to significant investments and supportive regulations for testing. However, Asia Pacific is expected to emerge as the fastest growing market due to the presence of emerging economies like China and India supporting development.

Key players operating in the autonomous car market are Audi AG, Bayerische Motoren Werke AG, General Motors Company, Nissan Motor Co., Ltd., Tesla Motors, Inc., The Volvo Group, Toyota Motor Corporation, Uber Technologies Inc., Waymo LLC, Kia- Hyundai, Poni.ai. Major players are investing heavily in product development and partnerships to launch advanced driver-assistance systems and self-driving cars.

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