July 13, 2024
Autonomous Car Market

Autonomous Car Market Is Estimated To Witness High Growth Owing To Increased Safety Concerns and Growing Demand

Autonomous Car Market Is Estimated To Witness High Growth Owing To Increased Safety Concerns and Growing Demand for Connected Cars
The autonomous car market is estimated to be valued at US$ 75.43 Bn in 2021 and is expected to exhibit a CAGR of 39.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The autonomous car market refers to the development and production of self-driving vehicles that use artificial intelligence (AI) and advanced sensors to navigate without human intervention. These vehicles have the potential to revolutionize the automotive industry by improving road safety, reducing traffic congestion, and enhancing the overall driving experience. The adoption of autonomous cars is driven by increasing safety concerns, rising demand for connected cars, and advancements in technology. Autonomous cars are equipped with advanced features like adaptive cruise control, lane-keeping assist, and automatic emergency braking, which enhance the safety of passengers and other road users. Additionally, the integration of AI and IoT technologies allows autonomous cars to communicate with each other and share real-time information, further improving road safety and efficiency.

Market Dynamics:
The autonomous car market is driven by two main factors. Firstly, there is a growing concern for safety on the roads, as human error is a leading cause of accidents. Autonomous cars have the potential to significantly reduce road accidents by eliminating human errors such as distracted driving, speeding, and drowsy driving. This increased safety aspect is a major driver for the adoption of autonomous cars.

Secondly, there is a growing demand for connected cars, which are vehicles equipped with internet connectivity and advanced sensors. Connected cars provide a wide range of benefits such as real-time navigation, remote diagnostics and maintenance, and enhanced entertainment options for passengers. Autonomous cars are the next step in the evolution of connected cars, providing even greater convenience and safety features. The demand for connected cars is expected to drive the growth of the autonomous car market in the coming
Segment Analysis:

The autonomous car market can be segmented based on vehicle type, component, and geography. In terms of vehicle type, the dominating segment is the passenger car segment. This is mainly due to the rising demand for self-driving cars among consumers, fueled by the increasing awareness about the benefits of autonomous vehicles such as improved safety and convenience. Moreover, the passenger car segment is witnessing significant investments from key players in the market, further boosting its dominance.

PEST Analysis:

Political: The political landscape plays a crucial role in the adoption of autonomous cars. Governments around the world are implementing regulations and policies to support the development and deployment of self-driving vehicles. For example, many countries have introduced legislation to allow testing of autonomous cars on public roads.

Economic: The autonomous car market is driven by various economic factors such as the increasing need for efficient transportation, reduced traffic congestion, and cost savings associated with autonomous vehicles such as lower fuel consumption and reduced insurance premiums.

Social: The acceptance and adoption of autonomous cars are influenced by societal factors such as changing consumer preferences, increasing urbanization, and the growing awareness of sustainable transportation solutions. Moreover, the integration of autonomous cars is expected to transform mobility and offer improved accessibility, particularly for people with disabilities and the elderly.

Technological: Technological advancements play a critical role in the growth of the autonomous car market. Key technological factors include advancements in artificial intelligence, sensors, communication systems, and data analytics, which are essential for the safe and efficient functioning of autonomous vehicles.

Key Takeaways:

The global Autonomous Car Market Share is expected to witness high growth, exhibiting a CAGR of 39.9% over the forecast period. This growth can be attributed to various factors, including increasing investments in autonomous driving technologies, rising demand for connected and self-driving vehicles, and government initiatives supporting the adoption of autonomous cars.

Regionally, North America is expected to be the fastest-growing and dominating region in the autonomous car market. This can be attributed to the presence of key players, favorable government policies and regulations, and significant investments in research and development activities.

Key players operating in the autonomous car market include 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, and Pony.ai. These players are focusing on technological advancements, partnerships, and collaborations to gain a competitive edge in the market.

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