Transparency Market Research Inc. – The last decade has witnessed increased demand among consumers for automotive vehicles that offer increased safety and security. As a result, the demand for driverless autonomous cars has risen owing to factors such as rising disposable income among customers and helped the growth of the global market. As per a TMR study, the global autonomous car market is projected to expand at CAGR of 22.50% between 2021 and 2031.
Leading market players are engaging in growth strategies such as signing collaborative agreements with smaller players which is assisting them in increasing their presence in the overall market and in increasing their revenue. In prominent automotive vehicle market player Volvo, in March 2021, announced a collaboration with NVIDIA to manufacture decision-making systems by using NVIDIA’s artificial intelligence platform for training, simulation, and in-vehicle computing.
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Key Findings of Autonomous Car Market Study
- Rising Demand for Level 3 Automated Cars is Stimulating Growth in Autonomous Car Market: Demand for vehicles with level 3 automation has witnessed an increase, in the last few years. Key factors behind the rising demand are adaptive cruise control features and reduced cost of the product. Furthermore, increasing consumer demand for automobiles with sophisticated features is helping the growth of level 3 automated cars. Increased demand for level 3 automated cars is augmenting the growth in the global autonomous car market
- Rising Integration of Advanced Technologies is Triggering Growth in Global Market: Leading automotive manufacturers are looking to integrate advanced technologies such as the Internet of Things and artificial intelligence in a bid to produce driverless vehicles. The key reason behind the increasing need to integrate advanced technologies in vehicles is government initiatives and measures to improve consumer safety and security. Furthermore, intergration of artificial intelligence-based cameras in driverless vehicles is fueling product demand and assisting in autonomous car market growth. Increasing integration of advanced technologies is boosting the growth in the global autonomous car market
- Increasing Demand for LiDAR Components Boosting Growth in Autonomous Car Market: LiDAR component segment accounted for the largest share in the global autonomous car market, in 2020. LiDAR systems offer a complete view of the surroundings to the driver and as a result, the demand is expected to remain high during the forecast period. Rising demand for LiDAR systems is propelling the overall market
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Autonomous Car Market: Key Drivers
- Rising integration of smartphone applications in automobiles is a key growth driver of global autonomous car market
- Rising production of automobiles integrated with safety features is stimulating the growth in overall market
- Rising demand for improved comfort and safety for passengers is catalyzing autonomous cars demand and triggering the growth in global market
Autonomous Car Market: Regional Market Insights
- Asia Pacific and Europe each held large share in global market, in 2020.
- Increased presence of original equipment manufacturers in countries such as the U.K and Germany helped trigger the growth in global autonomous car market
- Rapid growth of leading electronic component manufacturers in countries such as India and China is stimulating the growth in global autonomous car market
Autonomous Car Market: Key Players
The global autonomous car market is extremely competitive, with the presence of several prominent players. Well-established market players are making huge investments in research and development activities in a bid to produce improved products that would meet the requirements of large number of consumers. Some of the leading players in global market include Ford Motor Company, General Motors, Robert Bosch GmbH, Toyota, and Texas Instruments.
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The global autonomous car market is segmented as follows:
- Adaptive Cruise Control
- Lane Departure Warning
- Tire Pressure Monitoring System
- Automatic Emergency Braking
- Car Type
- Utility Vehicle
- Level of Autonomy
- Internal Combustion Engine
- Battery Electric
- Hybrid Electric
- Plug-in Hybrid Electric
- Regions Covered
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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