Global Self-driving Cars Market is valued approximately USD 1.74 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 20.3% over the forecast period 2022-2028.
A self-driving car is also commonly known as a driverless car, an autonomous vehicle (AV), or a robotic car (robo-car). This car encompasses various types of sensors to perceive their environs, such as GPS, odometry, radar, LIDAR, sonar, thermographic cameras, and inertial measurement units. Self-driving cars are integrated with vehicular automation, which is a ground vehicle that is proficient to sense its environment and moving securely with no or little human participation. The implementation of stringent safety regulations, growing demand for luxury vehicles, safety and driving comfort features, as well as the introduction of AI-based camera systems for self-driving applications are the chief driving factors for the Global market growth.
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In addition, the emergence of novel technologies such as machine learning and artificial intelligence, coupled with the development of connected vehicle technology and dynamic mobile application are the factors which are expected to further fuel the market growth across the globe. For instance, in September 2021, Mercedes-Benz declared to incorporate the first brain-computer interface (BCI) approaches with the company’s new VISION AVTR notion vehicle. Similarly, in September 2021, Honda Motor Co., Ltd. declared the commencement of the company’s testing program that is initiated for autonomous vehicles. The objective of this program is the development of an autonomous vehicle mobility service (MaaS) business across Japan. The biometric integration with the vehicle is accompanied by a direct linking with the human brain, which facilitates a completely new interaction between man, machine, and nature in the autonomous-driving concept vehicle. Therefore, the incorporation of new technologies in self-driving cars is bolstering the market demand. However, the lack of required infrastructure in emerging countries and real-time image processing in multi-camera systems impedes the growth of the market over the forecast period of 2022-2028. Also, increasing demand for 5G technology for vehicle connectivity and rapid development of ADAS technology is anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the Global Self-driving Cars Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia-Pacific is the leading region across the world in terms of market share owing to the execution of stringent safety regulations, and rising demand for a safe, efficient, and convenient driving experience. Whereas, Asia-Pacific is also anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as growing disposable income in emerging economies, as well as growing technological advancements, would create lucrative growth prospects for the self-driving cars market across the Asia-Pacific region.
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Major market players included in this report are:
- General Motors Company
- Ford Motors Company
- Daimler AG
- Volkswagen Group
- Toyota Motors Corporation
- Waymo LLC
- BYD Co. Ltd.
- Aurora Innovation, Inc.
- Tesla, Inc.
- Denso Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Component offerings of key players. The detailed segments and sub-segment of the market are explained below:
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By Component:
Camera Unit
LiDAR
Radar Sensor
Ultrasonic Sensor
Infrared Sensor
By Mobility type:
Shared Mobility
Personal Mobility
By Electric vehicle:
Battery Electric Vehicles (BEV)
Hybrid Electric Vehicles (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By System:
Adaptive Cruise Control (ACC)
Adaptive Front Light (AFL)
Automatic Emergency Braking (AEB)
Blind Spot Detection (BSD)
Cross Traffic Alert (CTA)
Driver Monitoring System (DMS)
Forward Collision Warning (FCW)
Intelligent Park Assist (IPA)
Lane Departure Warning (LDW)
Night Vision System (NVS)
Pedestrian Detection System (PDS)
Road Sign Recognition (RSR)
Tire Pressure Monitoring System (TPMS)
Traffic Jam Assist (TJA)
By Vehicle type:
Hatchback
Coupe & Sports Car
Sedan
SUV
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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