Pune, India, June 08, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global autonomous car market to grow at a CAGR of 31.3% and reach USD 11.03 Billion during forecast period of 2021-2028. The market was valued USD 1.45 billion in 2020. The market growth is attributed to factors such as the speedy development in sensor-processing technologies, adaptive algorithms, high-definition mapping, and the placement of infrastructure-to-vehicle and vehicle-to-vehicle communication technologies are reassuring numerous corporations to magnify their manufacturing capabilities and navigate vehicle automation to an elevated level.
List of Players Operating in the Autonomous Car Market are as follows:
- Autoliv Inc.
- Aptiv
- Waymo LLC
- Robert Bosch GmbH
- Daimler AG
- Baidu
- AutoX, Inc.
- Pony.ai
- Ford Motor Company
- HYUNDAI MOTOR GROUP
- Volvo
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 31.3% |
| 2028 Value Projection | USD 11.03 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 1.64 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Fully Autonomous and Semi-Autonomous |
| Growth Drivers | Increasing Adoption of Technologically Advanced Cars to Aid Growth in Asia Pacific |
| Extensive Implementation of ADAS to Enhance Market Growth |
Highlights of the Report-
The report offers valued insights attained by a detailed study conducted by our researchers. Wide-ranging research was directed to provide the estimated size of the market for autonomous cars. The data used to project the shares for multiple segments at the country, regional, and global levels are acquired from in-depth interviews with numerous investors. Furthermore, we have gained admission to numerous global and regional funded databases to provide precise material to make business investment judgments easy for stakeholders
Market Drivers-
Extensive Implementation of ADAS to Enhance Market Growth
Advanced driver assistance systems (ADAS) aid drivers via their artificial intelligence (AI) and various other innovative characteristics, thus evading interruptions and plummeting the burden on the driver. The prompt acceptance of progressive technologies in software algorithms, cameras, sensors, processors, and mapping has upgraded the application process of ADAS in automobiles. Additionally, increasing issues of the protection and security of cars, inhabitants, and walkers and to decrease the rate of road mortalities, automobile producers are integrating ADAS in cars, therefore stimulating the autonomous car market growth.
Furthermore, giant businesses associated with automobile manufacturing are promptly adopting Artificial Intelligence (AI) and Machine Learning (ML) technologies and implementing them in automobile manufacturing. For instance, according to Washington Post, Tesla cars, which have been introduced as self-driving cars, are loaded with the latest technologies such as progressive hardware capability of offering autopilot programs, and completely self-driving abilities, via the software updates intended to augment operations as time passes.
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Regional Segmentation-
Increasing Adoption of Technologically Advanced Cars to Aid Growth in Asia Pacific
The market size in Asia Pacific was worth USD 0.72 billion in 2020. The region dominates in the global market on account of the rising implementation of autonomous cars and the mounting customer inclinations towards technologically radical aspects. Automotive corporations are scheduling to inflate manufacturing divisions and attain prompt technological development in production amenities in developing nations, such as India and China.
Europe held the second-largest share in the global market for autonomous cars owing to the widespread capitalization by crucial manufacturers to improve advanced technologies. For instance, the British government is dedicated to connecting self-driving cars on the streets by the end of 2021. It is also considering making the essential alterations to the guidelines in order to back up the expansion of autonomous cars in the U.K.
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Competitive Landscape-
Key Player Focus on Widespread Research & Development Activities
Crucial players are often seen applying effective schemes and strategies in order to conquer the market for autonomous cars and set a prominent footprint in their respective industries.
For instance, Robert Bosch GmbH is an international player in the sector of autonomous car technology. The disposition of a wider variety of advanced driver-aiding solutions and the expansion of self-driving vehicles for the smart and secure age of movement are the main ideas of the company. Likewise, the endless R&D struggles by the corporation are resulting in the formation of advanced technologies, which are a few of the substantial aspects accountable for the supremacy of the company.
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Autonomous Cars Market Segmentation:
By Type:
- Fully Autonomous
- Semi-Autonomous
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Autonomous Car Market
5. Global Autonomous Car Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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