Pune, India., June 07, 2023 (GLOBE NEWSWIRE) -- The global autonomous cars market size was valued at USD 1.50 billion in 2021. The market is projected to grow from USD 1.63 billion in 2022 to USD 19.96 billion by 2029, exhibiting a CAGR of 42.97% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Autonomous Cars Market, 2022-2029.”
Market Drivers & Restraints:
Rising Demand for Advanced Automotive Safety to Drive Market Growth
The need for autonomous vehicles outfitted with cutting-edge safety technology such as parking assistance systems, blind spot detection systems, adaptive cruise control, and others is being driven by an increase in traffic accidents caused by human mistake or lack of safety features in automobiles. According to the U.S. Department of Transportation, around 32 people die in car accidents involving drunk drivers every day in the U.S., or one in every 45 minutes.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 42.97% |
| 2029 Value Projection | USD 19.96 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 1.63 billion |
| Historical Data for | 2019-2022 |
| No. of Pages | 200 |
Regional Insights-
Asia Pacific to Lead Backed by Reduction in Traffic Accidents
The biggest autonomous cars market share was held by the Asia Pacific region in 2021. Due to increased demand for road safety, effective traffic flow, appealing transit features, and reduction in traffic accidents, the region has seen a significant increase in the adoption of autonomous vehicles.
In 2021, Europe held the second-largest market share. The region's main goal is to strengthen its position in the market by allowing for the early regularization of the usage of autonomous vehicles.
In 2021, a sizeable portion of the global market for autonomous vehicles was held by North America. The region is concentrating on legalizing the usage of driverless vehicles under certain conditions.
COVID-19 Impact
Domestic Production of Semiconductor Chips and Technologies to Boost Market
Different businesses were affected differently by the lack of semiconductor chips caused by the pandemic. Various electrical components and technologies, including automated driving systems, control units, battery management systems, sensors, LiDAR, and others are used in autonomous cars. For autonomous automobiles to operate effectively and safely, all of these systems are necessary and required. As a result, the introduction of fleets of autonomous vehicles was also hampered by disruptions in the supply of semiconductor chips, which further restrained market expansion.
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Segments-
Technology Advancement in Autonomous Cars to Drive Semi-autonomous Segment Growth
Based on type, the market is segmented into fully autonomous and semi-autonomous. Semi-autonomous dominated the market in 2021 and is also expected to dominate during the forecast period. Almost all the new-generation vehicles available in the market consist of semi-autonomous technology for efficient driving.
Rising Safety Concerns and High Productivity to Drive Passenger Cars Segment Growth
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Passenger cars segment holds the largest share of the market. People prefer private transport to avoid overburdened public transport.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.
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Competitive Landscape-
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which in turn affect the market either positively or negatively. Players acquire companies, launch new products, and engage in partnership deals, sign contracts with government organizations, and so on.
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the autonomous cars market growth are shared in the report.
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A list of prominent Autonomous Cars manufacturers operating in the global market:
- Tesla (U.S.)
- Cruise LLC (U.S.)
- Uber Technologies (U.S.)
- Lyft, Inc. (U.S.)
- WAYMO (U.S.)
- Aptiv (Ireland)
- Baidu (China)
- Didi Chuxing (China)
- Zoox (U.S.)
- AutoX Inc. (U.S.)
- Nuro Inc. (U.S.)
- Volkswagen AG (Germany)
- Lumotive LLC (U.S.)
- Pony.ai (U.S.)
- Robert Bosch GmbH (Germany)
- Autoliv (Sweden)
- Mercedes Benz AG (Germany)
- BYD Company Ltd. (China)
- Ford Motor Company (U.S.)
- Volvo (Sweden)
Notable Industry Development:
- August 2022: Tesla made an announcement that it intends to ready its self-driving technology by the end of the year. The corporation has been testing its Full Self-driving (FSD) mode since 2020.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Mergers, Acquisitions & Partnerships
- Key Investments in Global Autonomous Cars Market
- Technological Developments in Global Autonomous Cars Market
- Porter's Five Forces Analysis
- PEST Analysis
- Regulatory Overviews for Key Countries
- Impact of COVID-19
- Global Autonomous Cars Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Fully Autonomous
- Semi-Autonomous
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Autonomous Cars Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Fully Autonomous
- Semi-Autonomous
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Country
- United States
- By Type
- By Vehicle Type
- Canada
- By Type
- By Vehicle Type
- Mexico
- By Type
- By Vehicle Type
- Europe Autonomous Cars Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Fully Autonomous
- Semi-Autonomous
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Country
- United Kingdom
- By Type
- By Vehicle Type
- Germany
- By Type
- By Vehicle Type
- France
- By Type
- By Vehicle Type
- Rest of Europe
- By Type
- By Vehicle Type
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