New York, United States , Dec. 14, 2023 (GLOBE NEWSWIRE) -- The Autonomous Cars Market Size is to Grow from USD 2.5 Billion in 2022 to 55.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 36.3% during the projected period.
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An autonomous car is equipped with various sensors, cameras, radars, LiDars, and AI algorithms to guide the vehicle on a specified destination path without needing a driver. Driverless or self-driving cars have brought a big change in automation technology. Advanced technology and advancements such as computers, cellphones, and wireless networks are combined in a car to provide support and drive autonomously without the driver's intervention. Rising demand for advanced automotive safety to drive autonomous cars market during the forecast period. The growing frequency of road accidents caused by human error or a lack of safety systems in automobiles is driving up demand for self-driving vehicles. In this case, autonomous vehicles with advanced safety technology such as parking assistance systems, blind spot detection systems, adaptive cruise control, and others benefit. Self-driving vehicles offer several benefits over traditional vehicles since they are outfitted with advanced technologies such as LiDAR, radar, cameras, sensors, and other advanced technologies for safe driverless operation. There is high complexity and R&D cost in adoption of self-driving cars to restrain autonomous cars market growth during the forecast period. Autonomous vehicles consist of more than 40 sensors, including LiDAR, RADAR, and cameras that assist in the systematic functioning of the vehicle. These sensors are very expensive, and their functioning depends on the type of software and hardware used during operational activities. This further increases the cost of the overall system.
COVID-19 Impact
The beginning of COVID-19 has had a negative impact on every industry due to a shortage of semiconductor chip. Autonomous cars rely on various electronic systems and technologies such as automated driving system, control units, batteries, sensors, LiDar and others. All these systems are necessary and mandatory for autonomous vehicles efficient and safe working. Therefore, interruptions in the availability of these components and systems impacted on the autonomous cars market growth.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on "Global Autonomous Cars Market Size, Share, and COVID-19 Impact Analysis, By Type (Fully Autonomous, Semi-Autonomous), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Application (Transportation, Defense) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The semi-autonomous segment dominates the market with the largest revenue share over the forecast period.
Based on type, the global autonomous cars market is segmented into fully autonomous and semi-autonomous. Among these, the semi-autonomous segment is dominating the market with the largest revenue share over the forecast period. Nowadays, almost all new-generation vehicles on the market contain semi-autonomous systems for efficient driving. As a result, the increasing popularity of semi-autonomous vehicles equipped with features such as ADAS, autopilot, automatic vehicle braking, parking systems, and others is expected to fuel segment growth over the forecast period.
The commercial vehicles segment is witnessing significant CAGR growth over the forecast period.
Based on vehicle type, the global autonomous cars market is segmented into passenger cars, and commercial vehicles. Among these, the commercial vehicles segment is witnessing significant CAGR growth over the forecast period. Commercial vehicles maintain a predetermined route and go longer than passenger cars. Autonomous vehicles are better suited for such situations, as they prevent accidents. As a result, the vehicle type segment will drive the autonomous cars market during the forecast period.
The defense segment is expected to hold the substantial CAGR growth of the global autonomous cars market during the forecast period.
Based on the application, the global autonomous cars market is classified into transportation, and defense. Among these, the defense segment is expected to substantial CAGR growth during the forecast period, due to rising number of initiatives across the various regions. Customers are also attracted to accept autonomous vehicle technology for business applications by advanced technologies supplied by various companies. Several companies have signed on to provide high-tech autonomous driving experiences. Furthermore, autonomous automobiles provide high-tech security and technology while driving to prevent accidents.
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Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Autonomous Cars Market include Tesla, Cruise LLC, Uber Technologies, Lyft, Inc., WAYMO, Aptiv, Baidu, Didi Chuxing, Zoox, AutoX Inc., Nuro Inc., Volkswagen AG, Lumotive LLC, Pony.ai, Robert Bosch, GmbH, Autoliv, Mercedes Benz AG, BYD Company Ltd., Ford Motor Company, Volvo, and among others.
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Recent Market Developments
In May 2022, CARIAD, Volkswagen's software division, announced a partnership with Qualcomm for self-driving technologies up to level 4. The collaboration will allow Volkswagen to employ Qualcomm's system on a chip (SOC), which was specifically designed for driverless vehicles, across all of its brands. Cariad has created a level 4 autonomous driving capability based on Qualcomm's Snapdragon Ride Platform.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global autonomous cars market based on the below-mentioned segments:
Autonomous Cars Market, Type Analysis
- Fully Autonomous
- Semi-Autonomous
Autonomous Cars Market, Vehicle Type Analysis
- Passenger Cars
- Commercial Vehicles
Autonomous Cars Market, System Analysis
- UAV Airframe
- UAV Payloads
- UAV Avionics
- UAV Propulsion
- UAV Software
Autonomous Cars Market, Application Analysis
- Transportation
- Defense
Autonomous Cars Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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