Dublin, April 15, 2025 (GLOBE NEWSWIRE) -- The "Self-driving Cars Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025-2034" report has been added to ResearchAndMarkets.com's offering.
The Self-driving Cars Market was valued at USD 1.7 trillion in 2024, and is projected to reach USD 3.9 trillion by 2034, rising at a CAGR of 8.6%. The primary factor fueling this growth is the potential of autonomous vehicles to drastically reduce road accidents, which claim over 1.3 million lives worldwide each year, as reported by the World Health Organization.
More than 90% of these fatalities result from human error, which autonomous systems aim to eliminate through AI-driven decision-making and advanced driver-assistance technologies. The integration of sophisticated sensors allows precise navigation in complex urban environments, while 5G-powered vehicle-to-everything (V2X) communication ensures real-time traffic updates and road safety. With urban populations projected to rise significantly by 2050, autonomous vehicles are playing a pivotal role in the development of smart city infrastructure, promoting sustainable and efficient transportation solutions.
By product type, the market includes compact, mid-size, and luxury SUVs. SUVs and luxury models captured over 43% of the market in 2024 and are set to surpass USD 2 trillion by 2034. Their spacious design accommodates cutting-edge autonomous technology such as LiDAR, RADAR, and AI-based software without compromising comfort. These vehicles appeal to tech-savvy early adopters willing to invest in advanced safety and personalized driving experiences. Additionally, SUVs remain highly functional for family and off-road use, further boosting their adoption within the autonomous sector.
In terms of propulsion, self-driving vehicles are classified into internal combustion engine (ICE), hybrid, and electric models. Electric vehicles held a 45% market share in 2024, largely due to their seamless integration with autonomous systems. EVs have a natural advantage in supporting autonomous driving features, given their centralized electronic architecture and connectivity capabilities. Governments worldwide continue to push EV adoption through tax benefits, subsidies and expanded charging infrastructure, making them a preferred choice for automakers developing next-generation autonomous fleets.
Autonomy levels range from L1 to L5, with L1 accounting for USD 706.1 billion in 2024. L1 features, such as adaptive cruise control and lane-keeping assistance, enhance driving safety while maintaining driver oversight. These technologies are cost-effective to implement, making them widely available across various vehicle segments. Growing regulatory requirements mandating basic driver-assistance features, including automatic emergency braking, continue to drive demand for L1 systems, ensuring their strong market presence.
Autonomous vehicle applications span personal use, shared mobility, logistics, and public transport. The logistics and delivery sector is expected to witness the fastest growth, with a 14% CAGR during the forecast period. Personal-use autonomous vehicles provide enhanced convenience, enabling passengers to engage in other activities while traveling. Shared mobility services are gradually integrating autonomous taxis, improving urban transportation efficiency. With declining costs and increasing financial accessibility, personal ownership of self-driving cars is becoming more widespread.
North America dominates the self-driving cars market, holding a 25% share, with the United States generating USD 376 billion in revenue in 2024. The region leads in autonomous vehicle innovation, with tech firms pioneering advancements in AI, sensor technology, and connectivity. Favorable government regulations and ongoing policy support further accelerate market expansion, solidifying North America's position as a global leader in self-driving technology.
Comprehensive Market Analysis and Forecast
- Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
- Competitive landscape with Porter's Five Forces and PESTEL analysis
- Market size, segmentation, and regional forecasts
- In-depth company profiles, business strategies, financial insights, and SWOT analysis
Key Topics Covered
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market scope & definition
Chapter 2 Executive Summary
2.1 Industry 360 synopsis, 2021-2034
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Supplier landscape
3.1.1.1 Raw material suppliers
3.1.1.2 Component suppliers
3.1.1.3 Manufacturers
3.1.1.4 Technology providers
3.1.1.5 End use
3.1.2 Profit margin analysis
3.2 Technology & innovation landscape
3.3 Patent analysis
3.4 Regulatory landscape
3.5 Price trend
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Technological advancements in artificial intelligence and sensors
3.6.1.2 Demand for enhanced safety features
3.6.1.3 Increasing demand for shared mobility and ride-hailing services
3.6.1.4 Rising e-commerce and demand for autonomous delivery
3.6.1.5 Growing environmental awareness and focus on sustainability
3.6.2 Industry pitfalls & challenges
3.6.2.1 Regulatory and legal hurdles
3.6.2.2 High development costs
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, by Level of Autonomy, 2021-2034 ($Bn, Units)
5.1 Key trends
5.2 L1
5.3 L2
5.4 L3
5.5 L4
5.6 L5
Chapter 6 Market Estimates & Forecast, by Vehicle, 2021-2034 ($Bn, Units)
6.1 Key trends
6.2 Compact cars
6.3 Mid-size cars
6.4 SUVs & luxury cars
Chapter 7 Market Estimates & Forecast, by Propulsion, 2021-2034 ($Bn, Units)
7.1 Key trends
7.2 ICE
7.3 Electric
7.4 Hybrid Vehicle
Chapter 8 Market Estimates & Forecast, by Application, 2021-2034 ($Bn, Units)
8.1 Key trends
8.2 Personal use
8.3 Shared mobility
8.4 Logistics & delivery
8.5 Public transport
Chapter 9 Market Estimates & Forecast, by Region, 2021-2034 ($Bn, Units)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Italy
9.3.5 Spain
9.3.6 Russia
9.3.7 Nordics
9.4 Asia-Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 Australia
9.4.5 South Korea
9.4.6 Southeast Asia
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
Chapter 10 Company Profiles
10.1 Audi (Volkswagen Group)
10.2 BMW
10.3 BYD (Build Your Dreams)
10.4 Cruise (General Motors)
10.5 Ford Motor Company
10.6 Honda
10.7 Hyundai Motor Group
10.8 Lucid Motors
10.9 Mercedes-Benz (Daimler AG)
10.10 Motional Inc
10.11 Navya
10.12 Nissan
10.13 Stellantis
10.14 Tesla
10.15 Toyota
10.16 Volkswagen
10.17 Volvo Cars
10.18 Waymo (Alphabet Inc.)
10.19 Waymo LLC
10.20 Zoox
For more information about this report visit https://www.researchandmarkets.com/r/6hu91w
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