Autonomous Cars Market Size - By Level of Autonomy (Level 1, Level 2, Level 3, Level 4), By End-use (Personal, Shared Mobility), By Fuel (ICE, Electric, Hybrid), Regional Insights & Global Forecast, 2023 - 2032

Autonomous Cars Market Size - By Level of Autonomy (Level 1, Level 2, Level 3, Level 4), By End-use (Personal, Shared Mobility), By Fuel (ICE, Electric, Hybrid), Regional Insights & Global Forecast, 2023 - 2032

Global Autonomous Cars Market will exhibit 10.3% CAGR between 2023 and 2032, driven by the increasing adoption of self-driving technologies. As driverless technologies advance, consumers are becoming more comfortable with the idea of autonomous vehicles, recognizing their potential to enhance safety, convenience, and efficiency. This growing trust and acceptance are expected to drive demand for autonomous cars, ultimately expanding the market as automakers and tech companies continue to develop and refine self-driving systems.

To that end, in October 2023, u-blox unveiled u-safe, an all-encompassing functional safety solution tailored for vehicle positioning, to expedite the integration of autonomous vehicles. By leveraging well-established components commonly used in automotive driver navigation systems, u-safe presents Tier 1 suppliers and OEMs with an advanced positioning solution for automated driver assistance systems (ADAS). This solution comes with a well-established global track record for both reliability and safety, enhancing its appeal and trustworthiness in the market. Such innovations will help strengthen the autonomous cars market outlook through 2032.

The overall autonomous cars market is categorized based on level of autonomy, end-use, fuel, and region.

The shared mobility segment could dominate the end-use landscape of the autonomous cars industry over 2023-2032. The utilization of autonomous vehicles for shared mobility is on the rise due to several compelling reasons. Self-driving technology reduces the need for human drivers, making shared mobility services more cost-effective. Additionally, autonomous vehicles can operate 24/7, offering round-the-clock convenience to users. Moreover, their potential to enhance safety and reduce accidents appeals to both service providers and passengers, driving the growing adoption of autonomous vehicles in the shared mobility sector.

Electric autonomous cars market size will expand at a notable growth rate through 2032. Electric autonomous cars offer a sustainable and eco-friendly mode of transportation, aligning with the growing environmental awareness and goals to reduce carbon emissions. Additionally, autonomous features promise enhanced safety and convenience. The combination of electric power and autonomous driving technology addresses both environmental concerns and the desire for efficient, self-driving transportation, making them highly sought-after in today's market.

Europe autonomous cars industry is experiencing robust growth due to several factors. European governments and regulatory bodies have been actively supportive of autonomous vehicle development, creating a conducive environment for research and innovation. Moreover, the region's strong commitment to environmental sustainability has driven investment in electric and autonomous technologies. Growing public interest and partnerships between automotive companies and tech firms further fuel the industry's growth in Europe.