Global Self-driving Car Market -market Size & Forecast To 2032

GLOBAL SELF-DRIVING CAR MARKET -MARKET SIZE & FORECAST TO 2032

The global self-driving car market is estimated to be worth of USD 26.04 Million in 2023 and is growing at a CAGR of 13.36% during the forecast period from 2023 to 2032. The self-driving car market research report discusses the importance of the segments as well as the regional markets. An accurate overview for different segments and regions has been prepared on the basis of the market size as well as the growth rate (CAGR). Different industry professionals and research analysts in various regions have examined and validated the data presented in this research report. Apart from this, the market research report contains an in-depth analysis of the forecasted data, important developments, and revenues. Further, it contains a thorough analysis of the important strategies undertaken by the leading market players to drive their business growth in the global self-driving car market while maintaining their competitive edge over their competitors. The report offers detailed and crucial information to understand the overall market scenario. The research analysts have included important aspects, such as future trends, market position, opportunities, threats, challenges, risks, market dynamics, market share as well as entry barriers in this detailed research report.

A self-driving car is one that can sense its environment and move autonomously through traffic and other obstacles with little to no human intervention. This is the most recent emerging technology in the car sector, and TESLA has produced it effectively after years of discussion and development. These vehicles have just started to appear in global markets as both private and public transportation (taxis etc.). The development of this product involves several firms, including Waymo, UBER, Nissan, and Nvidia. With this kind of vehicle, the efficiency, security, and safety of all automobile transportation are boosted, and human mistakes may be eliminated while driving is performed at its highest level. This kind of technology can revolutionize transportation for those with disabilities and enable autonomous mobility for the blind.

Although the idea of a self-driving car has been explored since the 1920s, Japan built the first semi-automated vehicle in 1977. In the 1980s, a self-driving automobile with a top speed of 31 kmph was built. Then following certain breakthroughs in 2013, Tesla launched its effort for driverless vehicles. The Tesla S with semi-autopilot mode was launched in 2014. And subsequent models, such the Tesla X, among others, release more upgrades to the autopilot software. Brandon Schoettle and Michael Sivak performed a study of public sentiment regarding self-driving vehicles in the top three English-speaking nations, and the first answer from the public is favourable about the impending technology in the auto industry.

Self-driving cars, also known as autonomous vehicles, are a crucial breakthrough in the automotive industry with tremendous growth potential, acting as a catalyst in automobile technology progress. During the course of the projection period, it is anticipated that the creation of a favourable regulatory environment, government financing, and investments in digital infrastructure would have a significant beneficial impact on market growth. The infrastructure for autonomous vehicles is made up of a wide variety of goods and technologies available on the market for self-driving automobiles and trucks.

The penetration and acceptance of self-driving vehicles by governments of several nations, including the U.S., Germany, China, and Japan, is a result of growing safety concerns and breakthroughs in automotive technologies. Additionally, the government's backing and a number of highly populated nations, including as Sweden and the Netherlands, may stimulate the testing of driverless vehicles, which will likely spur industry expansion in the years to come. Autonomous vehicles and electrified automobiles are both developing at the same time. Several of the autonomous cars now undergoing beta testing are powered by electricity. The rise of autonomous cars would also be impacted by the construction of electric vehicle charging stations.

Some prominent players of the market are General Motors, Waymo, Mercedes-Benz Group Ag, Ford, Nvidia, Byd Co. Ltd., Volkswagen Ag, Toyota, Aurora Innovation, Inc., Mobileye, Denso, Nuro, Tesla, Aisin Seiki, Renault-Nissan-Mitsubishi, Autox, Hitachi Automotive, Renesas Electronics Corporation, Huawei, Hyundai Mobis, and others.

The self-driving car market report has been segmented by type, level of autonomy, component, stack level, system, car type, mobility type and region.

Based on type, the market is segregated into ICE, hybrid, electric.

Among these, the electric car subsegment is anticipated to held a remarkable share in the market. Compared to a comparable petrol or diesel car, an electric vehicle has much reduced operating costs. Instead of utilising fossil fuels like gasoline or diesel to charge their batteries, electric cars utilise electricity. Due to their greater efficiency and the lower cost of power, charging an electric car is more affordable than purchasing gasoline or diesel for consumer needs. As they have fewer moving parts than internal combustion engines, electric cars require extremely less maintenance. Compared to typical petrol or diesel automobiles, electric cars require less maintenance. As a result, operating an electric car has a very low annual cost which will boost the electric cars market.

On the basis of level of autonomy, the market is categorized into semi-autonomous cars, autonomous.

Among these, the semi-automated subsegment is anticipated to held a notable share in the market. There are many levels of automation in the semi-autonomous vehicles. The levels are level 1, level 2, and level 3. The level two and level three automation of semi-autonomous automobile segments will provide a fastest market growth. In comparison to level one, levels two and three have higher penetration rates. The market is expanding because to the level 2 and level 3 technologies that are becoming more advanced. The category of semi-autonomous cars also includes many additional technologies, such as adaptive cruise control and intelligent park assist. The market categories that are anticipated to expand at the fastest rates are the intelligent emergency breaking and intelligent park helping. The National Highway Traffic Highway Safety Association of USA anticipates that all cars will have automated emergency breaking as a standard feature.

Based on component, the market is categorized into ultrasonic sensors, lidar, radar, cameras, GPS receivers, infrared sensors, others.

Among these, the camera subsegment is expected to held a notable share in the market. In especially for self-driving cars, cameras are the most precise technique to record pictures of the world in both photographs and films. Autonomous vehicles depend on cameras installed on every side, including the front, rear, left, and right, to offer a 360-degree view of their environment. Some have a 120 degree field of vision but a limited range. Others use a small field of view to create long-distance pictures. To give a comprehensive picture of what is behind the vehicle so that it can park itself, some automobiles even include fish-eye cameras with very wide lenses and a panoramic vision. Despite the fact that cameras provide exact pictures, they have inherent limitations. Even if they are able to pick up on tiny details in the environment, it is still important to calculate the distances between objects in order to pinpoint their exact locations. It is also more difficult for camera-based sensors to identify items in low-light conditions like fog, rain, or the dark. As a result of these qualities, the self-driving market forecast time has increased.

On the basis of stack level, the market is segregated into sensor technology, vehicle computing platform, perception engine.

Among these the sensor technology subsegment is expected to held a notable share in the market. Autonomous vehicles would be difficult to build without sensors: they allow the vehicle to see and sense everything on the road, as well as collect the data needed to drive safely. Moreover, this data is examined and processed in order to create a route from point A to point B and transmit the proper commands to the car's controls, including steering, braking, and acceleration. Furthermore, M2M technology enables communication between automobiles that are linked, allowing the data gathered by sensors in autonomous vehicles—such as the real path ahead, traffic congestion, and any on-road obstacles—to be exchanged. This is referred to as vehicle-to-vehicle communication, and it may be a very beneficial tool for automated driving. Therefore it is expected to fuel the market growth.

On the basis of systems, the market is divided into adaptive cruise control (ACC), adaptive front light (AFL), automatic emergency braking (AEB), blind spot detection (BSD), cross traffic alert (CTA), driver monitoring system (DMS), forward collision warning (FCW), intelligent park assist (IPA), lane departure warning (LDW), night vision system (NVS), pedestrian detection system (PDS), road sign recognition (RSR), tire pressure monitoring system (TPMS), traffic jam assist (TJA).

Among these, the adaptive cruise control subsegment is expected to held a significant share in the market. Adaptive cruise control (ACC) is a feature that enables cars to maintain a safe following distance and travel at the posted speed limit. In order to save drivers time, this device automatically changes a car's speed. ACC uses in-vehicle sensing technology, such as cameras, lasers, and radar equipment, to estimate how near one automobile is to another or to other roadside objects. Because of this, ACC is the foundation for future automotive intelligence. Road safety will improve as a result of adaptive cruise control since automobiles equipped with this feature will maintain a safe distance from other vehicles. Also, these space-aware technologies will aid in preventing accidents brought on by blind spots or closely spaced vehicles. Similarly, ACC's spatial awareness will aid in maximizing traffic flow. For these benefits of ACC it is expected to fuel the market growth.

Based on car type, the market is categorized into hatchbacks, coupe & sports cars, sedan, SUV.

Among these, the SUV subsegment is anticipated to held a notable share in the market owing to the high-tech comfort and autonomous safety features premium SUVs provide, as well as the advantages of greater agility, more room, and superior comfort when compared to sedans, which are causing consumers in emerging nations to choose small SUVs. Similar to midsize SUVs, full-size SUVs have a number of benefits, including versatility, a variety of drivetrain options, the ability to travel off-road on rough and unpaved terrain, a large towing capacity, larger seats and trunk space, a higher level of comfort, and a price that is comparable to that of sedans. The market for SUVs has a lot of room to expand as a result of the increasing acceptance of electric and hybrid cars as well as the development of semi- and fully autonomous vehicles.

Based on mobility type, the market is categorized into personal mobility, shared mobility.

Among these, the personal mobility subsegment is anticipated to held a significant share in the market owing to the fast urbanisation occurring in emerging countries and the rise in population in developed countries. The most significant drivers of this market's rapid expansion are higher demographic growth, rising living standards, and rising purchasing power in developing countries. Because to the high demand for these self-driving automobiles, automotive production has expanded globally in many industrialised as well as emerging countries. The development of these technologically sophisticated cars, which will aid in strengthening the safety measures to prevent accidents on the roads, is receiving significant investment from several companies and governments. Self-driving cars are able to offer comfort and convenience, which is contributing to the market's increased demand for these vehicles.

Based on region, the Self-driving Car Market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2022, the Europe accounted for the significant share xx.xx% in the global Self-driving Car Market. This region was valued at USD xx.xx million in 2022, and it is projected to grow at a CAGR of xx.xx% during the forecast period, reaching USD xx.xx million by 2032.

North America region is expected to held a remarkable share in the market owing to changes made to American traffic laws to allow self-driving vehicles on public roadways. All 50 states in the US are gradually implementing the legislation needed to fully automate transportation. The market for self-driving cars is also predicted to develop as a result of the expansion of the mobility as a service industry. Due to features including well-established clusters of automotive firms and housing some of the top technological companies in the world, like Google, Microsoft, Apple, etc., the region has been a pioneer in autonomous cars. Self-driving cars have already been tested and operated, particularly in the US, in places like California, Texas, Arizona, Washington, Michigan, and others.

However, Asia-Pacific region is anticipated to held a significant share in the market owing to rising disposable wealth in emerging nations, as well as severe safety requirements throughout the world, are pushing the self-driving automobile business. Because of increasing collaborations taken by self-driving car technology providers in this area, the market in Asia Pacific is predicted to develop at the fastest rate throughout the forecast period. For instance, Baidu is a significant self-driving technology service provider in China. This business has now completed more than 1 million kilometres of successful test drives in more than 13 Chinese cities. To raise investments in self-driving cars in China, it is working with Ford and NVIDIA. One of the biggest ride-sharing sectors is located in Asia Pacific.