Pune, India., Jan. 30, 2023 (GLOBE NEWSWIRE) -- The autonomous cars market size to hit USD 11.03 billion by 2028, at CAGR of 31.3%. The global market size was valued USD 1.45 billion in 2020 and USD 1.64 billion in 2021. Factors such as increasing adoption of Autonomous Cars to boost the market growth globally.
As per our researchers, the speedy development in sensor-processing technologies, adaptive algorithms, high-definition mapping, and the placement of infrastructure-to-vehicle and vehicle-to-vehicle communication technologies are reassuring numerous corporations to magnify their manufacturing capabilities and navigate vehicle automation to an elevated level.Furthermore, giant businesses associated with automobile manufacturing are promptly adopting Artificial Intelligence (AI) and Machine Learning (ML) technologies and implementing them in automobile manufacturing. For instance, according to Washington Post, Tesla cars, which have been introduced as self-driving cars, are loaded with the latest technologies such as progressive hardware capability of offering autopilot programs, and completely self-driving abilities, via the software updates intended to augment operations as time passes.
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Report Highlights: Report Coverage Details Forecast Period 2021-2028 Forecast Period 2021 to 2028 CAGR 31.3% 2028 Value Projection USD 11.03 billion Base Year 2020 Market Size in 2021 USD 1.64 billion Historical Data for 2017-2019 No. of Pages 200
Key Takeaways: Europe holds the second-largest autonomous cars market share due to the extensive investments by prominent manufacturers to develop advanced technologies. Asia Pacific Autonomous Cars Market Size, 2017-2020 Passenger Car Segment to Hold Largest Share Owing to Rapid Urbanization Semi-autonomous Car Segment to Dominate Backed by Rising Technological Development High Initial Cost & Risk of Malfunctioning May Restrain Growth
Drivers & Restraints-
Extensive Implementation of ADAS to Enhance Market Growth
Advanced driver assistance systems (ADAS) aid drivers via their artificial intelligence (AI) and various other innovative characteristics, thus evading interruptions and plummeting the burden on the driver. The prompt acceptance of progressive technologies in software algorithms, cameras, sensors, processors, and mapping has upgraded the application process of ADAS in automobiles. Additionally, increasing issues of the protection and security of cars, inhabitants, and walkers and to decrease the rate of road mortalities, automobile producers are integrating ADAS in cars, therefore stimulating the autonomous car market growth.
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Key Player Focus on Widespread Research & Development Activities
Crucial players are often seen applying effective schemes and strategies in order to conquer the market for autonomous cars and set a prominent footprint in their respective industries.
For instance, Robert Bosch GmbH is an international player in the sector of autonomous car technology. The disposition of a wider variety of advanced driver-aiding solutions and the expansion of self-driving vehicles for the smart and secure age of movement are the main ideas of the company. Likewise, the endless R&D struggles by the corporation are resulting in the formation of advanced technologies, which are a few of the substantial aspects accountable for the supremacy of the company.
On the basis of type, the market for autonomous cars is separated into semi-autonomous and fully autonomous. The semi-autonomous car segment held 21.9% in 2020 in terms of the autonomous car market share. The semi-automatic and self-driving car markets have been sectioned according to the degree of automation (at levels 1, 2, and 3, respectively).
On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. In terms of region, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.Segmentation By Type Fully Autonomous Semi-autonomous By Vehicle Type Passenger Cars Commercial Vehicles
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Increasing Adoption of Technologically Advanced Cars to Aid Growth in Asia Pacific
The market size in Asia Pacific was worth USD 0.72 billion in 2020. The region dominates in the global market on account of the rising implementation of autonomous cars and the mounting customer inclinations towards technologically radical aspects. Automotive corporations are scheduling to inflate manufacturing divisions and attain prompt technological development in production amenities in developing nations, such as India and China.
Europe held the second-largest share in the global market for autonomous cars owing to the widespread capitalization by crucial manufacturers to improve advanced technologies. For instance, the British government is dedicated to connecting self-driving cars on the streets by the end of 2021. It is also considering making the essential alterations to the guidelines in order to back up the expansion of autonomous cars in the U.K.
A list of prominent Autonomous Car manufacturers operating in the global market: Autoliv Inc. (Stockholm, Sweden) Aptiv (Dublin, Ireland) Waymo LLC ( California, United States) Robert Bosch GmbH ( Gerlingen, Germany) Daimler AG ( Stuttgart, Germany) Baidu (Beijing, China) AutoX, Inc. (California, United States) Pony.ai (Fremont, California, United States) Ford Motor Company (Michigan, United States) HYUNDAI MOTOR GROUP (Seoul, South Korea) Volvo (Gothenburg, Sweden)
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Table Of Content: Introduction Research Scope Market Segmentation Research Methodology Definitions and Assumptions Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities Key Insights Merger, Acquisitions, and Partnerships Distributor Analysis – For Major Players Growth and Penetration Analysis Porter's Five Forces Analysis PEST Analysis COVID-19 Impact Global Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028 Key Findings / Summary Market Analysis, Insights and Forecast – By Vehicle Type Passenger Cars Commercial Vehicles Market Analysis, Insights and Forecast – By Type Fully Autonomous Semi-Autonomous 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, 2017-2028 Key Findings / Summary Market Analysis – By Vehicle Type Passenger Cars Commercial Vehicles Market Analysis – By Type Fully Autonomous Semi-Autonomous Market Analysis – By Country U.S. Canada Mexico Europe Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028 Key Findings / Summary Market Analysis – By Vehicle Type Passenger Cars Commercial Vehicles Market Analysis – By Type Fully Autonomous Semi-Autonomous Market Analysis – By Country U.K. Germany France Rest of Europe Asia pacific Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028 Key Findings / Summary Market Analysis – By Vehicle Type Passenger Cars 8.2.2 Commercial Vehicles Market Analysis – By Type Fully Autonomous Semi-Autonomous Market Analysis – By Country Japan China India South Korea Rest of Asia Pacific Rest of the World Autonomous Cars Market Analysis, Insights and Forecast, 2017-2028 Key Findings / Summary Market Analysis – By Vehicle Type Passenger Cars Commercial Vehicles Market Analysis – By Type Fully Autonomous Semi-Autonomous Competitive Analysis Key Industry Developments Global Market Share Analysis (2019) Competition Dashboard Comparative Analysis – Major Players Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability)) Autoliv Inc. Aptiv PLC Robert Bosch GmbH Waymo LLC Daimler AG Baidu AutoX, Inc. Pony.ai Ford Motor Company HYUNDAI MOTOR GROUP Volvo
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