Self-Driving Cars Market

Self-Driving Cars Market Size (2023 - 2028):

The Global Self-Driving Cars Market was worth US$ 32.66 billion in 2022 and is anticipated to reach a valuation of US$ 90.09 billion by 2028 and is predicted to register a CAGR of 22.50% during 2023-2028.

The autonomous cars, also known as self-driving cars, use artificial intelligence (AI) software, light detection & scope (LiDAR), and RADAR sensing technology, which is used to track the 60-meter range of the vehicle and to create an accurate 3D map of the current environment. The car is intended to travel between destinations without a human operator. We incorporate sensors and software to monitor, navigate and operate the vehicle. The autonomous vehicle uses LiDAR sensors, and RADAR sensors, for its service. Most self-driving systems create and maintain an internal map of their environment, based on a wide variety of sensors, such as radar.

Market Drivers:

With the development of new technology, there has been a significant decrease in the cost of equipment., Leading automotive companies and new companies are focused on perfecting their technologies and investing heavily in R&D. Developing smart cities and increasing demand for connected vehicles using the Internet of Things (IoT), helping to solve the issue of traffic congestion and affecting the development of the market.

Market Restraints:

The government regulations in many companies pose a significant constraint on the Self-Driving Cars market. The safety concerns and the misconception of people being ended up without jobs are not letting the governments lift these regulations. Highly competitive market with constant innovations, where the range of companies includes from small start-ups to Huge MCNs, it could be a bit hard to compete for a good market share in such a market. The massive potential for aggressive expansion of the self-driving market left an enormous void in the market, so this can be considered an opportunity as well.

Market Recent Developments:

• In 2018, tesla, as an update to Autopilot's essential features, the company's stated intention is to offer full self-driving (FSD) capabilities in the future, realizing the legal, regulatory, and technological barriers that must be addressed in order to achieve this target. Elon, the CEO of Tesla, on many occasions, stated the solidity of their product but waiting for government regulatory approvals to pave off.

SELF-DRIVING CARS MARKET REPORT COVERAGE:

Market Segmentation:

Self-Driving Cars Market - By Application:

• Taxi
• Civil
• Public Transport
• Heavy Duty Trucks
• Ride Shares
• Ride Hail

Of these, the Taxi segment is expected to dominate the market during the forecast period. The sheer demand for taxis, which was caused as a result of urbanization and an increase in disposable income is driving demand for this segment. Apart from this, heavy-duty trucks are expected to show some significant growth, because of the extreme and inhabitable conditions that these trucks are used in, it would be less burden on the drivers of these trucks if self-driving cars take over the market.

Self-Driving Cars Market - By Component:

• Hardware
• Software
• Services

Of these, the software segment is expected to witness rapid growth in the coming years due to the increasing digitization around the world.

Self-Driving Cars Market - By Automation Level:

• Level 3
• Level 4
• Level 5

Of these, Level-3 cars are expected to dominate the market during the forecast period, purely because of the less amount of risk associated with the market. But the market is slowly moving towards Level-4 and Level-5.

Level-3: - Driver is still needed, but it is not necessary to navigate or track the environment if specific criteria are met. Nevertheless, the driver must remain ready to resume control of the vehicle once the conditions requiring the ADS have ceased to be met.

Level-4: - The vehicle can perform all driving functions and does not require the driver to remain ready to take charge of navigation. Nonetheless, under certain circumstances, such as off-road driving or other types of unusual or hazardous situations, the reliability of ADS navigation can decline. The driver may well be able to regulate the vehicle.

Level-5: - The ADS system is advanced enough to enable the vehicle to perform all driving functions, no matter the conditions. The driver may be able to control the car.

Market Regional Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East Africa

Geographically, North America and Europe represented more than half of the global semi-autonomous car market in 2018 and are expected to continue to grow their market share during the forecast period, due to the growing release of semi-autonomous car models and the rising growth of self-driving vehicle systems by automotive industry players.

Key Players of the Market:

Some of the key players in the Global Self Driving Cars market include

1. Uber Technologies Inc.
2. Daimler AG
3. Toyota Motor Corp
4. Tesla Inc.
5. Google Inc.
6. Nissan Motor Co. Ltd
7. Volvo Cars
8. Volkswagen AG
9. General Motors Company (GM)
10. BMW

Self-Driving Cars Market Research Report Key Highlights:

• Evaluation of the current stage of the market and future implications of the market based on the detailed observation of recent key developments.
• Address the matter by better understanding the market size estimates through CAGR analysis to forecast the future market.
• Comprehensive segmentation of the market, a detailed evaluation of the market by further sub-segments.
• Address Market Drivers, Restraints and provide insights for gaining market share.
• Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is a result of a competitive environment.