The autonomous car market has been witnessing significant growth over the past decade. Autonomous cars employ various sensors and cameras to assist drivers with steering, braking, parking and other driving related tasks. Advanced driver-assistance systems and technologies like adaptive cruise control, automatic emergency braking and parking assistance features have increased driving comfort and safety. Moreover, some autonomous vehicles can drive autonomously for portions of a trip but require a human driver at other times. The autonomous car technology can help avoid accidents caused by human errors, reduce traffic and fuel consumption.
The Global autonomous car market is estimated to be valued at US$ 170.07 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2030.
Key Takeaways
Key players: Key players operating in the autonomous car market include Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others. These players are focusing on developing advanced driver-assistance technologies and investing in autonomous driving to gain a competitive edge in the market.
Key opportunities: Rising investment towards building infrastructure to support autonomous vehicles, development of 5G networks and partnerships between automakers and technology companies for developing safer autonomous vehicles will create significant growth opportunities for players in the autonomous car market.
Global expansion: Leading automakers are expanding their autonomous car business globally. For instance, General Motors has partnered with Honda, Intel and Google’s Waymo for developing autonomous vehicles. Automakers are also collaborating with mobility service providers for deployment of autonomous vehicles across Europe and Asia Pacific.
Market drivers
Advancements in technologies such as artificial intelligence, Internet of Things, and lifesaving ADAS features such as automatic emergency braking, lane keep assist are contributing to growing demand for autonomous cars. Stringent safety regulations and growing passenger inclination towards safety are further driving the autonomous car market.
PEST Analysis
Political: Governments around the world are coming up with new regulations to make autonomous driving safer and more reliable on public roads. They are focusing on issues like cybersecurity, data privacy, and liability in case of accidents.
Economic: As autonomous vehicles will remove the need for a human driver, the total cost of ownership is expected to go down significantly over time. This will propel more consumers to prefer autonomous taxis and vehicles for mobility needs. Transitioning to self-driving technology will also create new jobs in software, automation, and robotics.
Social: Younger consumers are more comfortable with new technologies and see autonomous driving as more convenient. However, some people may continue to have concerns around safety and a sense of losing control. Over time, as the technology proves safe with millions of miles driven, societal acceptance is likely to increase substantially.
Technological: Automakers and tech companies are heavily investing in advanced sensors like cameras, radar, and lidar to enable vehicles to become self-driving. Connectivity through vehicle-to-everything (V2X) communication is also improving to connect autonomous vehicles to infrastructure as well as other vehicles. Artificial Intelligence and Machine Learning will play a key role in analyzing real-time data to handle complex driving scenarios.
North America is currently the largest market for autonomous cars in terms of value, led by the US. This is due to sizable investments by tech giants like Google, Tesla, and Uber in building self-driving car technology. China is also expected to emerge as a major market given the country's focus on EVs and supportive policies for autonomous vehicles to reduce congestion and pollution in its large cities.
The autonomous car market is projected to grow the fastest in the Asia Pacific region over the forecast period. Countries like China, Japan, and South Korea are aggressively working to Commercialize self-driving vehicles and integrate them into their public transport networks. Growing vehicle parc, rising income levels, and smart city initiatives in Asia make it an attractive market for automakers and tech firms to tap into the future of mobility.
For More details on the topic:
https://www.newsstatix.com/autonomous-car-market-size-market-share-analysis/
Check more trending articles related to this topic:
