US Autonomous Car Market Is Estimated To Reach US$60 Bn with Leading Manufactures, Regions, Drivers, Industry Analysis and Forecasts Till 2023

Autonomous vehicles are going to be a significant part of the future of the automotive industry in the forecast period. Autonomous cars are commonly classified as self-driven or driverless. Self-driven cars are not fully autonomous and need the intervention of human drivers. Most of the commercially available autonomous cars today are self-driven cars. On the other hand, driverless cars are fully autonomous and can drive without any human interventions.

By 2020, it is expected that 10 million self-driving cars will be on the road while there will be more than 250 million smart cars—cars connected to high-tech networks—sharing the road with them. There are already self-driving features on several vehicles that are available today thanks to Tesla, Mercedes and BMW. The global autonomous car market is estimated to reach USD 60 billion by 2030.

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Key Developments in Market:

April 2017: Google’s self-driving car project Waymo has already logged the equivalent of 300 years of driving experience on city streets since 2009 and promises to free up our time, lower stress, make our roadways safer and improve transportation for us all.

May 2016: Uber is testing out and investing USD 300 million to develop a fleet of self-driving vehicles further.

It is expected that, by 2030, there will be some 20.8 million autonomous vehicles in operation in the U.S. As the technology for autonomous vehicles continues to develop, it may be necessary for state and municipal governments to address the potential impacts of these vehicles on the road (Source: Statista). The US has been actively introducing and updating its legislation on autonomous vehicles each year. In 2017, 33 states in the US have introduced legislation.

Autonomous cars can drive themselves without any human inputs. These cars use multiple in-vehicle technologies, sensors, and robotic devices to drive between predetermined destinations. These vehicles can provide a lot of data which is helpful for developing AI in the systems. Apart from keeping the passengers safe, the autonomous cars can save the passenger’s commuting time per year. To be precise, 250 million hours of commuting time per year. Though nations tend towards urbanisation, driverless cars could encourage some people to live even farther away from workplaces, or to take even more daily trips, because they can spend the time they save in commuting for entertaining themselves or some other purposes.

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The US ranks first in crash deaths per 100,000 people and per 10,000 registered vehicles. In 2016, 20839 car crashes resulted in passenger fatalities. After Canada, US stands second in the percentage of deaths involving alcohol (at 31%). And the US is the third-lowest, after Austria and Belgium, in national front seat belt use (at 87%) among the 20 countries. Despite being a developed country, the fatality rate because of car crashes shows the future of autonomous cars being bright. As adopting autonomous cars can reduce accidents to a substantial percentage.

Autonomous cars find its application among the disabled globally. According to the report released by disabilitycompendium.org in 2017, The American Community Survey (ACS) estimates the overall rate of people with disabilities in the US population in 2016 was 12.8%. The report also mentioned the percentage of people with disabilities rose as US ages. These trends show that there is a high possibility that the US will emerge as a market opportunity for autonomous car manufacturers. According to the Society of Automotive Engineers, Insurance Information Institute estimated that it would take between 15 and 20 years until truly autonomous vehicles populate US roads.

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This release was published on openPR.