Autonomous Car Market to Surpass US$ 2,406.3 Billion by 2035

The global autonomous car market, by Level of Automation (Level 1, Level 2, Level 3, Level 4, and Level 5), by Application (Passenger Cars, Public Transportation, Commercial Applications, and Air Taxis), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), was valued at US$ 9.9 billion in 2017, and is expected to increase to US$ 2,406.3 billion by 2035, registering a CAGR of 36.6% over the forecast period (2018-2035), according to the market report published by Coherent Market Insights.

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Reduction in traffic congestion and parking problems will help autonomous vehicles gain higher market traction. According to Coherent Market Insights’ analysis, the autonomous driving technologies will help users to save around over 30 minutes of their daily time in traffic congestions, which could be utilized for more productive tasks. Moreover, no requirement for door opening spaces for self-parking vehicles can save up to 15% of the extra parking spaces. This will help in reducing the parking space problems, specifically in the frequently congested city areas. These associated benefits will drive growth of the autonomous car market.

Rising demand for advanced safety, comfort, and convenience systems is one of the major factors driving growth of the market

Automotive embedded system is a crucial component in improving vehicle performance, driver and pedestrian safety, and for effective emission control. In advanced vehicles, several electronic components such as sensors and microcontrollers for enhanced safety and convenience features such as infotainment, electronic steering, automatic braking, collision avoidance, brake assist, driver warning, external airbags, and other embedded systems are used. Key players in the automotive industry such as Volvo, Mercedes, and BMW are involved in the development and manufacturing of autonomous vehicles, which includes features such as collision avoidance, driver warning, and external airbags.

Stringent government regulations regarding antilock braking systems (ABS), advanced driver assistance systems (ADAS), electronic brake-force distribution (EBD), tire pressure management systems (TPMS), and airbags across the globe to enhance user safety has fuelled the adoption of these safety systems. For instance, in 2008, the U.S. Congress TREAD Act mandated the deployment of appropriate tire pressure monitoring system (TPMS) technology in all passenger vehicles to improve the driver and passenger safety by means of a dashboard warning system.

Key Trends and Analysis of the Global Autonomous car Market:

Among region, North America exhibited major revenue growth in the autonomous cars market, owing to adoption of highly advanced self-driving technologies and sensors to meet the mobility needs of people. Manufacturers are engaged in developing suitable infrastructure to test and validate autonomous driving systems in various countries in North America, which is also propelling growth of the autonomous cars market in North America.

On the basis of level of automation, the global autonomous cars market is segmented into level 1, level 2, level 3, level 4, and level 5. In 2017, the level 1 segment held the dominant position in the market and is expected to retain its dominance over the forecast period. Stringent regulations related to vehicle safety across the globe, increasing demand for a safe, efficient, and convenient driving experience, and rising sales of luxury vehicles are some of the factors responsible for adoption of ADAS system in the vehicles. For instance, in July 2009, according to the Regulation No 661/2009 of the European Parliament, inclusion of AEB system is mandatory in buses, trucks, vehicles that are designed to carry over eight passengers, and Category N2 and N3 vehicles, which carry goods that weigh over 3.5 tones. Moreover, level 4 segment is expected to exhibit the highest CAGR over the forecast period, owing to technological advancements in advanced driver-assistance systems (ADAS).

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Major players operating in the global autonomous car market include Tesla, Ford Motors, Ford Motors, Waymo, Volkswagen Group, BMW, Renault SA, Audi, Hyundai, Honda, Toyota, Mercedes, Kia Motors, Baidu, Inc., Samsung Electronics, Inc., NVIDIA Corporation, Mobileye, Inc., Delphi Automotive System LLC, and NXP BlueBox. The market players are adopting various growth strategies such as mergers & acquisitions, product launches, collaborations, geographic expansions, and others to expand their presence in the global autonomous car market.

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This release was published on openPR.