Press release
Global Self-driving Car Market Expected to Reach USD 173.15 Bn by 2023 | Microsoft, Apple, IBM, Cisco, Google, Toyota, General Motors, Tesla, Volvo
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A self-driving car, also known as an autonomous car or driverless car, is a vehicle that uses a combination of sensors, cameras, radars and artificial intelligence (AI), to travel between destinations without the need of any human effort. To qualify as fully autonomous, a vehicle must be able to navigate without human intervention, to a predetermined destination, over roads that have not been adapted for its use. The global self-driving car market is expected to expand at a CAGR of 36.2%, leading to global revenue of USD 173.15 Bn by 2023.
AI technologies power self-driving car systems. Developers of self-driving cars use vast amounts of data from image recognition systems, along with machine learning and neural networks, to build systems that can drive autonomously. Advanced control systems interpret sensory information to identify appropriate navigation paths, as well as obstacles and relevant signage. Automakers and technical vendors are investing in AI to succeed in the era of autonomous vehicles.
Major self-driving car providers operating in the market are divided based on technology providers (Microsoft, Apple, IBM, Cisco) and automobile industry players (Google, Toyota, General Motors, Tesla, Volvo)
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The global self-driving car market is segmented on the basis of type of vehicle, product type, application of the car, technology components (hardware and software), and geography. The global market for autonomous cars can be categorized on the basis of its use and application, that is, into personal use and commercial use. In the self-driving car market, products are segregated based on type such as Level 1, Level 2, Level 3, Level 4 and Level 5 automation. The components market comprises radar, video cameras, lidar, ultrasound, central computing and GPS navigation. Geographically, the self-driving car market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Key growth factors
Rising acceptance of autonomous vehicles by various governments is expected to boost the growth of industrial applications of autonomous cars and trucks over the forecast period. Technological advancements, increasing number of road accidents, and growing demand for automation are the key factors driving the growth of the market.
The rise of the mobility as a service (MaaS) sector is anticipated to provide an impetus to the market for autonomous cars. Automation in the automotive industry will boost the growth of the global self-driving car market.
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Table of Contents:
Chapter 1: Executive summary
Chapter 2: Global self-driving car market-market overview
2.1. Global market overview-market trends, market attractiveness analysis, geography-wise market revenue (USD Bn)
2.2. Global market drivers and challenges
2.3. Value chain analysis of self-driving car market
2.4. Porter's Five Forces Analysis
2.5. Market segmentation on the basis of type (passenger vehicle and commercial vehicle)
2.5. a. Revenue from passenger vehicles-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.5. b. Revenue from commercial vehicles-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
Chapter 3: North America self-driving car market-market overview
Chapter 4: Europe self-driving car market-market overview
Chapter 5: Asia-Pacific self-driving car market-market overview
Chapter 6: Latin America self-driving car market-market overview
Chapter 7: The Middle East and Africa self-driving car market-market overview
Chapter 8: Competitive landscape
Chapter 9:Conclusion
Chapter 10:Appendix
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