Need for Efficient and Safe Driving Option Contributing to Growth of North American Autonomous Car Market

The North American autonomous car market is predicted to generate a revenue of $52.3 billion in 2030, witnessing a 17.1% CAGR during 2023-2030.

The market is growing due to the increasing research & development activities for the development of autonomous cars, federal and state-level support ensuring growth of autonomous cars, requirement for a safe and efficient driving option, and evolution in connected and electric car technologies. Autonomous cars have different automation capabilities according to their levels, which range from 1-5.

In terms of vehicle autonomy, the North American autonomous car market is bifurcated into semi-autonomous and fully autonomous cars. Between these, the semi-autonomous cars are predicted to account for the major value share of the market during the forecast period (2019-2030). These cars are further categorized into three levels, namely level 1, level 2, and level 3, based on their automation capabilities. Among these, the level 1 semi-autonomous cars are expected to hold the largest value share of the market during the forecast period.

When vehicle type is taken into consideration, the North American autonomous car market is divided into internal combustion engine (ICE), battery electric vehicle (BEV), hybrid electric vehicle (HEV).
Among these, the market was dominated by the ICE division during the historical period, with a share of more than 85.0% in 2018, in terms of volume. The BEV division is predicted to witness the fastest growth during the forecast period because of the increasing support from governments in the form of grants and incentives and strict emission regulations.

A key driving factor of the North American autonomous car market is the evolution of electric and connected car technologies. Connected cars are integrated with different features, which are not available in traditional passenger cars, such as road side assistance, real-time traffic monitoring, smartphone connectivity with the vehicle, and traffic and collision warnings. In addition to this, connected cars offer vehicle-to-infrastructure and vehicle-to-vehicle interfaces and sensor applications. The digitization in connected cars is thus driving the growth of the market. Furthermore, it is comparatively easier to integrate autonomous technology in connected cars than traditional cars.

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Another factor resulting in the growth of the North American autonomous car market is the need for a safe and efficient driving option. Various factors, including inappropriate speed, failure to pay attention, and keeping an unsafe distance from the vehicle in front, are responsible for the surging number of road crashes, which is why the demand for safer driving technology is increasing.

Autonomous and semi-autonomous cars are integrated with different features that assist the driver, thereby making it safer for the passengers, due to which the adoption of these cars is increasing.

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A major trend being observed in the North American Autonomous car market is the integration of artificial intelligence (AI) in autonomous cars, especially level 4 and 5. Due to the integration of this technology, the development of driver monitoring, speech recognition, gesture recognition, eye tracking, virtual assistance, and natural language interfaces ahs been enabled. In addition to this, AI has helped in the development of the advanced driver assistance system (ADAS) that includes driver condition evaluation systems, radar-based detection units, camera-based machine vision systems, and sensor fusion engine control units.

Hence, the market is growing due to the evolution of connected and electric car technologies and need for an efficient and safe driving option.

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This release was published on openPR.