Global Autonomous Cars Market Expected To Reach A Value Of Nearly $3,195.0 Billion By 2030 Says TBRC

The Business Research Company’s Autonomous Cars Market Report - Opportunities And Strategies – Global Forecast To 2030

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The global autonomous cars market reached a value of nearly $818.6 billion in 2019, having increased at a compound annual growth rate (CAGR) of 12.7% since 2015. The market is expected to decline from $818.6 billion in 2019 to $772.8 billion in 2020 at a rate of -5.6%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12.7% from 2021 ad reach $1,191.8 billion in 2023. The market is expected to reach $1,642.9 billion in 2025 growing at a CAGR of 17.4%, and $3,195.0 billion in 2030 growing at a CAGR of 14.2%.

The key drivers of the autonomous cars market include:
During the forecast period, the autonomous cars market is expected to benefit from the increased investments on self-driving vehicles. Companies such as Ford and General Motors are increasingly investing in R&D for self-driving vehicles. In November 2018, Ford publicly stated that it plans to have self-driving cars on the road in a commercial capacity by 2021 and has been building out a testing facility in Miami. In July, 2018, Ford had stated that it was creating a separate $4 billion unit for its self-driving vehicle operations and for also seeking outside investors. In March, 2020, General Motors made an announcement of intentions to invest more than $20 billion through 2025 on its next-generation electric and autonomous vehicles including capital and engineering resources. These investments will drive the growth of the market in the forecast period.

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Autonomous Construction Equipment Market Segmentation:-
By Product Type- The Autonomous Car Market can be segmented by product type
a. Semi-Autonomous cars
b. Fully-Autonomous cars
The semi-autonomous cars market was the largest segment of the autonomous cars market segmented by product type, accounting for 97.1% of the total in 2019. Going forward, the fully-autonomous cars segment is expected to be the fastest growing segment in the autonomous cars market, at a CAGR of 35.8%.

By Application- The Autonomous Car Market can be segmented by application
a. Civil
b. Offline Taxes
c. Robo-Taxes
d. Ride Hailing and Ride Sharing Taxes
e. Others
The civil market was the largest application segment of the autonomous cars market accounting for 67.2% of the total in 2019. Going forward, the ride hailing and ride sharing segment is expected to be the fastest growing segment in the autonomous cars market, at a CAGR of 10.4%.

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By Geography - The autonomous cars market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the autonomous cars market are
• Toyota Motor Corporation
• Ford Motor Company
• Daimler AG
• General Motors Company
• Volkswagen AG

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.