Autonomous Cars Market is Moving Fast! | Major Key Companies are Toyota Motor, Volvo, General Motors, Uber Technologies, Tesla, Volkswagen, Subaru of America, Ford Motor, Waymo, Aptiv PLC, Nvidia Corporation, Autoliv

Autonomous cars market growth is driven by robust investments infused in automotive R&D and advancements in self-driving technology. Features like ease of transportation, lower CO2 emissions, enhanced fuel-efficiency and the ability to reduce the cases of road accidents using high-precision sensors will facilitate the adoption of self-driving vehicles worldwide.

Currently, governments across countries like U.S. and Germany are rolling out favorable initiatives to help automakers test prototype version of these vehicles on public roads. Highlighting an instance, in 2020, U.S. automaker General Motors’ subsidiary Cruise received approval from California Department of Motor Vehicles to commence use of self-driving prototype vehicles on public roads without a safety operator.

The company also touted plans to roll out the robocars on public roads in San Francisco by late 2020. Federal investments targeted on setting up adequate communication infrastructure may anchor the growth prospects of global autonomous cars industry size over the forthcoming years. Mentioned below are some of the key trends that may stir the market outlook.

1) Promising advancements across North America
The autonomous cars market of North America is dominated by manufacturers like Waymo, Ford Motor Company, General Motors Company, Uber Technologies Inc., and Tesla Inc. Companies in this niche are diligently working on incorporating advanced automotive electronics like radar, sensors, LiDAR and cameras within their self-driving vehicles.

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However, hybrid and battery electric vehicles (EVs) are being preferred by autonomous vehicle companies as they significantly reduce harmful vehicular emission as well as the dependency on fossil fuels. Driven by a steady transition towards electric mobility, it is estimated that the North America autonomous cars industry may clock a CAGR of 12% through 2024.

2) Autonomous electric vehicles (A-EVs) gaining foothold
Reports indicate that the ICE (Internal Combustion Engine) autonomous vehicles asserted a market share of over 95% in 2017 in North America. However, this share is estimated to lessen over time due to rising environmental concerns and availability of efficient alternate technologies like battery electric vehicles. Tech giants and autonomous manufactures like Tesla are developing new R&D centers to back the development of A-EVs.

However, high cost associated with producing self-driving vehicles, like implementation of large number of sensors and electronic system such as LiDAR & cyber security software for effective communication, could consequently dampen market expansion.

3) Push towards L4 autonomous cars in Europe
Europe is anticipated to be an early adopter of level-4 autonomous cars. Prominent players in the region such as Audi, Volkswagen, BMW, Mercedes, and Volvo Car Corporation are targeting their resources on the development of level-4 driverless cars. For instance, in 2018, Audi pledged to spend almost $16 billion on electric mobility and self-driving technology through 2023, with plans to put autonomous vehicles on the road by 2021. While authorities in France have touted plans to authorize testing of Level-5 self-driving cars.

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The European Union has also made it mandatory for all vehicles to be equipped with forward-collision warning systems and autonomous emergency-braking systems by 2020. To support this, OEMs in the region are making advancement in the automotive technology and are forming partnerships with various start-ups to develop customized solutions for vehicles.

4) Implementation of fast charging infrastructure across Germany
The demand for the Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV) is project to accelerate at a stellar rate across countries like Germany, Sweden, and Netherlands. These countries house some of the most well-maintained electric charging stations across Europe. Ascribed to such aspects, it is estimated that Europe autonomous cars market could reach a total of over 22 million units by 2024.

Companies in the industry are also collaborating with other players to expand EV charging infrastructure in the region. Shedding light on an instance, in 2020, Netherland-based EV charging station company Fastned along with Tesla and Seed & Greet inaugurated Germany’s largest fast-charging hub that includes 20 Tesla Superchargers and 8 Fastned 300 kW CCS chargers. Initiatives such as this could aid autonomous car manufacturers to roll out A-EVs in Europe.

5) Supporting government initiatives across APAC
Government authorities across countries like China, Japan and Singapore are facilitating the testing of self-driving vehicles on public roads. Automakers are developing BEVs to reduce carbon emission and meet environment protection norms. EV manufacturing companies are meanwhile making significant advancements in self driving technology. In 2020, Chinese EV manufacturer, XPENG announced that it will deploy its navigation guided pilot (NGP), a level 3 autonomous capability, in Q1 of 2021. The company made further claims on attaining L5 autonomous capability by 2025.

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Some of the major contenders in the autonomous cars market of APAC include are Nvidia Corporation, Tencent, Baidu, Aptiv PLC, Autoliv Inc. In 2017, the autonomous cars market of APAC was valued at over 8 million units, and is projected to hit the 24 million units market by 2024.

However, stern government norms against self-driving vehicles across countries such as India may hamper regional industry outlook. In 2019, India’s Minister for Road Transport & Highways, Nitin Gadkari announced that driverless cars will not be permitted in the country due to a shortfall of 25 lakh drivers. Furthermore, lack of availability of adequate EV charging infrastructure would be a major obstacle for players operating in the APAC autonomous cars industry.

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