Autonomous Car-as-a-Product (CaaP) Market Current Insight with Future Aspect Analysis 2022 - 2030 | TMR Study

Autonomous Car-as-a-Product (CaaP) Market: Introduction

Autonomous Car-as-a-Product concept features a fully autonomous vehicle that is available for private purchase. Consumers would have the option to use the fully autonomous mode, or switch to manual mode and drive the vehicle themselves. Car-as-a-Product without full automation exists currently as a privately-owned vehicle.

Key Drivers of Autonomous Car-as-a-Product (CaaP) Market
The autonomous Car-as-a-Product (CaaP) market has been driven by the need for ease in driving, concerns about safety and security, stress-free parking. Newer cars already feature machine-corrective and machine-assisted technologies such as lane correction, potential collision detection, and automated parking. Some automaker including Tesla and Audi include semi-autonomous driving features that fall in the Level 3-functionality tier.

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Challenges in Autonomous Car-as-a-Product (CaaP) Market

Use of advanced technology and expensive equipment functional materials make autonomous cars expensive. Furthermore, automakers invest significantly on R&D, which also makes autonomous cars expensive. Thus, the cost of autonomous cars is initially high. However, the cost of the vehicle is anticipated to decrease after 10 years, giving way for the average consumer to afford such vehicles. Therefore, the high cost is a major factor that is estimated to hinder the autonomous car-as-a-product market in the next few years.

Opportunities in Autonomous Car-as-a-Product (CaaP) Market

Autonomous vehicles can dramatically reduce the occurrence of automotive accidents. Auto collisions are hugely expensive, causing hundreds of billions of dollars in damage each year in the U.S. According to the National Highway Traffic Safety Administration (NHTSA), 94% of auto accidents are caused by human error. Reducing human input has the potential to result in fewer deaths and injuries and reduced economic damage if automated driving vehicles are introduced. Therefore, integration of safety features is estimated to offer significant opportunity to the autonomous car-as-a-product market.

North America to Dominate Autonomous Car-as-a-Product (CaaP) Market

Based on region, the global CaaP market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is anticipated to hold a major share of the global market. New cars in the U.S are already feature machine-corrective and machine-assisted technologies such as lane correction, potential collision detection, and automated parking. Some cars from manufacturers including Tesla and Audi include semi-autonomous driving features that fall in the Level 3-functionality tier, while U.S.-based Ford expects to launch Level 4 vehicles in 2021.

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Key Players Operating in Autonomous Car-as-a-Product (CaaP) Market

The global autonomous Car-as-a-Product (CaaP) market is moderately consolidated. A few of the key players operating in the global autonomous Car-as-a-Product (CaaP) market are:

GM
Nissan
Zoox
Baidu
Tesla
Nuro
Waymo
Argo AI

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