Self-Driving Electric Vehicle Market : Passenger Cars, Commercial Vehicles Industry Forecast, 2021-2031

The self-driving electric vehicle market was valued at $0.23 trillion in 2021, and is estimated to reach $5 trillion by 2031, growing at a CAGR of 36.3% from 2022 to 2031.

NHTSA says 94% of accidents can be attributed to human errors. North America is increasingly adopting autonomous electric vehicles to improve transportation safety, increase the capacity of the transportation system, and enhance mobility. For instance, in November 2021, Apple announced its plans to launch a self-driving electric car under a 'Titan' project. The company aims to launch the car with fully autonomous capabilities on highways in 2026 for under $100,000. Therefore, the increase in the development of self-driving electric vehicles to reduce road accidents and increase safety is expected to drive the growth of the market.

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Level 1 is the lowest level of automation in a self-driving electric vehicle. This level includes at least one driver assistance system that provides steering assistance or braking and acceleration assistance. In this level of automation, an active and engaged driver is required. The driver is responsible for driving the electric vehicle and must be prepared to regain control of the vehicle at any time.

Features such as adaptive cruise control are part of Level 1 autonomous vehicles., However, a Level 1 autonomous vehicle may not have more than one driver support system. The adoption of vehicles with level 1 automation has increased as it improves drivers' awareness and reduces instances of accidents on the roads. Level 1 automation is available on most of the gasoline vehicle models. Moreover, level 1 automation is increasingly being installed in electric vehicles which is expected to drive the growth of the market. For instance, in November 2022, Tata Motors announced the launch of Tata Tigor electric vehicle. The company updated the vehicle by adding new color schemes and features such as adaptive cruise control. Such developments are expected to drive the growth of the segment in the market.

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COVID-19 Impact Analysis

The outbreak of COVID-19 led to the disruption of the entire global automotive supply chain, and plant closures impacting self-driving electric vehicle sales. However, post-pandemic, several manufacturers focused on the design and development of self-driving electric vehicles for the delivery and logistics industries. For instance, in December 2021, Udelv, a Silicon Valley venture-backed company announced to introduce an autonomous electric delivery vehicle for multi-stop delivery at Consumer Electronics Show 2022. Such developments to manufacture self-driving electric vehicles are expected to drive the growth of the market during the forecast period.

KEY FINDINGS OF THE STUDY :

By level of automation, the level 3 segment is anticipated to exhibit significant growth in the near future.

By vehicle type, the commercial vehicles segment is anticipated to exhibit significant growth in the near future.

By type, the fuel cell electric vehicle segment is anticipated to exhibit significant growth in the near future.

By region, North America is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global self-driving electric vehicle market include Tesla, BMW AG, Volkswagen AG, Ford Motor Company, Volvo Group, Daimler AG, General Motors, TOYOTA MOTOR CORPORATION, HONDA MOTOR Co. LTD, and Hyundai Motor Company

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