Analytical Laboratory Instrument Market Trends, Top Companies, Share, Growth And Forecast 2033

The autonomous cars market size has grown rapidly in recent years. It will grow from $1047.13 billion in 2023 to $1176.95 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to emerging markets growth, high adoption of connected cars, the growing demand for driverless vehicles, increased occurrences of vehicle theft and increased focus on road safety.

The autonomous cars market size is expected to see rapid growth in the next few years. It will grow to $1851.15 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to increasing r&d investments for self-driving vehicles, supportive government initiatives, the growing demand for electric vehicles, the increasing concerns about vehicle safety and the rising urbanization . Major trends in the forecast period include investing in ai (artificial intelligence), collaborating with telecom service providers to set up 5g network infrastructure for smooth functioning of autonomous cars, investing in cyber security software to protect autonomous cars from hackers, building relationships with taxi services to increase revenue through a differentiated service, integrating improved vision solutions in cars for better-quality direction and object recognition, utilizing ar (augmented reality) and vr (virtual reality) technologies and focusing on pre-collision assist and pedestrian detection technology.

Market Overview -
An autonomous car means navigating a vehicle without human input from passengers using sensing equipment (LIDAR), environmental sensitive control equipment, and navigation equipment.

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Smart Cities Fueling Growth In The Autonomous Cars Market
The rise in the development of smart cities is a key factor driving the growth of the autonomous cars market. Electric autonomous cars help reduce air pollution in smart cities and also help to fight climate change. By using driverless cars, traffic accidents can be decreased by 90%, significantly improving the safety of our roads. Several countries, such as Mexico, Canada, and the United States, are deploying digital infrastructure to promote communication between vehicles and networks to collect essential information, thereby reducing traffic congestion and improving road safety. Therefore, the rise in the development of smart cities is expected to drive the growth of the autonomous cars market.

Competitive Landscape -
Major companies operating in the autonomous cars market report are Toyota Motor Corporation, Volkswagen AG, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, BMW AG, Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Volvo Car Group, Tesla Inc., Hyundai Motor Company, Audi AG, PSA Group, Renault, Jaguar Land Rover, NIO, Daimler AG, Vauxhall, Kia, Haval, Chevrolet, Fiat

Emergence Of Fully Autonomous Vehicles In The Autonomous Cars Market
Full automation vehicles are a key trend in the autonomous cars market. Full automation vehicles are capable of performing all driving functions in all circumstances. These vehicles are being designed to be used as Robo-taxis, among others, such as Waymo. Eventually, these self-driving cars will blend into U.S. roadways by improving technology across six stages of driver assistance in the forecast period, from no automation (where a fully engaged driver is still required) to full autonomation (where an automated vehicle runs independently without a human driver). Tesla has confirmed that it plans to provide a software update to its vehicles sometime by the end of 2019 or early 2020. Also, according to Wired, by the end of 2020, Tesla will be fully autonomous.

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Key Segments -

The autonomous cars market covered in this report is segmented -

1) By Automation Level: Level 1, Level 2, Level 3, Level 4, Level 5
2) By Product Type: Semi-Autonomous Vehicles, Fully-Autonomous Vehicles
3) By Application: Civil, Robo Taxi, Offline Taxis, Ride Hail And Ride Sharing, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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