Press release
The demand for autonomous cars is expected to hit USD 50.42 billion by 2032, with a compound annual growth rate (CAGR) of 41.6%.
Autonomous Cars Market
Market Overview:
Autonomous cars are automobiles capable of driving themselves using advanced software without the need for human intervention. This marvel has gained traction due to a minimal amount of reliance on humans. Autonomous cars, also known as self-driving cars, can perform functions akin to human drivers such as being aware of their environment and take driving decisions accordingly.
While there has been some apprehension about how automobiles can take rational decisions when driving in real time, technological advancements have been able to mitigate these fears by installing GPS for precise location insights as well sensors which help avoid colliding with pedestrians, obstacles or incoming traffic.
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Growth Drivers and factors:
• Autonomous car market has seen major growth due to an advantageous increase in disposable income per capita along with a curiosity for this marvel has further driven sales of autonomous cars.
• In order to prevent grievous vehicular mishaps as well as streamline traffic flow has led to further adoption of self driving cars further boosting the autonomous cars market.
Key Players:
• General Motors
• Alphabet Inc.
• Uber
• Daimler
• BYD
• Nissan
• Honda Motor Corporation
• Tesla Motors
• Bayerische Motoren Werke AG
• and Mercedes-Benz
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Segmental Analysis:
• The autonomous car market is divided on the basis of automation level, component, and region.
• Automation segment can further be divided into 3 types such as Level 1, Level 2 and Level 3. Level 3 will see more sales as it is concerned with more complex tasks such as vehicular maneuvering and breaking without the need of a human driver.
1. Autonomous Cars Market Size and Forecast by Level of Automation, 2019 - 2032
1. Key Findings
2. Level 1
3. Level 2
4. Level 3
2. Autonomous Cars Market Size and Forecast by Components, 2019 - 2032
1. Key Findings
2. Camera
3. Sensors
4. Radars
5. LiDAR
6. Artificial Intelligence
7. Others
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Geographical Landscape:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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