Self-Driving Cars Market is Estimated to Grow at a CAGR of 27.8% Over the Forecast Period 2024-2031| Tesla Inc., BMW AG, Nissan Motor Co. Ltd, Volvo Car Group

Global autonomous/self-driving cars market reached US$ 25.6 billion in 2022 and is expected to reach US$ 180.1 billion by 2030, growing with a CAGR of 27.8% during the forecast period 2024-2031.

Self-Driving Cars Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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Self-driving cars, also known as autonomous vehicles (AVs), are designed to operate without human intervention, using sensors, cameras, radar, lidar, AI, and machine learning to perceive their surroundings, navigate, and make decisions. They are classified into six levels (0 to 5) of automation, ranging from no automation (Level 0) to full automation (Level 5), where the vehicle can drive itself in all conditions. The market for self-driving cars is growing rapidly, driven by advancements in technology, the push for safer roads, and the increasing demand for more efficient and convenient transportation. This growth is expected to continue as the technology advances and adoption increases.

List of the Key Players in the Self-Driving Cars Market:

Daimler AG, Waymo LLC (Google Inc.), Toyota Motor Corp, Nissan Motor Co. Ltd, Volvo Car Group, General Motors Company, Volkswagen AG, Tesla Inc., BMW AG Source and Aurora Innovation Inc.

Industry Development:

⤳ In October 2022, A Chinese joint venture will start mass-production of an autonomous electric car. Jidu Automotive, funded by Chinese AI company Baidu and Chinese automaker Geely, has unveiled the Robo-01 Lunar Edition, an autonomous electric vehicle.

⤳ In 2021, Toyota Motor Corp. unveiled new Lexus LS and Toyota Mirai models in Japan, both of which are equipped with Advanced Drive, a Level 2 autonomous system that aids in keeping the car in its lane, maintaining distance from other vehicles, assisting with lane changes and providing advanced-driver support.

Market Dynamics

⤳ Increasing Levels of Automation

The level of automation directly influences consumer adoption and acceptance. Trust and approval are more likely at Levels 4 and 5, where vehicles can handle most or all driving tasks without human involvement. As more people feel comfortable using and investing in fully autonomous vehicles, the market for these technologies continues to expand.

⤳ Advancements in Advanced Driver Assistance Systems (ADAS)

The future of self-driving vehicles will integrate various Advanced Driver Assistance Systems (ADAS) to enhance driving safety. As ADAS technology advances, systems that rely on data from radar, LiDAR, image sensors, and computer vision will continue to improve. These features, including adaptive cruise control, pedestrian detection, and parking assistance, can significantly reduce accidents. The National Safety Council estimates that ADAS technologies could save up to three lives per year, preventing 62% of all road fatalities.

For instance, in May 2023, A 200km test run was completed using a Level 4 autonomous driving system developed by Samsung. According to reports, SAIT (Samsung Advanced Institute of Technology) completed a "driver-free" test from Suwon to Gangneung in South Korea. Therefore, above development and factor drives the growth of the level 4 automation segment in global market and accounts for the significant shares in the global market.

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Segment Covered in the Self-Driving Cars Market:

➠ By Vehicle (Passenger Cars, Commercial Vehicles)
➠ By Level of Automation (L1, L2, L3, L4, L5)
➠ By Application (Robo-Taxis, Logistics and Delivery, Personal Mobility, Public Transportation, Others)

Regional Analysis for Self-Driving Cars Market:

⤳ Vehicle Development and Advancements Fuel Regional Growth

North America is at the forefront of technological innovation, with many companies heavily investing in the development of self-driving cars. Key players like Tesla, Alphabet's Waymo, Uber, and traditional automakers are leading the market by advancing AI, sensor technologies, and connectivity solutions. As a result, the North American market is projected to experience the highest growth throughout the forecast period.

⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Self-Driving Cars market?
➠ Who are the leading manufacturers in the global Autonomous/Self-Driving Cars industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?
➠ What opportunities and challenges do vendors in the global Autonomous/Self-Driving Cars industry face?
➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?
➠ What are the key factors and limitations affecting the growth of the Self-Driving Cars market?
➠ What are the various sales, marketing, and distribution channels in the global industry?

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