According to the report, the global autonomous car market is projected to surpass US$ 206.94 Bn by 2031, expanding at a CAGR of 22.50% during the forecast period. Rise in population across the globe as well as the parallel increase in their disposable incomes is compelling individuals to own high quality automotive cars with advanced comfort and safety features. Governments across developed countries have mandated safety features in vehicles, which is anticipated to boost the autonomous car market. Moreover, the growing integration of advanced electronics components, including sensors and AI-based camera, in vehicles is promoting vehicle manufacturers to invest in research & development of driverless vehicles.
The COVID-19 pandemic hampered production and sales of vehicles, and prompted major vehicle manufacturers to shut down their plants. The development, testing, and launching of self-driving cars and technological advancements slowed down, which is likely to pose a challenge for the autonomous car market.
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Expansion of Autonomous Car Market
The growing mergers & acquisitions between vehicle manufacturers and tier-1 suppliers across the globe is estimated to propel the autonomous car market. In September 2021, Mercedes-Benz announced the integration of the first brain-computer interface (BCI) approaches with its pioneering VISION AVTR concept vehicle. The biometric interaction with the vehicle is complemented by a direct connection to the human brain. After a short calibration process, a BCI device attached to the user's head analyzes the measured brain waves and triggers a defined function. In June 2021, Waymo LLC announced that it had raised US$ 2.5 Bn. The company plans to use the funding to continue development and commercialization of its Waymo Driver autonomous vehicle technology.
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