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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Based on car type, the sedan segment dominated the global autonomous car market, in terms of revenue, in 2020. Rising penetration of advanced safety and comfort features in sedan or passenger cars is boosting the market. The utility vehicle segment also held a major share of the market, in terms of revenue, in 2020. The segment is estimated to expand considerably during the forecast period.
Based on component, LiDAR sensors are dominating the autonomous car market. The growing safety features in vehicle is likely to increase the demand for LiDAR sensors in vehicle. Major driverless cars is witnessing major demand for advanced camera system, which is likely to boost the market
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Regional Analysis of Autonomous Car Market
In terms of region, the global autonomous car market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific and Europe accounted for a major share of the global autonomous car market, in terms of revenue, in 2020. The growing consumer preference toward advanced safety features in vehicles, including parking assist system and lane departure warning system, is projected to propel the market across Europe and Asia Pacific. Major presence of OEMs and tier-1 suppliers across Europe is likely to fuel the autonomous car market in the region. The rising consumer trend toward driverless vehicles in Asia Pacific is estimated to boost the market in the region. Lack of connectivity across developing countries in Asia Pacific is anticipated to drive the autonomous car market in the region.
Autonomous Car Market Players
Prominent players operating in the global autonomous car market include General Motors, Ford Motor Company, Daimler AG, Volkswagen AG, Toyota Motors, Waymo LLC, Autoliv Inc., Robert Bosch GmbH, AB Volvo, Ficosa Internacional SA, Gentex Corporation, HARMAN International, AISIN SEIKI Co., Ltd., Valeo, HYUNDAI MOBIS, ZF Friedrichshafen AG, HELLA KGaA Hueck & Co., Texas Instruments Inc., Mobileye, and Visteon Corporation.
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