Albany, NY -- (SBWIRE) -- 10/25/2018 -- Owing to the increasing number of accidents taking place every year, the global market for autonomous cars is anticipated to emerge with huge popularity in the coming years. There is rise in awareness concerning the beneficiaries that autonomous cars offer to its consumers like mobility enhancement and this is further expected to accelerate the demand for the autonomous cars in the years to come.

Autonomous cars are likely to attract lot of potential consumers in the market owing to the constant upgrade and innovation that the automobile industry introduces every time. Besides, the increasing number of car accidents have also fuelled growth as initiatives are being taken to protect streets as well as cars from any hazardous accidents. Moreover, due to technological advancement, autonomous cars are likely to save more than thousands of lives every year. Thus, the sale is anticipated to increase at a faster growth rate.

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Another important factor anticipated to propel growth in the autonomous car market is the introduction of sensors in cars and the seamless connectivity that the autonomous cars offer. This will enable two or more cars to run together closely, without misjudging the speed, acceleration and torque. The congestion will also be reduced with less traffic on the road and more cars will be able to run smoothly without any inconvenience.

However, factors like lack of clarification of traffic rules and also the rules imposed by the government of the particular region may cause confusion and therefore may act as a hindrance to the growth and development of the global autonomous car market.

Nevertheless, the increasing awareness among end users regarding the advantages that autonomous cars offer may attract more consumers and thus, drive the global autonomous car market in the years to come.

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The global autonomous car market is presumed to reach 0.60 mn units by 2025. The CAGR growth of the market is expected to be 47.50% within the forecast period of 2025 to 2035.

Level 3 Autonomous Cars Contributing More Revenue Owing to Rapid Proliferation Of Cars

Based on segmentation by level of automation, the global autonomous car market is categorized into level 5. Level 4, level 3, level 2 and level 1. Among these, the segmentation with level 3 autonomous cars are expected to be witnessing the most prominent demand around the world during the forecast period. This is because of the uptake of advanced autonomous driving technologies and rapid proliferation of the cars that the market demand for level 3 cars is likely to be more from specific regions. The other levels are likely to show a sluggish rate of growth in the years to come.

Asia Pacific to Witness Faster Growth with Information and Communication Development

From a geographical perspective, the global market is categorized into the regions of Middle East and Africa, South America, Europe, North America and Asia Pacific. The region anticipated to contribute larger shares is North America. This is because of the fact that North America relatively adopts technological advancements and new launches faster than other regions. The rate of growth in the North American Region is faster as compared to other regions due to the presence of developed nations like Canada and U.S.

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Asia Pacific on the other hand is foreseen to witness a health rise regarding the demand for autonomous cars in the market. The demand for Level 3 automated cars in the Asia Pacific region is anticipated to draw a large share of revenue. This is because of the imminent development in the communication and information infrastructure in Japan, Singapore and China.

Some of the leading players in the global autonomous car market are Toyota Motor Corporation, Ford Motor Co., The Volvo Group, Nissan Motor Co. Ltd., and Uber Technologies Inc.