Ocean View, DE -- (SBWIRE) -- 06/18/2020 -- The global autonomous cars market will witness exponential growth over the timeframe of 2018-2024 driven by increasing adoption of self-driving technology. In order to curb growing prevalence of road accidents and fatalities associated with the same, governments have been deploying vehicle safety norms which will further impel industry trends.
Surging investments in the development of road and telecom infrastructure to support autonomous vehicle facilities will boost product demand over the coming years. Global Market Insights, Inc., estimates that autonomous cars market size will surpass 60 million units by 2024.
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The market is driven by the increasing R&D activities for the development of self-driving technology. The automakers around the world are implementing various strategies to accelerate the innovations in the self-driving vehicles landscape. The autonomous cars industry is promising lucrative returns to all the parties involved in the production & distribution of autonomous technology. In addition, the growing concerns about vehicle safety among the regulatory authorities have driven them to implement stringent vehicle safety regulations.
The technological advancements in the autonomous industry are fast outdoing the existing regulatory framework. Therefore, the gap between the regulatory framework and the self-driving technology is steadily widening. Moreover, the lack of adequate road infrastructure is also plaguing the growth of the autonomous cars market.
The level 1 autonomous cars are expected to account for over 90% of the autonomous market. The autonomous cars market is driven by the growing number of vehicle safety concerns around the world. The government authorities are consistently working on improving the safety of these cars by mandating the use of ADAS systems in the vehicles. This has led automakers to launch their own level 1 self-driving solutions. The level 4 cars are still in the development phase and are expected to be commercially available by 2022. The automakers have increased their R&D spending to intensify their efforts for the development of self-driving cars. The companies are obtaining licenses from various local authorities to test their level 4 self-driving technology.
Internal Combustion Engine (ICE) cars hold a majority share in the autonomous cars market with a market share of over 95% in 2017. This growth is attributed to the high demand for ICE-based cars in emerging nations such as India and Brazil. However, the rising concerns toward environmental safety and the increasing number of government regulations to reduce carbon emissions have restricted the growth of the ICE cars market. The supportive government policies such as tax benefits and subsidiaries are fostering the growth of the Hybrid Electric Vehicle (HEV) market.
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The North American region is anticipated to grow steadily over the projected timespan with a CAGR of over 14% in 2017. The autonomous cars market growth is driven by the presence of large technology players and supportive government policies. The Asia Pacific region is also expected to witness a high growth rate with a CAGR of over 15% in 2017. Governments of countries such as Japan and China have allowed the testing of autonomous vehicles on public roads. The government authorities are collaborating with automakers and universities to introduce self-driving cars on public roads.
The players in the autonomous cars market are Waymo, Autoliv, BMW, Bosch, Continental, FCA, Ford, General Motors, Hyundai, Toyota, Uber, Volkswagen, Nvidia, Subaru, Tesla, Intel, Jaguar, Nissan, Honda, Daimler, Baidu, Aptiv, and Volvo. The automotive cars market is highly competitive due to the presence of a large number of players in the market.
Table of Contents (ToC) of the report:
Chapter 5. Global Autonomous Cars Market, By Level of Autonomy
5.1. Key trends, by level of autonomy
5.2. Level-1
5.2.1. Market estimates and forecast, 2015 - 2024
5.2.2. Level-1 cars market, by type, 2015 - 2024
5.3. Level-2
5.3.1. Market estimates and forecast, 2015 - 2024
5.3.2. Level-2 cars market, by type, 2015 - 2024
5.4. Level-3
5.4.1. Market estimates and forecast, 2015 - 2024
5.4.2. Level-3 cars market, by type, 2015 - 2024
5.5. Level-4
5.5.1. Market estimates and forecast, 2015 - 2024
5.5.2. Level-4 cars market, by type, 2015 - 2024
Chapter 6. Global Autonomous Cars Market, By Type
6.1. Key trends, by type
6.2. Internal combustion engine (ICE) vehicle
6.2.1. Market estimates and forecast, 2015 - 2024
6.3. Hybrid electric vehicle (HEV)
6.3.1. Market estimates and forecast, 2015 – 2024
6.4. Battary electric vehicle (BEV)
6.4.1. Market estimates and forecast, 2015 – 2024
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