Economic Scope of Upcoming Autonomous Car Market : Business Potential by 2035
worldwide autonomous car market to account for 0.60 mn units in 2025; expanding at a CAGR of 47.50% between 2025 and 2035, the shipment volume is likely to increase to 29.31 mn units by the end of 2035.
Albany, NY -- (SBWire) -- 04/17/2019 --The demand for autonomous cars due to their eco-friendly nature and smooth driving experience is majorly responsible for propelling the associated market. Moreover, with rising number of road accidents, the requirement for safety features is increasing too. As these features are found in vehicles with automatic make, the global autonomous car market is expected to grow with leaps and bounds in the near future. With rising population and increasing disposable income, more people can now prefer to buy vehicles with state-of-the-art features. This also is propelling expansion in the global autonomous car market at a fantastic pace.
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According to market experts, the global autonomous cars market is anticipated to gain revenue worth US$0.60 mn by the end of 2025. This growth is prophesized to occur at a meteoric CAGR of 47.5% during the forecast period from 2025 and 2035.
The global autonomous car market is segregated into five segments from the perspective of level of automation. Level 1, level 2, level 3, level 4, and level 5, are the segments. Of these, the level 3 automation cars segment holds a leading position with respect to revenue earned. This is mainly due to the fact that these types of cars are witnessing a rising demand mainly due to their various advantages and budget-friendly nature as compared to the other segments. The demand for these cars is expected to grow extensively in various regions all over the globe. This is majorly due to a rising demand for vehicles equipped with sophisticated features in many developed regions. In comparison to level 3 automation cars, the other segments are prophesized to grow at a lesser pace.
North America Provides Maximum Support to Global Autonomous Cars Market
Region-wise, the global autonomous cars market is spread across North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Among all the regions, North America holds maximum number of shares in the market. Rising employment of advanced technologies in the automobile sector in North America is primarily responsible for driving the market in the region. In addition, the frequent launch of autonomous vehicles manufactured with sensors and other autonomous technology as compared to other regions also are main factors propelling growth in the global autonomous car market. Such vehicles are majorly being demanded in countries like Canada and United States from North America.
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However, compared to North America, Asia Pacific showcases the existence of better opportunities for the autonomous car market to expand. Increasing development of the automobile industry in countries like Singapore, India, Japan, and China are prophesized to be favorable to the global autonomous car market. In addition, with rising income of masses in these countries, the demand for new and technologically developed vehicles is witnessing a surge in Asia Pacific.
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