Global Autonomous Cars Market Size 2024, Forecast To 2033
11 Mar, 2024
The autonomous cars market has undergone rapid expansion, surging from $1047.13 billion in 2023 to $1176.95 billion in 2024, reflecting a CAGR of 12.4%. The growth in the historical period is attributed to emerging markets growth, widespread adoption of connected cars, increasing demand for driverless vehicles, rising occurrences of vehicle theft, and a heightened focus on road safety. Anticipated for the forecasted period is a sustained rapid growth trajectory, reaching $1851.15 billion in 2028 at a CAGR of 12.0%. Factors contributing to this growth include escalating research and development investments for self-driving vehicles, supportive government initiatives, a growing demand for electric vehicles, rising concerns about vehicle safety, and increasing urbanization. Key trends in the forecast period involve investments in artificial intelligence, collaboration with telecom service providers for 5G network infrastructure, investment in cybersecurity software, partnerships with taxi services, integration of improved vision solutions, utilization of augmented and virtual reality technologies, and a focus on pre-collision assist and pedestrian detection technology.
Global Autonomous Cars Market Key Driver
The growth of the autonomous cars market is propelled by the rise in smart city development. Electric autonomous cars contribute to pollution reduction in smart cities and combat climate change. The adoption of driverless cars is expected to decrease traffic accidents by 90%, enhancing road safety. Countries like Mexico, Canada, and the United States are actively deploying digital infrastructure to facilitate communication between vehicles and networks, reducing traffic congestion and further boosting the autonomous cars market.
Get A Free Sample Of The Global Autonomous Cars Market ReportGlobal Autonomous Cars Market Segments
The autonomous cars market covered in this report is segmented –
1) By Automation Level: Level 1, Level 2, Level 3, Level 4, Level 5
2) By Product Type: Semi-Autonomous Vehicles, Fully-Autonomous Vehicles
3) By Application: Civil, Robo Taxi, Offline Taxis, Ride Hail And Ride Sharing, Other Applications
By Geography:The regions covered in the autonomous cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Asia-Pacific was the largest region in the autonomous cars market in 2023. Western Europe was the second largest region in the autonomous cars market share. The regions covered in the autonomous cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Autonomous Cars Industry Players
Toyota Motor Corporation, Volkswagen AG, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, BMW AG, Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Volvo Car Group, Tesla Inc., Hyundai Motor Company, Audi AG, PSA Group, Renault, Jaguar Land Rover, NIO, Daimler AG, Vauxhall, Kia, Haval, Chevrolet, Fiat
Get The Full Global Autonomous Cars Market ReportAutonomous Cars Market Overview
An autonomous car means navigating a vehicle without human input from passengers using sensing equipment (LIDAR), environmental sensitive control equipment, and navigation equipment.
Autonomous Cars Global Market Report 2023 provides data on the global autonomous cars market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The autonomous cars market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.