May 24, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Autonomous Cars Market.
It was estimated prior to this unanticipated outbreak that the Autonomous Cars Market is likely to witness a robust CAGR of more than 22.0% during the forecast period.
The autonomous vehicle industry is significantly propelled by the increasing integration of digitization in the modern-day vehicles, supportive government initiatives, emphasis on vehicular safety, and policies for autonomous vehicle. Also, in the recent years, a number of self-driving car companies have contributed to the development of either semi-autonomous or fully autonomous cars and they are actively engaged in the integration of automation features in the vehicles, which has immensely fuelled the market growth.
Few major factors responsible for the market growth are –
- The norms & regulations set by the government, w.r.t passenger safety.
- Also, the mounting number of vehicular accidents globally, boost the demand for autonomous vehicles.
- Apart from the government support, there has been a surging demand for the advanced driver assistance systems (ADAS) in vehicles, which has resulted in accelerating the market progress.
These factors are the primary drivers of the market, which have amplified the overall traction of the market.
What are Autonomous Cars?
An autonomous car, also known as ‘driverless car’ or ‘self-driving car’ is a vehicle that consists of sensors to sense the environment, and software to control & navigate. It can operate without human involvement. These cars use several sensors such as GPS, LIDAR, and RADAR, among others, in order to perceive their respective surroundings. These self-driving cars have become the major revolution in automation and connectivity technology.
Market Scope & Segmentation
The commercialization of autonomous driving is expected to alter the transportation technology across the globe. The present report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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By Level of Autonomy
Based on the level of autonomy, the market is segmented into Level 1, Level 2, Level 3 and Level 4.
- In 2020, Level 1 cars accounted for a large share of the overall market.
- With the growing demands for vehicular and driver/passenger safety concerns, several governments are charting out initiatives to improve the safety of cars.
- In various countries, they are encouraging consumers to use advanced driver assistance systems (ADAS).
- As a result, a number of autonomous car industries have engaged in the integration of Level 1 automation in their vehicles.
- Moreover, Level 4 cars haven’t been launched in the market yet and are still under the R&D phase. Therefore, there is a significant demand for Level 1 cars currently.
Based on the type, the market is segmented into internal combustion engine (ICE) vehicle, hybrid electric vehicle (HEV), and battery electric vehicle (BEV).
- As of 2020, the cars propelled by ICE are leading the global autonomous cars market, with the largest market share.
- Although, there has been a high demand for electric vehicles in the recent years, there is still a strong demand for ICE-propelled cars in the developing economies such as India, China, South Africa, Indonesia, and Brazil, among others.
- Also, the necessary infrastructure for electric vehicles is not adequate in developing countries, which in turn, increases the demand for ICE-propelled vehicles.
- Hence, it is estimated that the internal combustion engine (ICE) vehicle market sub-segment would gain the maximum traction and grow steadily during the forecast period.
In terms of regions, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world.
- Among these regions, Europe is expected to have dominance in the ‘Driver-less cars’ market throughout the forecast period.
- The region is home to several leading automobile manufacturers across the globe, such as Daimler AG, BMW AG, Volkswagen, and Volvo Car Corporation, among others.
- The market in the region is largely driven by extensive investments of car manufacturers along with the supportive government initiatives for the market.
- In addition, several European countries such as Germany, the UK, and France, have already promoted the use of the autonomous vehicle technology.
- North America and Europe are also expected to offer considerable growth opportunities over the forecast period.
Key players operating in the global Autonomous Cars market are-
- BMW AG
- Robert Bosch GmbH
- Daimler AG
- Ford Motor Company
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- TOYOTA MOTOR CORPORATION
- Volvo Car Corporation.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Autonomous Cars analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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