$931+ Worldwide Autonomous Cars Industry to 2031 - APAC was the Largest Market in 2021 - ResearchAndMarkets.com
This report provides strategists, marketers and senior management with the critical information they need to assess the global autonomous cars market.
The "Autonomous Cars Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global autonomous cars market.
The global autonomous cars market is expected to grow from $820.29 billion in 2021 to $931.34 billion in 2022 at a compound annual growth rate (CAGR) of 13.5%. The market is expected to grow to $1,475.47 billion in 2026 at a compound annual growth rate (CAGR) of 12.2%.
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Major players in the autonomous cars market are BMW Group, Tesla Inc, Ford Motor Company, General Motor Company, Nissan Motor Corporation, Daimler AG, Toyota Motor Corporation, Volkswagen AG, Volvo Group, and Waymo LLC.
The autonomous cars market consists of sales of autonomous cars and related services. An autonomous car means navigating a vehicle without human input from passengers using sensing equipment (LIDAR), environmental sensitive control equipment, and navigation equipment.
The main product types in the autonomous cars market are semi-autonomous vehicles, fully-autonomous vehicles. Semi-autonomous vehicles are cars that will accelerate, decelerate and stop without human intervention. The applications involved are civil, robot taxi, ride-hail, rideshare, others. The types involved are battery electric vehicles (BEV), internal combustion engines (ice), hybrid electric vehicles (HEV).
Asia Pacific was the largest region in the autonomous cars market in 2021. Western Europe was the second largest region in the autonomous cars market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rise in the development of smart cities is a key factor driving the growth of the autonomous cars market. Electric autonomous cars help reduce air pollution in smart cities and also help to fight climate change. By using driverless cars, traffic accidents can be decreased by 90%, significantly improving the safety of our roads. Several countries such as Mexico, Canada, and the United States are deploying digital infrastructure to promote communication between vehicles and networks to collect essential information, thereby reducing traffic congestion and improving road safety. Therefore, the rise in the development of smart cities is expected to drive the growth of the autonomous cars market.
Cybersecurity and safety concerns are the key factors hindering the growth of the autonomous cars market. Although the self-driving car market has enormous growth potential, many customers are not quite ready to hand over the keys owing to the threat of hackers as they can try to steal data and self-driving cars can go unofficial by exposing their driving routes and destinations that could threaten the privacy of passengers.
The prospect of hackers taking control of the vehicles is even more concerning. In July 2020, cybersecurity researchers used the latest hacking techniques to hack into the electrical systems of a Jeep Cherokee. Using the Internet, they were able to obtain wireless control of the Jeep Cherokee giving them on to the Jeep's entertainment system, allowing them to relay commands to its dashboard functions, steering, brakes, and transmission, and they were ready to do all of this remotely 10 miles away from the vehicle's location.
The correlation between these attacks on common IoT devices and attacks in a connected or autonomous vehicle is the possibility of increased life and property risk in the vehicle context.
Full automation vehicles are a key trend in the autonomous cars market. The full automation vehicles are capable of performing all driving functions in all circumstances, these vehicles are being designed to be used as Robo-taxis, among others, such as Waymo. Eventually, these self-driving cars will blend into U.S. roadways by improving technology across six stages of driver assistance in the coming years from No automation (where a fully engaged driver is still required) to full autonomation (where an automated vehicle runs independently, without a human driver). Tesla has confirmed that it plans to provide a software update to its vehicles sometime by the end of 2019 or early 2020. Also, according to Wired, by the end of 2020, Teslas will be fully autonomous.
The countries covered in the autonomous cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
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