Autonomous Cars and Driverless Cars Market Size Worth $14.5 billion by 2030: IndustryARC

Research Reports

Apr 03, 2024

The Global Autonomous Cars and Driverless Cars Market size is predicted to reach $14.5 billion by 2030, growing at a CAGR of 18.3% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Advances in artificial intelligence (AI), machine learning, sensor technologies, and data processing capabilities in autonomous cars and the enhanced safety features and efficiency of such vehiclesare poised to propel the market growth, finds IndustryARC in its recent report, titled “Autonomous Cars and Driverless Cars Market – By Level of Autonomy (L4, L5), By Application (Passenger, Commercial, Government and Public Sector), By Component (Radar, LiDAR, Ultrasonic, Camera Unit, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030.”

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Asia Pacific to Register Highest Growth:

The Asia Pacific market for Autonomous Cars and Driverless Cars is predicted to grow with the highest CAGR of 20.7% in the world between 2024 and 2030. With significant players including China, South Korea, and Japan, the Asia Pacific region is a center for the automotive industry. These nations have established vehicle manufacturing industries as well as robust supplier chains. Leading automakers and IT firms in the area encourage innovation and competition, which further fuels the expansion of the market for autonomous vehicles.

Additionally, customer attitudes and preferences are changing, with a rise in interest in and acceptance of autonomous vehicles. It is anticipated that demand for self-driving cars would increase as consumers grow more at ease with the concept.

Autonomous Cars and Driverless Cars Market 2023-2030: Scope of Report

Report Metric

Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

18.3%

Market Size in 2030

$2,137.2 billion

Segments Covered

Level of Autonomy, Application, Component, and Region

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

  1. Waymo LLC (Alphabet Inc.)
  2. Tesla, Inc.
  3. Cruise LLC (General Motors Company)
  4. Aptiv PLC
  5. Uber Advanced Technologies Group (Aurora Innovation Inc.)
  6. Zoox Inc. (Amazon.com, Inc. subsidiary)
  7. Baidu, Inc.
  8. Pony.ai Inc.
  9. Ford
  10. Daimler

 

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Autonomous Cars and Driverless Cars Market Report – Key Takeaways:

L5 Segment to Witness Fastest Market Growth

The L5 segment in the Autonomous Cars and Driverless Cars Market is estimated to grow at the highest CAGR of 21.2% throughout the projection period 2024-2030. The demand for completely autonomous vehicles is anticipated to rise as consumers get more accustomed to and confident in autonomous technology.

L5 autonomous vehicles offer the highest level of comfort and freedom from driving duties, allowing passengers to completely engage in other activities or just unwind while traveling. Consumer preferences for L5 autonomous vehicles are anticipated to be influenced by improved user experience and convenience. In order to satisfy the escalating consumer demand, automakers and technology firms will give priority to the development and commercialization of L5 vehicles, resulting in a higher rate of growth for the L5 segment.

Autonomous Vehicles Would Boost the Productivity in the Commercial Segment

According to the Autonomous Cars and Driverless Cars Market analysis, the commercial sector is anticipated to witness the highest CAGR of 19.5% throughout the projection period 2024-2030. In commercial settings, autonomous cars have the potential to boost productivity. Autonomous trucks are capable of operating continuously in the logistics sector without the need for rest periods, enhancing delivery times and overall efficiency. Similar to ride-hailing and taxi services, autonomous cars can offer round-the-clock accessibility, increasing utilization and generating money. One of the main forces for the deployment of autonomous cars in commercial operations is the potential for increased productivity.

North America Held the Largest Market Share

According to the Autonomous Cars and Driverless Cars Market report, the North America region held the largest market share of 38% in 2023. North America has a strong research and development ecosystem, comprising universities, research institutions, and technology hubs that foster innovation in autonomous vehicle technologies. Prominent research centers and institutions, such as the Massachusetts Institute of Technology (MIT), Stanford University, and the University of Michigan, have been instrumental in driving advancements in autonomous car technologies. The availability of skilled researchers, engineers, and expertise in North America contributes to the region’s market leadership.

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Key Opportunity Analysis:

Expansion of mobility services

Autonomous cars open up new possibilities for mobility services. Ride-hailing and taxi companies, as well as delivery and logistics providers, have the opportunity to leverage autonomous vehicles to improve their service offerings. Autonomous car technology enables the development of on-demand autonomous ride-hailing services, autonomous shuttle services, and autonomous delivery fleets. These services can transform the way people and goods are transported, providing greater convenience and efficiency.

Industry transformation and new business models

The autonomous car market presents opportunities for industry transformation and the emergence of new business models. Traditional automakers can adapt and evolve their business models to incorporate autonomous technology, offering new mobility solutions and services. Technology companies can provide advanced software and hardware solutions for autonomous vehicles. Start-ups have the opportunity to enter the market with innovative technologies or niche applications. The convergence of different industries, such as automotive, technology, and mobility services, can lead to the creation of new value chains and business ecosystems.

Data-driven services and analytics

Autonomous cars generate a vast amount of data related to driving patterns, traffic conditions, and passenger preferences. This data can be utilized to develop data-driven services and analytics, enabling personalized experiences, optimized routing, and improved transportation planning. Companies can leverage this data to provide value-added services such as predictive maintenance, personalized infotainment, and targeted advertising.

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The Report also Covers the Following Areas:

  • Autonomous Cars and Driverless Cars Market Size and Forecast
  • Autonomous Cars and Driverless Cars Market Trends
  • Autonomous Cars and Driverless Cars Market Analysis by Level of Automation

Autonomous Cars and Driverless Cars Market 2023-2030: Key Highlights

  • CAGR of the market during the forecast period 2024-2030
  • Value Chain analysis of key stake holders
  • Detailed analysis of market drivers and opportunities during the forecast period
  • Autonomous Cars and Driverless Cars Market size estimation and forecast
  • Analysis and predictions on end users’ behavior and upcoming trends
  • Competitive landscape and Vendor market analysis including offerings, developments, and financials
  • Comprehensive analysis of challenges and constraints in the Autonomous Cars and Driverless Cars Market

Covid and Ukrainian Crisis Impact:

The COVID-19 outbreak had a mixed effect on the market for autonomous and driverless vehicles. It interfered with research and development, delaying programs for driverless vehicles. Moreover, it caused supply chain interruptions, which had an impact on deployment and output. The pandemic, however, also placed a strong emphasis on safety and cleanliness, which sparked a rise in interest in autonomous cars for contactless delivery and transportation. Interest in autonomous vehicles as a safer alternative has increased with the shift in mobility preferences toward private transportation options. While the pandemic posed difficulties, it also provided possibilities for autonomous vehicles to adapt to the new normal and address shifting customer behaviors.

The Russia-Ukraine conflict led to geopolitical tensions and economic instability, it has started to affect global supply chains, including the production and distribution of autonomous vehicle components. This has resulted in delays and disruptions in manufacturing and deploying autonomous cars. Moreover, as the war escalates and leads to increased political and economic uncertainties, a majority of consumers are less willing to make investments in autonomous vehicles. Companies are likely to prioritize stability and risk mitigation over innovative ventures.

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List of Key Market Players in Autonomous Cars and Driverless Cars Market:

The Global Autonomous Cars and Driverless Cars Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

  1. Waymo LLC (Alphabet Inc.)
  2. Tesla, Inc.
  3. Cruise LLC (General Motors Company)
  4. Aptiv PLC
  5. Uber Advanced Technologies Group (Aurora Innovation Inc.)
  6. Zoox Inc. (Amazon.com, Inc. subsidiary)
  7. Baidu, Inc.
  8. ai Inc.
  9. Ford
  10. Daimler

Related Reports:

Integrated Radar & Camera Market – Integrated Radar & Camera market is projected to grow at a CAGR of 9.9% during the forecast period, owing to growth in aerospace sector and automotive sector.

Driver Monitoring System Market – The Driver Monitoring System market is projected to grow at a CAGR of 9.8% during the forecast period. The surge in monitoring in transportation and logistics sectors and a shift to a B2C based approach are anticipated to drive the growth of the market.

Autonomous Forklift – Autonomous Forklift Market size is estimated to reach US$11 billion by 2030, growing at a CAGR of 13.6% during the forecast period 2024-2030. The growing adoption of automation, rapid growth of e-commerce and the adoption of industry 4.0 is driving the demand for Autonomous Forklift from the end users. This trend is expected to boost the growth of the Autonomous Forklift Market during the forecast period.

About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

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