Global Autonomous Cars Market Size was valued at USD $56.23 billion in 2020 and is predicted to reach USD xx.xx billion by 2027, at a CAGR of 17.47% throughout the forecast period. The base year considered for the study is 2018, and the forecast has been provided for the period from 2020 to 2027. Global Autonomous Car Market Size by Level of Automation, Component, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2027, Self-driving cars, also known as autonomous vehicles (AV), are a key innovation in the automotive industry. They have high growth potential and are acting as a catalyst in the technological developments of automobiles. By 2030, North America is expected to own 34 percent of the world’s self-driving fleet, with China and Western Europe holding 24 percent and 20 percent of the autonomous car respectively, followed by Europe and Asia Pacific as it comprises some of the technologically advanced countries in the world, including the US and Canada.

This global market study report analysis offers in-depth insights, revenue details, and other vital information regarding the global autonomous cars market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global autonomous cars market report has been segmented on the basis of type, application, and region. It includes the estimation of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW.

Market Dynamics

Rising road accidents due to human errors or traffic rules negligence, coupled with increasing impetus on the adoption of smart road infrastructures across developed economies are some of the key factors driving the market over the forecast period. According to the stats by International Organization for Road Accident Prevention, more than 90% of road accidents are caused by human negligence or errors, such as rash driving, drunken driving, etc. The adoption of autonomous cars will reduce these accidents and will favor the safety of passengers.

Rising traffic congestion problems in developing economies will also drive the market. According to Veracious Statistics Research, the developing technologies for autonomous cars will help the users to save nearly 30 minutes of their time in traffic congestions, and this can be reduced by the use of autonomous cars, which will further act as a significant driving factor for the global market. Moreover, autonomous cars do not require door opening spaces, and can save up to nearly 15% of the parking spaces available. This will further help in decreasing the parking space problems, especially in congested areas. These factors associated with autonomous cars will provide some solid prospects for the growth of autonomous cars market. The unavailability of smart infrastructure in the developing economies will act as a significant restraining factor to the growth of the market.

Automation Level Insights:

Based on the automation level, the global market has been segmented into level 1, level 2, level 4, and level 5. Currently, level 2 autonomous cars hold the major market share across the globe. The demand for these vehicles is increasing on account of increasing sales of vehicles with features such as advanced driver assistance systems (ADAS). The vehicles with ADAS will include automatic emergency braking systems, adaptive cruise control, and others. Consumers are majorly looking for vehicles with all these features to ensure their safety, which will drive their demand.

The level 3 autonomous cars segment will witness the major demand globally till the end of the projected period. Rapid production and use of advanced driving technologies for autonomous driving across developed economies will specifically boost the growth of level 3 autonomous cars market in the coming years. The smart road infrastructures required for level 3 vehicles is predicted to increase till the end of the forecast period, and this will boost the level 3 autonomous cars demand by the end of 2027.

Powertrain Insights:

Based on powertrain, the global autonomous market has been segmented into electric, hybrid, internal combustion, and fuel cell cars. In 2017, the internal fuel combustion autonomous cars market had the lion’s share. This is majorly attributed by the increasing sales of internal fuel combustion based partially and fully autonomous cars. According to OICA, the passenger car sales reached 71.0 million, in 2017.

The electric autonomous cars will grow at a highest growth till the end of 2027, owing to the rise in production and sales of electric vehicles. Key manufacturers across the globe are making plans to commercialize the electric autonomous vehicles in between 2030 – 2035.

Region Analysis

The global autonomous cars market is divided into regions that are North America - U.S, Canada, Other) (Asia-Pacific -India, Japan, China, Australia, Other) (Europe - UK, Russia, France, Brazil, Other) (Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players. North America market is predicted to dominate the global market, in 2017, followed by the Asia Pacific and Europe. The North America regional market is majorly dominated by the U.S. region, as this region comprises some key manufacturers. Moreover, this region comprises several OEMs catering to both domestic and international product demand.

By 2025, the North America market will likely lead the global market in terms of volume and revenue, attributed by the presence of key technology innovators like Microsoft, Google, and Delphi, which are investing in the testing of this technology for commercialization. Asia Pacific held the largest share of the global market in 2018 and will expand at the highest CAGR during the forecast years.

Autonomous Cars Market: Secondary Research

To recognize and collect authentic and market-oriented information crucial for the research study, several secondary sources have been approached and referred. Press releases, white papers, companies annual reports, investor presentations, and articles present on trustworthy websites, databases, and certified publications are some of the significant secondary research sources that have been used to prepare the report. The data collected as secondary data have been obtained from various reliable journals and associations such as Smart Ticketing Alliance, Association of Professional Social Compliance Auditors, General Service Administration, Department of Transportation, and Association for Intelligent Transport Systems to reach to the market numbers or size. The data obtained through secondary sources has been validated through primary research.

Autonomous Cars Market: Primary Research

For conducting primary research, several primary sources of the demand as well as supply sides have been approached and interviewed for obtaining quantitative and qualitative information crucial for the report. Vice Presidents, CEOs, technology directors, Product Managers, Marketing Directors and other executives of giant market players and organizations operating in autonomous cars market are included as primary sources of the supply side.

The base year considered for the study is 2018, and the forecast has been provided for the period from 2016 to 2019.

After performing comprehensive engineering of autonomous cars market (which includes market size estimations, calculations regarding market statistics, market forecasting, data triangulation, and market breakdown), detailed and vast primary research has been lcarried out to collect information along with verifying and validating the significant and critical market numbers arrived at.

Competitive Landscape

Some of the key players in the global autonomous cars market include Daimler, Tesla, Porsche, BMW, Audi, Baic Motor, Saic Motor Corporation, BYD, and NIO among others. Several prime players in this market are significantly investing in the development of new and innovative solutions for the autonomous cars, which will significantly help them to capture a significant market share by the end of 2027.

Global Autonomous Cars Market Study Report Offer You!

The global market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast. The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.