Austin, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The Autonomous Cars Market Size is expected to reach USD 43.44 billion by 2032 and grow at a CAGR of 39.8% over 2024-2032. The regulatory environment also appears to be positive as about 80% of the states have either recently passed or are currently working on an enactment of the legislation that encourages the testing and deployment of the autonomous vehicles.
The demand for autonomous cars in the U.S. is increasing due to the development of artificial intelligence (AI) and machine learning (ML) technologies.
Which have rendered clouds safety and efficiency advancements of self-driven automobiles. As per a survey conducted recently, about 72% of U.S. consumers cite safety improvements as the main underlying motivation towards their interest in autonomous vehicles. In addition, the ever-increasing traffic congestion and urges to cut down carbon emissions are also encouraging as about 65% of city planners support the idea of using self-driving vehicles to meet the sustainability objectives.
The aging population in the U.S. has also supported this need as 48% of the older people prefer using autonomous vehicles for their ease and independence.
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Key Trends Analysis:
An interesting phenomenon is also noted, which is related to the growing integration of advanced driver-assistance systems (ADAS), which is forecast to increase by 45% in the next five years, contributing to vehicle safety and the development of the prospects of fully automated driving. In addition, the use of LiDAR and radar sensors is predicted to post a high growth of 55%, owing to the need for accurate object tracking and navigation in complicated scenarios.
Another major trend is the transition to electric autonomous vehicles (EVs), projected to witness an increase of 60% of the market share of EVs in autonomous cars, which is quite aligned with the desire of greener transport.
In the level of automation, the level 3 segment overall held 30% of the share
At the same time, level 4, designed for high land and/or marine - vehicle activity without human’s physical presence during some stages, has also been quickly penetrating the market accounting for about 25% of the overall market share. Individual vehicle segmentation analysis reveals that the majority market share is held by passenger vehicles accounting for nearly 65% as the demand for advanced driver assistance systems (ADAS) and fully autonomous vehicles driving features increase.
Mentioning technology application, sensor fusion and AI decision-making systems are imperative, with the LiDAR sensors attached to 40% of newly minted models. This is in line with the proliferation of the subdivided marketing global segment which in this case is said to be the commercial one more specifically autonomous truck and even shuttles which now occupies 20% in seeking to up logistics and public transport.
Autonomous Cars Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.13 billion |
| Market Size by 2032 | USD 43.44 billion |
| CAGR | 39.8% CAGR by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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| Major Regions Covered |
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| Major Companies Listed in the Report | Daimler AG, Audi AG, Google LLC, Honda Motor Co., Ltd., Tesla, Inc., Nissan Motor Company, Tesla, Toyota Motor Corporation; Uber Technologies, Robert Bosch GMBH, BMW AG, Ford Motor Company, General Motors, Aptiv, Continental AG, Denso Corporation, Honda Motor Co., Ltd., Volkswagen AG, and other players |
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North America dominates the market in terms of autonomous cars sales accounted for 45% of the global sales volume
The North American Autonomous Cars Market is at third place in the growth of sales and provides a glance at technological changes and regulations in support of the industry. In total, 68% of all car manufacturers in the US plan to spend money on new technology for autonomous cars and expect such vehicles with levels 3 and 4 automations in the next models. Sooner or later, when asking potential customers, around 57% declare as a wish to buy such a car with an automatic driving system.
Competitive Landscape:
Companies as Tesla, Waymo, General Motors own around 45% of the all-autonomous car market because these companies use their large capital and highly specialized knowledge to foster innovations Furthermore 30% of the market is owned by forward-oriented companies who develop AI and ML technologies which are increasingly relevant in the development of self-driving cars.
All these activities revolve around the need to outdo the competition, with some 20% of the market players belonging to some form of strategic cooperation structures, including but not limited to joint collaborative ventures in order to consolidate resources, expertise and speed up the entire development process for the products in the market.
Key Takeaways:
- The share held by the market players whose core focus is the manufacture of self-driving cars in the form of operations and collaborations has reached a stunning 45% with Tesla Waymo General Motors being some of the market dragons.
- The share of new companies active on the market and an appeal toward AI and ML technologies stands at an impressive 30%, noting the importance of software and other extraction technologies in construction of autonomous cars.
- Some 20% of the players in the market are active in not only achieving economic ends through merging but processes that bring together partners to foster innovation and new goods to market faster.
- Smaller firms and new entrants, making up 5% of the market, are finding success by focusing on specialized segments or components, highlighting the diverse opportunities within the autonomous vehicle ecosystem.
- The competitive landscape is heavily influenced by regulatory changes, consumer acceptance, and advancements in related technologies like 5G and smart infrastructure, which are critical factors shaping the market's trajectory.
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Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Vehicle Production and Sales Volumes, 2020-2032, by Region
5.2 Emission Standards Compliance, by Region
5.3 Vehicle Technology Adoption, by Region
5.4 Consumer Preferences, by Region
5.4 Aftermarket Trends (Data on vehicle maintenance, parts, and services)
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Autonomous Cars Market Segmentation, By Sharing System
- Docked
- Dock-less
8. Autonomous Cars Market Segmentation, By Bike Type
- Traditional/Convectional Bikes
- E-Bikes
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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