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Self-Driving Car Market To Reach USD 65330 Million By Year 2030

Global Self-Driving Car market was valued at USD 26270 million in 2023 and is expected to reach USD 65330 million by the year 2028, at a CAGR of 13.90% over the forecast period 2022- 2028.

28-03-2024
Swati Kalagate
Automotive
Pristine Intelligence LLP

Industry Landscape

Global Self-Driving Car market was valued at USD 26270 million in 2023 and is expected to reach USD 65330 million by the year 2028, at a CAGR of 13.90% over the forecast period 2022- 2028.

A self-driving car, also known as an autonomous car, driverless car, or robotic car (robo-car), is a car that is capable of traveling without human input and has witnessed increasing demand from Automotive and other industries globally.

An autonomous car is a vehicle capable of sensing its environment and operating without human involvement. A human passenger is not required to take control of the vehicle at any time, nor is a human passenger required to be present in the vehicle at all. An autonomous car can go anywhere a traditional car goes and do everything that an experienced human driver does.

Self-driving cars use sensors to perceive their surroundings, such as optical and thermographic cameras, radar, lidar, ultrasound/sonar, GPS, odometry, and inertial measurement units. Control systems interpret sensory information to create a three-dimensional model of the vehicle's surroundings. Based on the model, the car then identifies an appropriate navigation path and strategies for managing traffic controls (stop signs, etc.) and obstacles.

Rapid Improvement in the Sensor -Processing technologies, high-definition mapping, adaptive algorithms, and the deployment of infrastructure-to-vehicles and vehicle-to-vehicle communication technologies are encouraging several companies to expand their production capabilities and take vehicle automation to the next level.

 Major Industry Participants in the Self-Driving Car Market

    • Waymo LLC (USA)
    • Tesla (USA)
    • General Motors (USA)
    • Ford (USA)
    • BMW (Germany)
    • Volkswagen (Germany)
    • Mercedes-Benz (Germany)
    • Audi (Germany)
    • Toyota (Japan)
    • Honda (Japan)

 Market Dynamics and Contributing Factors

Self-driving cars rely on a variety of sensors, including cameras, radar, and lidar, to perceive their environment. Advances in sensor technology are making it possible for self-driving cars to accurately detect and interpret their surroundings, which improves their ability to make driving decisions in real time.

Furthermore, Self-driving cars use machine learning algorithms and artificial intelligence to process data from their sensors and make driving decisions. As these technologies continue to improve, self-driving cars are becoming more reliable and safer. Self-driving cars are often equipped with advanced connectivity features that allow them to communicate with other vehicles and infrastructure, such as traffic lights and road signs. Logistics companies can use self-driving vehicles for delivery services, reducing the need for human drivers and increasing delivery speed and accuracy Logistics companies can also use self-driving trucks for transportation services, reducing labor costs and improving safety and efficiency on the roads. Logistics companies can use self-driving trucks to reduce the cost and time of shipping goods, particularly over long distances.

Key Insights in the Self-Driving Car Market Report

    • By Type, the Semi-Autonomous segment is expected to have the maximum market share in Self-Driving Car during the projected period. Semi-autonomous vehicles are more affordable and easier to implement. Regulations and laws governing autonomous vehicles are still evolving, making it difficult for fully autonomous vehicles to operate in many areas.
    • By Vehicle Type, the Commercial Vehicles segment is anticipated to dominate the Self-Driving Car market over the forecast year. rise of e-commerce has spurred demand for efficient transportation, driving sales of delivery vans and trucks. Additionally, urbanization and industrialization have increased the need for freight transport, boosting sales of heavy-duty trucks.
    • By region, Asia Pacific is expected to dominate the Self-Driving Car market, during the projected period. self-driving cars, which can help to reduce congestion on the roads. Governments in the Asia Pacific region have been proactive in supporting the development and deployment of self-driving cars, providing funding, regulatory frameworks, and other incentives to promote innovation in this field.

Significant Industry Development

In January 2023, TCS Evolving Tech for EVs, Self-Driving Cars. Tata Consultancy Services has trained and tested its cloud-based self-driving vehicle platform using over 300,000 kilometers of real-time vehicle data across different geographies to help OEMs power their next-generation vehicles onto roads. The Tata Group has numerous companies working in the technology space in electric vehicles as well as in the autonomous space.

In January 2023, Mercedes beats Tesla in self-driving, becoming the first certified Level-3 autonomous car company in the U.S. The race is on for auto-manufacturing companies to become the first ones to develop and implement a high level of autonomy in their cars. Mercedes seems to have won a crucial race against Tesla recently by becoming the first certified Level-3 autonomous car company in the United States. Self-Driving Car

Market Segmentation

By Type            

    • Fully Autonomous
    • Semi-Autonomous

By Vehicle Type           

    • Passenger Cars
    • Commercial Vehicles

By Application

    • Transportation
    • Defense

By Electric Vehicles 

    • BEV
    • HEV
    • PHEV
    • FCEV

By Component

    • Camera Unit
    • Lidar
    • Radar Sensor
    • Ultrasonic Sensor
    • Infrared Sensor

By Level of Autonomy

    • L1
    • L2
    • L3
    • L4
    • L5

For this report, Introspective Market Research has segmented the Self-Driving Car Market based on region.

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America

    • The U.S.
    • Canada
    • Mexico

Eastern Europe

    • Russia
    • Bulgaria
    • The Czech Republic
    • Hungary
    • Poland
    • Romania
    • Rest of Eastern Europe

Western Europe

    • Germany
    • UK
    • France
    • Netherlands
    • Italy
    • Spain
    • Rest of Western Europe

Asia Pacific

    • China
    • India
    • Japan
    • Singapore
    • Australia
    • New-Zealand
    • Rest of APAC

Middle East & Africa

    • Turkey
    • Saudi Arabia
    • Qatar
    • UAE
    • Israel
    • South Africa

South America

    • Brazil
    • Argentina
    • Rest of SA
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