Self-Driving Cars Market size was estimated at USD 56.21 Billion in 2021 and is expected to expand at a CAGR of 36.47% to USD 220.44 Billion by 2026.
The autonomous cars, also known as self-driving cars, uses artificial intelligence (AI) software, light detection & scope (LiDAR) and RADAR sensing technology, which is used to track the 60-meter range of the vehicle and to create an accurate 3D map of the current environment. The car is intended to travel between destinations without a human operator. We incorporate sensors and software to monitor, navigate and operate the vehicle. The autonomous vehicle uses LiDAR sensors, RADAR sensors, for its service. Most self-driving systems create and maintain an internal map of their environment, based on a wide variety of sensors, such as radar.
Recent Developments of the Self Driving Cars Market:
In 2018, tesla, as an update to Autopilot's essential features, the company's stated intention is to offer full self-driving (FSD) capabilities in the future, realizing the legal, regulatory and technological barriers must be addressed in order to achieve this target. Elon, the CEO of Tesla, on many occasions, sated the solidity of their product but waiting for government regulatory approvals to pave off.
Drivers and Restraints of Self Driving Cars Market:
Drivers:
Restraints:
Self-Driving Cars Market Segmentation:
By Application:
Of these, the Taxi segment is expected to dominate the market during the forecast period. The sheer demand for the taxis, which was caused as a result of urbanization and an increased in disposable income is driving demand for this segment. Apart from this, the heavy-duty trucks are expected to show some significant growth, because of the extreme and inhabitable conditions that these trucks used in, it would be less burden on the drivers of these trucks if self-driving cars take over the market.
By Component:
Of these, the software segment is expected to witness rapid growth in the coming years due to the increasing digitization around the world.
By Automation Level:
Level-3: Driver is still needed, but it is not necessary to navigate or track the environment if specific criteria are met. Nevertheless, the driver must remain ready to resume control of the vehicle once the conditions requiring the ADS have ceased to be met.
Level-4: The vehicle can perform all driving functions and does not require the driver to remain ready to take charge of navigation. Nonetheless, under certain circumstances, such as off-road driving or other types of unusual or hazardous situations, the reliability of ADS navigation can decline. The driver may well be able to regulate the vehicle.
Level-5: The ADS system is advanced enough to enable the vehicle to perform all driving functions, no matter the conditions. The driver may be able to control the car.
Of these, Level-3 cars are expected to dominate the market during the forecast period, purely because of the less amount of risk associated with the market. But the market is slowly moving towards Level-4 and Level-5.
Self-Driving Cars Region wise analysis:
Geographically, North America and Europe represented more than half of the global semi-autonomous car market in 2018 and are expected to continue to grow their market share during the forecast period, due to the growing release of semi-autonomous car models and the rising growth of self-driving vehicle systems by automotive industry players.
Key Players of Market:
Some of the key players of the Global Self Driving Cars market include Uber Technologies Inc., Daimler AG, Toyota Motor Corp, Tesla Inc., Google Inc., Nissan Motor Co. Ltd, Volvo Cars, Volkswagen AG, General Motors Company (GM), and BMW.
Self-Driving Cars Market Research Report Key Highlights:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Application
5.1.1 Introduction
5.1.2 Taxi
5.1.3 Civil
5.1.4 Public Transport
5.1.5 Heavy Duty Trucks
5.1.6 Ride Shares
5.1.7 Ride Hail
5.1.8 Y-o-Y Growth Analysis
5.1.9 Market Attractiveness Analysis
5.1.10 Market Share Analysis
5.2 By Componet
5.2.1 Introduction
5.2.2 Hardware
5.2.3 Software
5.2.4 Services
5.2.5 Y-o-Y Growth Analysis
5.2.6 Market Attractiveness Analysis
5.2.7 Market Share Analysis
5.3 By Automation Level
5.3.1 Introduction
5.3.2 Level-3
5.3.3 Level-4
5.3.4 Level-5
5.3.5 Other Lower Levels
5.3.6 Y-o-Y Growth Analysis
5.3.7 Market Attractiveness Analysis
5.3.8 Market Share Analysis
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Componet
6.1.3.3 By Level of Automation
6.1.3.4 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Componet
6.1.4.3 By Level of Automation
6.1.4.4 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Componet
6.1.5.3 By Level of Automation
6.1.5.4 By Application
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leader Analysis
8.1 Uber Technologies
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Daimler
8.3 Toyota Motor Crop
8.4 Tesla
8.5 Google
8.6 Nissan Motor Co. Ltd
8.7 Volvo Cars
8.8 Volkswagen AG
8.9 GM
8.10 BMW
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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