ALBANY, New York, Aug. 13, 2019 /PRNewswire/ -- With rapid technological advancements, the global self-driving car market is expected to witness an astral growth in the upcoming years. The automobile industry has been constantly working on improving and developing novel innovations which would contribute to the surging demand for self-driving cars.
Amazon, a leading tech giant across the globe, on February 15th 2019, declared an investment of US$700 Mn in Rivian. The car is launched to compete with existing and leading autonomous car Tesla. Another investment of US$530 Mn was made for Aurora, which is an independent startup. These investment and research activities are prognosticated to uplift the growth in global self-driving car market in the forthcoming years.
According to a recent report by Transparency Market Research, the global self-driving car market is expected to flourish with a humongous CAGR of 89% within the forecast period from 2019 to 2030. The market sees a huge incremental value and great scope of opportunities to grow in global and regional market in terms of revenue and as a brand. By the end of 2030, the market is likely to reach account revenue worth of US$40 Bn.
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Purchase of Driver-Controlled Cars to Decrease in Coming Years
The key players in the market are working to develop a faster, cheaper, customized, cleaner, and safer automobile for travelling. For this, the entire automotive sector is being restructured. In the sector self-driving cars are one of the most important innovations looked forward to by companies to invest in. Even though, the market is yet to penetrate deeper, the shift is foreseen to decrease the usage and purchase of driver-controlled cars in future, thus getting replaced by self-driving cars. Major players, for example, Daimler, Volvo, Honda, Toyota, and General Motors are combining connected, electric, and autonomous driving technologies. These companies are likely to launch their products by 2020. Such advancements are foreseen to fuel the global self-driving car market.
In terms of autonomy, the global self-driving car market is divided into level 4 and level 5. Among these, the level 4 segment is foreseen to lead the self-driving car market in the span of forthcoming years. The vehicles coming under level 4 segment are foreseen to be operated completely on their own in the areas such as parking spaces, highways, and urban spaces. Vehicle manufacturers for example, Volkswagen, at level 4 of autonomy, are working on testing e-Golf electric cars in Hamburg, Germany. Moreover, Honda Motor Co., Ltd. is expected to start using its models for level 4 autonomy from 2025. Apart from this, ride-oriented companies for example, DiDi Chuxing, Uber, and We Ride have begun to work on initial projects of autonomous cars at level 4 autonomy.
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North America to Lead Due to Advanced Infrastructure in Automotive Sector
On the basis of region, the global self-driving car market is classified into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Among these, the global market is dominated by North America, because of the region's advanced infrastructure, and supportive government policies for autonomous driving. Over 36 companies are testing and working on self-driving cars in the US. Waymo and Uber lead most of the fleet. The region is also foreseen to account for the highest share of self-driving car market. Thus, the region is credited to becoming a home to several tech giants, coupled with an increasing acceptance by consumers for self-driving vehicles.
The review is based on a report by TMR titled "Self-driving Car Market (Fuel: ICE, Hybrid, Electric; Level of Autonomy: Level 4, Level 5; Hardware: Ultrasonic Sensors, LiDAR, RADAR, Cameras, Vision Detectors, GPS Receivers, Others; Usage: Personal, On-Demand Service) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2030."
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The global Self-Driving Car Market has been segmented as follows:
- Level of Autonomy
- Level 4
- Level 5
- by Usage
- On-demand Service
- Ultrasonic Sensors
- Vision Detectors
- GPS Receivers
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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SOURCE Transparency Market Research