Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1220
Browse in-depth TOC on "Self-driving Cars Market"
307 - Tables
110 - Figures
299 - Pages
Personal Mobility segment is estimated to hold the largest share during the forecast period.
The personal mobility segment is expected to lead the self-driving cars market during the forecast period, driven by a surge in demand for autonomous vehicles that offer convenience, flexibility, and on-demand transportation. Urbanization and smart city initiatives fuel the need for innovative mobility options to reduce congestion and improve travel efficiency. In 2024, Toyota's Corolla, a Level 1 autonomous vehicle, sold over 1.2 million units globally from January to September, showcasing rising consumer interest in ADAS-equipped vehicles. This trend underscores the appeal of autonomous features in personal transportation. AI, sensor technology, and connectivity advancements further drive this adoption, particularly with electric self-driving vehicles. As of October 2024, companies like Tesla (US) are increasing their push toward fully electric and autonomous models. New releases like the Tesla Model S Plaid focus on safety and efficiency. OEMs such as Honda Motor Co., Ltd. (Japan), Nissan Motor Co., Ltd. (Japan), General Motors (US), and Mercedes-Benz Group AG (Germany) are also developing their Level 2 and 3 semi-autonomous cars for personal use. For instance, in June 2024, Japanese automaker Nissan showcased its in-house developed self-driving tech as part of its plan to provide autonomous mobility services by 2027.
The C&D segment is estimated to lead the self-driving cars market during the forecast period.
The C&D segment of self-driving cars is expected to dominate the market during the forecast period, driven by a strong preference for mid-size sedans and SUVs equipped with advanced autonomy and safety features. Popular models such as the Audi A4, an L2 autonomous car, ranked among Audi's best-sellers in the US and Europe in 2023, while the Hyundai Elantra, an L1 car, recorded significant sales in South Korea the same year, illustrating broad demand across regions. Supporting this growth, BMW Group (Germany) began production at its Leipzig, Germany, plant in July 2024, with a focus on vehicles such as the BMW 3 Series, a popular L2 model from the C&D segment. Such production expansions highlight manufacturers' efforts to meet rising demand and reinforce the segment's leadership in the market.
North America is expected to grow significantly during the forecast period.
North America is expected to grow significantly in the self-driving cars market during the forecast period, driven by technological advancements, supportive policies, and strong consumer demand. The region benefits from the presence of leading automakers like Ford, General Motors, and Tesla, as well as start-ups such as Waymo, Motional, and Aurora, spearheading autonomous vehicle development. For example, Ford's BlueCruise system now covers 130,000 miles of controlled-access highways in the US and Canada. In comparison, General Motors has expanded its Super Cruise functionality to approximately 750,000 miles of roads, including highways and major arterials, as of February 2024. Regulatory initiatives, such as the US National Highway Traffic Safety Administration's (NHTSA) mandate for autonomous emergency braking (AEB) by 2029, further accelerate adoption.
Additionally, Waymo's driverless taxi services expanded to Los Angeles in August 2024, marking a milestone in public acceptance of fully autonomous vehicles. These advancements, combined with investments in intelligent transportation infrastructure and the increasing popularity of semi-autonomous features. Position North America as a key growth region for self-driving cars.
Key Market Players Self-driving Cars Industry:
The major players in the Self-Driving Cars Market include Toyota Motor Corporation (Japan), Tesla (US), BYD Co., Ltd. (China), Volkswagen Group (Germany), Ford Motor Company (US), Hyundai Motor Group (South Korea). These companies offer self-driving feature-enabled vehicles and have strong global distribution networks. Companies are also actively launching new products to expand their market presence. Tesla (US) launched a robotaxi named Cybercab in October 2024. Similarly, in June 2024, Cruise LLC, a General Motors subsidiary, announced that it has resumed manual driving in Phoenix, Houston, and Dallas, with supervised operations ongoing in Phoenix and Dallas.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1220
This report provides insights on:
- Analysis of key drivers (InFocus on improving road safety, Government regulations for integration of advanced safety technologies, and Rise of autonomous ride-hailing services), restraints (High development costs and Data privacy concerns), opportunities (Emergence of subscription-based service offerings and Consumer focus on sustainable transportation solutions), and challenges (Substantial cost of ADAS integration, Lack of software standardization, and Inadequate infrastructure for self-driving cars)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the self-driving cars market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the self-driving cars market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the self-driving cars market.
- Competitive Assessment: In-depth assessment of market share, growth strategies, and service offerings of leading players like Toyota Motor Corporation (Japan), Tesla (US), BYD Co., Ltd. (China), Volkswagen Group (Germany), Ford Motor Company (US), Hyundai Motor Group (South Korea) among others in self-driving cars market.
Related Reports:
Autonomous Construction Equipment Market
Autonomous Driving Software Market
Automotive RADAR Market
Autonomous Trucks Market
Get access to the latest updates on Self-driving Cars Companies and Self-driving Cars Industry Growth
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
Share this article