Source: Reportlinker announcement
NEW YORK — The global autonomous cars market will grow from $931.34 billion in 2022 to $1,047.13 billion in 2023 at a compound annual growth rate (CAGR) of 12.4 percent. The autonomous cars market is expected to grow to $1,651.37 billion in 2027 at a CAGR of 12.1 percent, according to a recent analysis by Reportlinker.
The autonomous car market consists of sales of driver assistance cars, partial automation cars, conditional automation cars and high automation cars. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
Major players in the autonomous cars market are BMW Group, Tesla Inc, Ford Motor Company, General Motor Company, Nissan Motor Corporation, Daimler AG, Toyota Motor Corporation, Volkswagen AG, Volvo Group, and Waymo LLC.
The value of goods in this market includes related services sold by the creators of the goods.
An autonomous car means navigating a vehicle without human input from passengers using sensing equipment (LIDAR), environmental sensitive control equipment, and navigation equipment.
Asia Pacific was the largest region in the autonomous cars market in 2022.Western Europe was the second largest region in the autonomous cars market.
The regions covered in the autonomous cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main product types in the autonomous car market are semi-autonomous vehicles and fully autonomous vehicles. Semi-autonomous vehicles are cars that will accelerate, decelerate, and stop without human intervention.
The applications involved are civil, robot taxi, ride-hail, rideshare, and others. The types involved are battery electric vehicles (BEV), internal combustion engines (ICE), and hybrid electric vehicles (HEV).
The rise in the development of smart cities is a key factor driving the growth of the autonomous car market. Electric autonomous cars help reduce air pollution in smart cities and also help to fight climate change.
By using driverless cars, traffic accidents can be decreased by 90%, significantly improving the safety of our roads. Several countries, such as Mexico, Canada, and the United States, are deploying digital infrastructure to promote communication between vehicles and networks to collect essential information, thereby reducing traffic congestion and improving road safety.
Therefore, the rise in the development of smart cities is expected to drive the growth of the autonomous cars market.
Cybersecurity and safety concerns are the key factors hindering the growth of the autonomous car market. Although the self-driving car market has enormous growth potential, many customers are not quite ready to hand over the keys owing to the threat of hackers as they can try to steal data and self-driving cars can go unofficial by exposing their driving routes and destinations, which could threaten the privacy of passengers.
The prospect of hackers taking control of the vehicles is even more concerning. In July 2020, cybersecurity researchers used the latest hacking techniques to hack into the electrical systems of a Jeep Cherokee.
Using the Internet, they were able to obtain wireless control of the Jeep Cherokee, giving them access to the Jeep’s entertainment system, allowing them to relay commands to its dashboard functions, steering, brakes, and transmission, and they were ready to do all of this remotely from 10 miles away from the vehicle’s location. The correlation between these attacks on common IoT devices and attacks on a connected or autonomous vehicle is the possibility of increased life and property risk in the vehicle context.
Full automation vehicles are a key trend in the autonomous car market. Full automation vehicles are capable of performing all driving functions in all circumstances.
To view the entire announcement, click HERE.