[227+ Pages Report] As per the Facts and Factors market research report, the global autonomous cars market was estimated to have generated sales revenue of USD 23.33 Billion in 2020. By 2026, the autonomous cars market is expected to generate revenue of USD 64.88 Billion, increasing at a CAGR of around 22.7% from 2021 to 2026.
Artificial intelligence (AI) software, light detection and ranging (LiDAR), and RADAR sensing technology are used to monitor a 60-meter radius surrounding the automobile and generate an active 3D picture of the present environment in autonomous cars, also known as self-driving vehicles. The vehicle is intended to travel between destinations without the assistance of a human driver. The market for self-driving cars is being spurred by government initiatives and policies that encourage the technology. Government agencies are partnering with automakers to speed up advancements in the field of driverless vehicles.
COVID 19 impacted the entire automotive sector, prompting manufacturers to curtail output at their manufacturing plants. As a result of the epidemic's interruption at major suppliers, several passenger car manufacturers have reduced production in some locations. In order to limit the impact, they were working very hard on countermeasures and alternatives.
The market expansion of autonomous cars is aided by active R&D activities for the development of self-driving technology and increased investment in the auto-tech sector. To hasten the development of self-driving cars, internet titans and automakers are pouring money into research and development. The technological advancements that enable self-driving vehicles are exceeding the current regulatory framework. Regulators are struggling to keep up with the rapid advancement of self-driving technology. As a result, the divergence between autonomous technology and regulatory framework continues to grow.
On the basis of type, the autonomous cars market is classified into fully autonomous, and semi-autonomous. The demand for semi-autonomous and autonomous vehicles is growing as a result of a variety of factors, including the need for ease of driving and a growing concern for privacy and comfort, which leads to a demand for high-end technology and an increase in demand for the autonomous and semi-autonomous car. Based on components, the market is segmented into LIDAR, ultrasonic sensor, camera, radar, and others. Passenger and commercial vehicles are the vehicle types. The passenger automobile sector has the largest market share in the world. The key causes driving the high expansion of auto production around the world include expanding urbanization, strong demographic growth, higher living standards, and increased purchasing power. Furthermore, governments and organizations from various countries are investing heavily in the development of technologically enhanced vehicle characteristics. The increased desire for cars with improved safety, comfort, and convenience is giving autonomous vehicles a lot of impetus.
Based on regions, the global Autonomous Cars market can be divided into five main regions namely, North America, Europe, Latin America, Asia Pacific, and The Middle East, and Africa.
The rise of mobility as a service industry is predicted to boost the autonomous car market. North America dominates the market owing to tremendous development, changes in traffic legislation in the United States that autonomous vehicles operate on public roads. The regulation is steadily being passed across all 50 states in the United States in order to make transportation completely autonomous.
As a result of the increased acceptance of autonomous vehicles and increasing customer demand for technologically superior things, Europe is expected to emerge as a potentially lucrative autonomous car market in the coming years. In 2018, the United Kingdom's Department of Transport created a jurisdiction that allows autonomous vehicles to travel on any public road without the requirement for additional insurance or licenses. The UK government is committed to placing self-driving cars on the road by 2021, as well as adopting the necessary regulatory reforms to promote autonomous vehicle research in the country.
Some of the key players in the autonomous cars market are Waymo, Aptiv, Autoliv, Baidu, BMW, Bosch, Continental, Daimler AG, Ford Motor Company, General Motors, ZF Friedrichshafen AG, Honda, Hyundai, Intel Corporation, ZF Friedrichshafen AG, Jaguar, Nissan, Nvidia Corporation, Tesla, Toyota, and Volkswagen among others.
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