05-Aug-2021 | Facts and Factors
According to a Facts and Factors market research report, the global autonomous cars market was estimated to be USD 23.33 Billion in 2020; and the revenue is expected to reach around USD 64.88 Billion by the end of 2026, increasing at a CAGR of around 22.7 % from 2021 to 2026.
An autonomous car is one that can sense its surroundings and drive itself without the help of humans. It is not required for a human passenger to assume control of the car at any point, nor is it necessary for him or her to be in the vehicle at all. A self-driving automobile can go wherever a standard car can go and perform any task that a skilled human driver can. Autonomous vehicles now allow non-drivers and those with certain disabilities to travel independently. They allow travelers to travel in greater luxury and flexibility, letting them to read, rest, or even work while on the road, increasing efficiency. Radar, sonar, LIDAR, odometry, GPS, and inertial estimation units are some of the sensors used by cars to identify their current situation without the assistance of anyone else. Cutting-edge control frameworks decode tangible data, such as roadblocks and basic signage, to determine suitable route courses. The autonomous vehicle will transform the automobile industry.
A few organizations are expanding their production limits and taking car automation to a higher level because of quick enhancements in sensor-handling advancements, top-quality planning, versatile calculations, and the sending of foundation to vehicle and vehicle-to-vehicle correspondence innovations. PCs, cell phones, and other innovations are coordinating with vehicles to help and automate driving other options while likewise expanding client customization.
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.
Top Market Players
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.
Rise in Demand For Connected Cars Using Internet Of Things (IoT)
Car drivers can enhance their performance by receiving real-time feedback from high-speed in-memory processing systems embedded into linked cars, thanks to the Internet of Things. These built-in computers have functions such as data collection, analysis, and storage, which aid in decision-making. Autonomous and semi-autonomous vehicles are projected to benefit from the widespread deployment of connected cars.
A major aspect propelling the market for self-driving cars is the development in the building of smart cities. Electric self-driving cars contribute to the reduction of air pollution in smart cities and the battle against climate change. When self-driving cars are employed, traffic accidents can be decreased by 90%, significantly improving road safety. Improved safety systems and driver help features such as blind-spot detection and automated emergency braking systems are becoming more popular as the frequency of traffic incidents rises. Furthermore, the demand for cost-effective autonomous vehicle safety solutions is likely to drive growth in the autonomous car market.
North America Region Dominates the Global Autonomous Cars Market
The autonomous car market in North America is the largest in the world. For premium autonomous vehicles, the region represents a viable market. Market growth is fuelled by factors such as rising automobile sales and concerns about vehicle safety. Europe is the world's second-largest market for self-driving cars. The expansion of the regional market is aided by a rise in sales and R&D spending in luxury car developments. By the end of 2026, the Asia Pacific area is expected to be the second-largest market for autonomous cars. The expansion of the regional market is influenced by factors such as rising luxury vehicle manufacturing and sales.
Browse the full report “Autonomous Cars Market By Type (Fully Autonomous, Semi-Autonomous), By Components (LIDAR, Ultrasonic Sensor, Camera, Radar, and Others), By Vehicle Type (Commercial, Passenger), By Level of Automation (Level-1, Level-2, Level-3, and Level-4): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026.” at https://www.fnfresearch.com/autonomous-cars-market
The global autonomous cars market is segmented as follows:
- Fully Autonomous
- Ultrasonic Sensor
By Vehicle Type:
By Level of Automation:
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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