Autonomous Car Market is rising at a phenomenal CAGR of 47.50% by 2035

The strong presence of competitors will characterize the global market for autonomous cars, finds a new study by Transparency Market Research (TMR). Tesla Motors Inc., Nissan Motor co., Ltd. and Waymo LLC are expected to lead this market in future. The high degree of product differentiation will maintain the high degree of competition between the players.

Global Autonomous Car Market: Snapshot

The global market for autonomous cars is likely to emerge as a massive entity in the forthcoming years. The significantly rising number of accidents across the world is predicted to drive the growth of this market substantially over the next few years. Moreover, the growing awareness among consumers regarding the benefits autonomous cars offer to its users, such as the enhanced mobility is projected to fuel the demand for autonomous cars in the years to come. The regulatory concerns, however, may hinder the growth of this market to some extent in the near future.

Analysts estimate the worldwide autonomous car market to account for 0.60 mn units in 2025. Expanding at a CAGR of 47.50% between 2025 and 2035, the shipment volume is likely to increase to 29.31 mn units by the end of 2035.

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Level 3 Autonomous Cars to Dominate Global Market

On the basis of the level of automation, the global autonomous car market can be segmented into level 1, level 2, level 3, level 4 and level 5. With technology reaching its tipping point, it is expected that level 1 and level 2 autonomous cars will hold a comparatively smaller share in the overall market in 2025.  The features offered in such cars are expected to become obsolete by then, making way for new and better options. Early adopters will begin to move on to the next level of automation with advanced options.

Level 3 autonomous cars are likely to witness the most prominent demand across the world over the forecast period. The rapid proliferation and uptake of advanced autonomous driving technologies, specifically in the technologically advanced regions, is anticipated to boost the growth of this segment in the future.

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North America to Emerge as Leading Regional Market for Autonomous Cars

North America, Europe, Asia Pacific, South America, and the Middle East and Africa are projected to surface as the main regional markets for autonomous cars over the forthcoming years. Among these, North America is expected to experience a relatively faster adoption of autonomous cars and hence, is anticipated to witness a higher growth rate than other regional markets in the future.

On a similar note, Asia Pacific is also expected to witness a healthy rise in the demand for these cars in the near future on a backdrop of growing awareness pertaining to advancements in technology and the significant increase in the disposable income of consumers. Within Asia Pacific, the level 3 automated cars are projected to contribute a massive share of total demand volume, thanks to the imminent development in the information and communication infrastructure in China, Singapore, and Japan.

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