Autonomous Car Market : An Insight On the Important Factors and Trends Influencing the Market

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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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.

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.

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.

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The high population in this region is also projected to drive the growth of the Asia Pacific market for autonomous cars. Economies with sharp increasing geriatric population, such as Japan and China, are predicted to be the early adopters of the autonomous cars in Asia Pacific.

Audi AG, Ford Motor Co., Bayerische Motoren Werke AG, General Motors Co., Nissan Motor Co. Ltd., Tesla Motors, The Volvo Group, Toyota Motor Corporation, Uber Technologies Inc. and Waymo LLC are expected to foray early in the global market for autonomous cars.

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