February 01, 2023 06:41 ET | Source: Facts & Factors Facts & Factors
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Washington, D.C., Feb. 01, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Autonomous Cars Market Size, Share, Growth Analysis Report By Vehicle Type (Passenger Cars and Commercial Vehicles), By Type (Fully Autonomous and Semi-Autonomous), By Component (Infrared Sensors, Ultrasonic Sensors, Lidar, Radar Sensor, and Camera Unit), By Application (Civil, Construction, Defense, and Transportation & Logistics), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” in its research database.
“According to the latest research study, the demand of global Autonomous Cars Market size & share was valued at approximately USD 25.15 billion in 2021. The market is expected to grow above a CAGR of 25.75% and is anticipated to reach over USD 197 billion by 2030.”
The report analyzes the autonomous cars market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global autonomous cars market.
An autonomous car is a driverless car that operates like a traditional car but without the need for a human to operate its control. It is capable of detecting its surroundings and making car navigation changes depending on the data collected through various sensors or detecting components.
Once the information is collected in real-time, it is processed using enhanced software programs that help in the creation of a path while relaying the information to the actuators and controlling other factors like speed, acceleration, steering, and brake. Autonomous cars are different from self-driving cars because the latter requires a mandated presence of a human who is ready to take control under certain situations.
Autonomous vehicles operate with the aid of a 100% automated system which allows the vehicle to respond to the outside or external conditions that a human mind comprehends while driving. In automation, there are 6 different levels starting from level 0 to level 5. The first level does not give any control to the car and necessitates the use of a human for operation. In the subsequent levels, certain parts of control can be assigned to cars decreasing dependence on humans with the final level which is the fifth level, there is 0 driving assistance required from a human.
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The global autonomous car market is projected to grow due to the growing demand for fuel efficiency in the automobile segment. Currently, most cars are fuel-powered vehicles with diminishing fuel efficiency as the car model gets older. There is growing concern over the environmental impact of fuel-run vehicles. The model is unsustainable. This aspect can be dealt with if consumers move toward fuel-efficient vehicles like autonomous cars that can make smart decisions depending on their environment and surrounding.
Other factors like increasing investment toward connected infrastructure growth, growing demand for ways that can efficiently reduce traffic congestion, increasing number of players both at manufacturing end and technology-providing businesses, along with an increasing emphasis on safety are projected to act as global market growth factors in the coming years. The rise in funds for developing smart cities as well as the growing rate at which advanced technologies are witnessing adoption rate in every field could create more revenue.
The global market growth trajectory may get impacted due to the high cost of production as well as the raw materials required to produce autonomous cars. For instance, light detection and ranging (Lidar) sensors are extremely expensive and these devices are still trying to find a balance between resolution and range quality. If there are multiple Lidar sensors in a given area, the signals may interfere with one another.
Other factors like the efficiency of autonomous cars on bridges or under tunnels, their reactivity in bumper-to-bumper traffic situations, accident liability, and the importance of understanding the difference between emotional & artificial intelligence are factors that need to be worked on before 100% autonomous cars can be put to use.
The growing research and development may open doors for higher growth whereas the lack of supportive infrastructure acts as a major challenge.
Key Insights from Primary Research
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Autonomous Cars Market: Segmentation Analysis
The global autonomous cars market is segmented based on vehicle type, type, component, application, and others
Based on type, the global market is segmented as fully autonomous and semi-autonomous. In 2021, the global market registered the highest growth in the semi-autonomous segment as fully autonomous cars are yet to provide their efficiency under all circumstances like extreme weather conditions and tight traffic jams.
Almost all commercial cars present on the road, even if they are almost self-drivable, require a human passenger to control the steering in certain situations and none of the cars qualify as 100% autonomous as per the standards of the National Highway Traffic Safety Administration. In the fourth quarter of 2022, 405,300 units of Tesla Model S were delivered.
Based on application, the global market is segmented into civil, construction, defense, and transportation & logistics. Civil was the leading revenue-generating segment in 2021 due to the high number of players present in the commercial market. However, significant growth can be expected in the defense segment during the projection period and government funding for new technologies continues to increase. Net income for Tesla, the largest producer of autonomous cars, increased by 665% in 2021.
North America is projected to lead the global autonomous cars market due to the presence of some of the largest producers of autonomous cars software programs. The US is home to the most dominating brand names producing world-renowned and highly popular commercial autonomous vehicles. The growing interest of the US government in the global market could further drive regional revenue.
In December 2022, the US government received funding of USD 9 million to spend on testing for autonomous vehicles. Growth in Asia-Pacific is expected to be a result of the growing automobile segment of India, Japan, and China as well as increasing research and development activities in incorporating new systems.
Browse the full “Autonomous Cars Market Size, Share, Growth Analysis Report By Vehicle Type (Passenger Cars and Commercial Vehicles), By Type (Fully Autonomous and Semi-Autonomous), By Component (Infrared Sensors, Ultrasonic Sensors, Lidar, Radar Sensor, and Camera Unit), By Application (Civil, Construction, Defense, and Transportation & Logistics), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” Report at https://www.fnfresearch.com/autonomous-cars-market
The report contains qualitative and quantitative research on the global autonomous cars market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Autonomous Cars market include;
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The global autonomous cars market is segmented as follows:
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