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.
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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.
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.
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.
Apart from this, 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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