The global Autonomous Cars Market was valued at 1,892 units in 2017 and is anticipated to grow at a CAGR of 82.7% during the forecast period.
An autonomous car is a driverless car developed to travel between destinations without a human operator. An autonomous car navigates to a predetermined destination without human intervention. Google is one of the primary market players involved in the development of autonomous cars. An autonomous car uses software to calculate an efficient route based on the destination. Other components enabling efficient functioning of autonomous cars include LIDAR, sensors, radar systems, artificial intelligence software, and GPS among others.
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The demand for autonomous cars has increased over the years owing to rising concerns regarding road safety, and growing incidents of road accidents. Growing penetration of connected cars, and rising adoption of IOT further boosts the market growth. The increasing advancements in technologies, growing use of mapping software, and rising investments in R&D and technological innovation further supplement the growth of autonomous cars market. Increase in disposable income, and improving living standards would encourage consumers to invest in autonomous cars, thereby supporting market growth.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Autonomous Cars Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
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North America generated the highest revenue in 2017 owing to increasing incidents of road accidents and growing safety concerns. High disposable income, and improved living standards in the region support market growth. Technological advancements in the region, along with presence of leading market players is expected to boost the adoption of autonomous cars in North America.
Competitive Landscape and Key Vendors
The global autonomous cars market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
The leading players in the autonomous cars market include General Motors, Alphabet Inc., Uber, Daimler, BYD, Nissan, Honda Motor Corporation, Tesla Motors, Bayerische Motoren Werke AG, and Mercedes-Benz among others.
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Key Segments
Automation Level
- Level 1
- Level 2
- Level 3
Component
- Camera
- Sensors
- Radars
- LiDAR
- Artificial Intelligence
- Others
Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
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