Self-Driving Car Market Scope Report

Global Self-Driving Car Market Highlights Over 2023 - 2033

The global self-driving car market is estimated to garner a revenue of USD 91.0 Million by the end of 2033 by growing at a CAGR of ~13% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 23.0 Million in the year 2022. The growth of the market can be attributed to the growing automobile industry. According to the India Brand Equity Foundation, nearly 22.65 Million of automobiles are produced in the financial year 2021.

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A self-driving car refers to a vehicle that travels between destinations without the assistance of a human operator by utilizing sensors, cameras, radar, and artificial intelligence (AI). It is majorly divided into types, such as fully autonomous and self-autonomous. There are many benefits attached to self-driving cars in the form of a reduction in traffic deaths, a reduction in travel time, a drop in harmful emissions, and others. Moreover, growing demand for luxury cars is projected to increase the growth of the global self-driving car market. More than 15 percent of the population in the United States buys luxury cars.

Global Self-Driving Car Market: Growth Drivers and Challenges

Growth Drivers

• Need for Fuel Reduction – There have been limited fuel resources that require careful utilization and it is expected to surge the growth of the global self-driving car market. As per the U.S. Energy Information Administration, nearly 135 Billion gallons of gasoline were consumed by Americans in the year 2021.

• Increasing Demand for Autonomous Vehicles– In the year 2020, more than 30 Million autonomous vehicles were sold across the world.

• Rising Drink & Drive Cases – As per the World Health Organization, road accidents accounts to approximately 1.3 Million deaths every year.

• Increasing Integration of Artificial Intelligence– More than 35 per cent of the organizations across the globe use artificial intelligence.

Challenges

• Lack of Awareness Among Consumers

• High Cost of the Self Driving Cars

• Improper Traffic and Road Facilities

The global self-driving car market is segmented and analyzed for demand and supply by application into construction, defense, transportation & logistics, and others. Out of these, the transportation & logistics segment is expected to hold the largest share over the forecast period owing to the increasing transportation of goods and services worldwide. For instance, more than 60 percent of the goods worldwide are transported by trucks around the world.

Global Self-Driving Car Market Regional Synopsis

Regionally, the global self driving car market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of surging demand among the consumers for automated cars. There are more than 1,000 self-driving cars on the roads in the United States in the year 2022.

Market Segmentation

Our in-depth analysis of the global self driving car market includes the following segments:

Key Companies Dominating the Global Self Driving Car Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global self-driving car market that are included in our report are Ford Motor Company, Honda Motor Co., Ltd., Autoliv Inc., BMW AG, Waymo LLC, Nissan Motor Co., Ltd., Robert Bosch GmbH, Toyota Motor Corporation, Hyundai Motor Company, Volkswagen AG, and others.

Global Self Driving Car Market: Latest Developments

• February, 2022: Robert Bosch GmbH announced the acquisition of Atlatec GmbH that will give boost to its engineering work on SAE Level 4 solutions

• April, 2021: Toyota Motor Corporation, announced the launch of LS and Mirai equipped with advanced drive that enables drivers and cars to drive together in Japan

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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