Autonomous / Self-Driving Cars Market worth USD 56.46 Mn. by 2029 Market share, Growth Opportunities, Technological Advancements, Participants Growth Strategies

November 23 21:25 2022
Autonomous / Self-Driving Cars Market worth USD 56.46 Mn. by 2029 Market share, Growth Opportunities, Technological Advancements, Participants Growth Strategies
Autonomous / Self-Driving Cars Market
Autonomous / Self-Driving Cars Market volume was at 20.5 Million Units in 2021 and the total revenue is expected to grow at 13.5% of CAGR through 2022 to 2029, reaching nearly 56.46 Million Units.

Autonomous / Self-Driving Cars Market worth USD 56.46 Mn. by 2029: Market share, Growth Opportunities, Technological Advancements, Participants Growth Strategies

Pune, 23, Nov 2022: Maximize Market Research published the Autonomous / Self-Driving Cars Market report, which encompasses market intelligence and industry analysis and forecast of market size. The global Autonomous / Self-Driving Cars Market volume was at 20.5 Million Units in 2021 and the total revenue is expected to grow at 13.5% of CAGR from 2022 to 2029, reaching nearly 56.46 Million Units. The report explores market dynamics, key sectors, financially attractive regions, demand and supply chains, regional environments, and competitive situations in depth. The report is a leading for significant market players, new entrants, investors, and stakeholders who are developing plans and working to improve the reputation of their offerings.

Autonomous / Self-Driving Cars Market Scope and Methodology

The Autonomous / Self-Driving Cars Market report highlights the global market’s dynamics including market growth drivers, opportunities, constraints, challenges, and future trends. The Autonomous / Self-Driving Cars Industry report provides a thorough examination of industry potentials and highlights, supporting customers in identifying business opportunities and developing strategies in the Autonomous / Self-Driving Cars market. An industry chain relationship analysis, essential industrial and consumer application sectors, critical areas and end main distributors, service providers, and contact information are also included in the more comprehensive research. 

The Autonomous / Self-Driving Cars report includes product specifications, operational procedures, price structure, and statistical outcomes by region, and innovation. The report estimates and forecasts market size, which aids in building a more market-specific understanding of volume, structure, and industry trends within each industry category. The market for Autonomous / Self-Driving Cars is divided into Components, Mobility, Level of Autonomy, and Region. Many industry trends and important developments are considered while examining key growth drivers and future market trends.

The report offers in-depth research and analysis based on a variety of factual inputs, including interviews with industry professionals, statistics, and area expertise. The bottom-up approach is used to calculate the market size.  Data was collected on a broad sample utilizing both primary and secondary study approaches to reach accurate findings. The key tactics for primary data collection were surveys, questionnaire administration, and telephone interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals. Secondary data was obtained methodically from a well-selected set of sources to ensure the accuracy of the results. Official databases from numerous organizations and government sites are included, as well as industry journals, newspapers, annual reports, product designer and supplier releases, and paid databases.

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Autonomous / Self-Driving Cars Market Overview

Self-driving vehicles are automobiles or trucks that can operate safely without a human driver behind the wheel. These cars are commonly referred to as “driverless” or “autonomous.” A self-driving automobile is a vehicle that uses sensors, cameras, radar, and artificial intelligence (AI) to navigate between destinations without the assistance of a human driver (also known as an autonomous car or driverless car). To be deemed entirely autonomous, a vehicle must be capable of traveling to a preset place across roadways that have not been changed for its use. Companies developing and/or testing autonomous/self-driving vehicles include Audi, BMW, Ford, Google, General Motors, Tesla, Volkswagen, and Volvo.

Autonomous / Self-Driving Cars Market Dynamics

Rising demand for luxury automobiles is expected to increase demand for self-driving cars throughout the forecast period. Mercedes-Benz, BMW, and Audi are just a handful of German automakers that dominate the global luxury car market. Global luxury automotive sales have benefitted from a shift in client preferences, which has increased demand for excellent products. Despite the global automobile industry’s recession, large BMW’s automotive business grew in 2020. Because of increasing luxury vehicle segment deliveries, the division’s growth rate increased by 6.8% in 2020. In comparison to 4,194 units sold the previous year, its subsidiary, Rolls Royce, sold 5,100 units, a 21.6% increase, while production output increased by 25.3%. Similarly, the business sold more BMW vehicles in 2020 than in 2019. Luxury and premium vehicle classes are where safety innovations are first deployed, and this surge in sales would be critical in the market for self-driving cars.

The licensing system at the state and federal levels is also being challenged by self-driving automobiles. Despite the manufacturers’ claims to the contrary, it is the responsibility of government agencies to keep drivers safe. Not only must our local car licensing organizations guarantee that these vehicles live up to their claims, but they must also discover a quick and efficient manner of authorizing and controlling them. Public safety may be jeopardized if current technology and the need for these autos outstrip our ability to inspect and approve them. According to companies developing the technology, using a self-driving car would allow a stranger to watch your actions. Many firms will undoubtedly avoid this because of customer reaction, but there has still been a substantial loss of privacy.

Autonomous / Self-Driving Cars Market Regional Insights

The Asia Pacific region dominated the market with the highest share in 2021. Factors such as growing customer desire for a safe, effective, and convenient driving experience, rising disposable income in countries, and tight safety regulations throughout the world are driving the autonomous / self-driving car industry. The market in Asia Pacific is anticipated to increase at the fastest rate throughout the forecast period, owing to increased collaborations by Autonomous / Self-driving car technology suppliers in this area. In 2021, China had the most market share.

Because of software and service, China’s automobile sector is in great demand. With the launch of self-driving vehicles, the mobility profit share in the Chinese autonomous vehicle industry would grow by at least $60 billion over its existing value. The automotive industry would continue to dominate the value chain’s overall profit share, with a profit share of $50 billion to $60 billion. However, revenues from mobility services will rise to 25 to 30% of total profit (cars, parts, mobility services, and fleet management) and may potentially exceed those from vehicle sales, particularly if the MaaS industry becomes less competitive (for example, if government cooperated with mobility players).

Autonomous / Self-Driving Cars Market Segmentation 

By Component

  • Camera Unit
  • LiDAR
  • Radar Sensor
  • Ultrasonic Sensor
  • Infrared Sensor

By Mobility

  • Shared Mobility
  • Personal Mobility

By Level Of Autonomy

  • L1
  • L2
  • L3
  • L4
  • L5

Autonomous / Self-Driving Cars Market Key Competitors 

  • Audi AG
  • BMW AG
  • Daimler AG
  • Ford Motor Company
  • General Motors Company
  • Google LLC
  • Honda Motor Co., Ltd.
  • Nissan Motor Company
  • Tesla
  • Toyota Motor Corporations
  • Uber Technologies, Inc.
  • Volvo Car Corporation
  • Volkswagen AG 

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Key questions answered in the Autonomous / Self-Driving Cars Market are: 

  • What are Autonomous / Self-Driving Cars? 
  • What is the growth rate of the Autonomous / Self-Driving Cars Market for the next five years? 
  • What is the nature of competition in the Autonomous / Self-Driving Cars industry in developed and developing economies? 
  • Who are the key players in the Autonomous / Self-Driving Cars Market?
  • Who are the market leaders in Autonomous / Self-Driving Cars in the Asia Pacific?
  • Who are the market leaders in Autonomous / Self-Driving Cars in Japan and China?
  • Who are the market leaders in Autonomous / Self-Driving Cars in India, China, Japan, and South Korea?
  • What are the factors affecting growth in the Autonomous / Self-Driving Cars Market? 
  • Who held the largest market share in the Autonomous / Self-Driving Cars Market? 
  • What are the factors for the growth of the Asia-Pacific region in the Autonomous / Self-Driving Cars Market?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by Segment and Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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