Autonomous Car Market 2024 Demand for Electronic Cars to Boost Market Growth

April 6, 2021

The demand for autonomous cars due to their eco-friendly nature and smooth driving experience is majorly responsible for propelling the associated market. Moreover, with rising number of road accidents, the requirement for safety features is increasing too. As these features are found in vehicles with automatic make, the global autonomous car market is expected to grow with leaps and bounds in the near future. With rising population and increasing disposable income, more people can now prefer to buy vehicles with state-of-the-art features. This also is propelling expansion in the global autonomous car market at a fantastic pace.

According to market experts, the global autonomous cars market is anticipated to gain revenue worth US$0.60 mn by the end of 2025. This growth is prophesized to occur at a meteoric CAGR of 47.5% during the forecast period from 2025 and 2035.

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Level 3 Automation Cars Comes Out as Leader in the Market

The global autonomous car market is segregated into five segments from the perspective of level of automation. Level 1, level 2, level 3, level 4, and level 5, are the segments. Of these, the level 3 automation cars segment holds a leading position with respect to revenue earned. This is mainly due to the fact that these types of cars are witnessing a rising demand mainly due to their various advantages and budget-friendly nature as compared to the other segments. The demand for these cars is expected to grow extensively in various regions all over the globe. This is majorly due to a rising demand for vehicles equipped with sophisticated features in many developed regions. In comparison to level 3 automation cars, the other segments are prophesized to grow at a lesser pace.

North America Provides Maximum Support to Global Autonomous Cars Market

Region-wise, the global autonomous cars market is spread across North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Among all the regions, North America holds maximum number of shares in the market. Rising employment of advanced technologies in the automobile sector in North America is primarily responsible for driving the market in the region. In addition, the frequent launch of autonomous vehicles manufactured with sensors and other autonomous technology as compared to other regions also are main factors propelling growth in the global autonomous car market. Such vehicles are majorly being demanded in countries like Canada and United States from North America.

However, compared to North America, Asia Pacific showcases the existence of better opportunities for the autonomous car market to expand. Increasing development of the automobile industry in countries like Singapore, India, Japan, and China are prophesized to be favorable to the global autonomous car market. In addition, with rising income of masses in these countries, the demand for new and technologically developed vehicles is witnessing a surge in Asia Pacific.

The global autonomous car market depicts the presence of a highly emerging and competitive landscape. Nissan Motor Co. Ltd., Toyota Motor Corporation, The Volvo Group, Ford Motor Co., and Uber Technologies Inc., are key players operating in the global autonomous cars market.

The race for autonomous vehicle development in the pre-Covid-19 era was dotted by numerous big players as well as small automakers. The autonomous car market thrived on the back of some unprecedented technology developments on one hand and the evolving venture capital funding on the other hand. However, unsurprisingly, the market had hit some snags in Covid-19 era. In the ensuing months of post-Covid-era, joint ventures have begun driving the engine of growth, with only serious players aspiring to pump in money.

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On the whole, the Covid-19 virus has veritably expanded the avenue—the use case and regulatory landscape—propelled by the worldwide popularity of contactless transportation technologies. New ventures will inevitably crop up that will guide the growth dynamics of the autonomous cars market. This will bring sensors pioneering companies, machine learning technology developers, automakers, and institutional investors on the same page. Small players in recent months have already opted out of the landscape, the reason having to do with reluctance in navigating the complex microeconomics. Stalwarts such as Toyota, Diamler, BMW, Uber, and Toyota are likely to flex their financial muscle more aggressively to put autonomous cars on road.

The driverless vehicles landscape is already seeing gathering significant momentum as numerous companies have intensified their efforts in testing and unveiling driverless features. Aspirants in the autonomous car market will test new business models, and technological frameworks that comprise unique combinations of sensors, machine learning, cameras, and radars. Still the autonomous vehicles of level 4 and the ultimate level 5 are still unattainable goals. The industry players seeking to get a stronghold will have to navigate the complex landscape of regulations that is largely not standardized. Further, in the post-Covid-19 world, skepticism will surely impede the pace of developments. However, the inroads that the automation is making across industries will invade this space faster than expected. Expectedly, more test drives and training camps will boost the growth.

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