A self-driving car refers to a vehicle that makes use of a combination of artificial intelligence (AI), radars, cameras, and sensors to travel between various destinations sans any human effort. Such cars are also known as autonomous cars or driverless cars. It is essential for a vehicle to be able to navigate without any human involvement to be considered as a fully autonomous vehicle. It needs to steer through roads to reach an already determined destination.
The industry of self-driving car is expanding rapidly. Investment in this type of cars is growing, thanks to the growing interest of car companies and individuals.
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Continental AG, Ford Motor Company, Robert Bosch GmbH, Honda Motor Co., Ltd, Volkswagen AG., and Toyota Motor Corporation are some of the companies profiled in the global self-driving car market.
Transparency Market Research has come up with an all-inclusive study on the global self-driving car market, for the period 2019 to 2030. The report estimates that the global self-driving car market is likely to expand at staggering 89% CAGR. The market is estimated to reach US$ 40 Bn through 2030
Presence of Leading Market Players Drives Growth in the U.S. Market
Considering geographical segmentations of the global self-driving car market, the US is regarded as one of the major hubs of companies operating in the autonomous vehicles market. The major manufacturers of such cars are diverting all their attention of the establishment of ride-hailing services and automatic vehicle fleet.
The country is home to the numerous numbers of companies in this type of car industry with nearly 163 headquarters. Germany is next to the US, when it comes to the presence of autonomous vehicle companies. Many leading automotive manufacturers together with ride sharing companies like Uber and Lyft are stressing on research and development activities to the development of new-age autonomous vehicles. However, the US has comparatively fewer stations for charging such vehicles
Recently, the UK has initiated changing their standards and regulations pertaining to the plying of autonomous cars on road. The country has also made an offer of financial support for the introduction of automatic cars by 2021. The transport department is aiming to legalize the operation of such cars on public roads.
Increased Adoption of Advanced Technologies for Vehicle Safety Spells Growth
The global self-driving car market is estimated to be driven by the technological advancement made in the automotive industry together with the rising adoption of advanced driver-assistance systems (ADAS) sensors to better safety of vehicles. Safety of vehicles plays an extremely important role in the vehicle automation industry. Growing adoption of technologies ensuring safety of vehicles is likely to play an important role in the growth of global self-driving car market.
In addition, growth of the global self-driving car market is also influenced by the expansion of the automotive industry. Rapid adoption of newer technologies has helped in the saving of countless lives on road, which are lost due to lost owing to traffic accidents every year. These accidents mainly take place due to human error.
The information shared in this review is based on a TMR report, bearing the title, “Self-driving Car market (Fuel – ICE, Hybrid, and Electric; Level of Autonomy – Level 4 and Level 5; Hardware – Ultrasonic Sensors, LiDAR, RADAR, Cameras, Vision Detectors, and GPS Receivers; Usage – Personal and On-Demand Service)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 to 2030”
The global self-driving car is segmented based on:
Level of Autonomy
- Level 4
- Level 5
- Ultrasonic Sensors
- Vision Detectors
- GPS Receivers
- Personal Service
- On-Demand Service
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