Self-driving Cars Market Size
The global Self-Driving cars market was valued at 14.71 Million Units in 2021 and is expected to reach around USD 52.17 Million Units by 2030, at a CAGR of about 15.1% between 2022 and 2030.
Self-driving Cars Market Overview
Self-driving cars also known as the autonomous cars, these robotic cars are driverless cars that can sense and read the environment and also operate with the minimal or even with no human input. Recently the self-driving cars have become one of the major revolutions in the connectivity and automation technology. Smartphones, internet, computers and the advanced technologies merge together with the vehicle for assisting and to automate the driving operations.
These Self-driving cars make use of the artificial intelligence software, RADAR sensing technology and the light detection & ranging (LiDAR) which is used for monitoring a 60-meter range around the car for forming a 3D map of the surrounding environment. These autonomous cars are designed for travelling to the destinations without any human operator.
Production of the vehicles had a major decline in 2020 globally as the world was going through the COVID-19 pandemic. Before the pandemic, the self-driving cars market was expected to observe a rapid growth from the year 2022 onwards. This was due to the major safety regulations that the government is imposing on the automobiles and the deployment of the autonomous driving systems was added to the plan at the same timeline. However, as the vehicle production was hampered due to the pandemic and due to the related chip shortage, the new investments for any advanced technologies may become indefinite.
OEMs are now experiencing recovery in the sale of the vehicles in 2021 and the market is significantly expected to boost by the second quarter of 2022. The COVID-19 pandemic has changed the lifestyle habits of the people which also includes their changing shopping habits. This has led the retail and logistics to adjust to the changing landscapes because of the increasing importance of the e-commerce. Various consumers, due to the lockdown now have switched to online shopping which has increased the demand for e-commerce which has also influenced the demand for vehicles in the businesses and among the consumers.
Self-driving Cars Market Dynamics
The self-driving cars market is expected to grow by the rising demand of the driver assistance systems and the stringent safety mandates for the safety of the drivers, passengers and a safer driving experience.
Continuous improvements in the adaptive algorithms, high-definition mapping, sensor processing technologies along with the development of the V2V and I2V communication technologies are encouraging various companies to increase their production capacities and upgrade their vehicle automation to next level.
The growing adoption of the ADAS & the safety features, arrival of the new age technologies, focus of the government bodies to enhance pedestrian and vehicle safety along with the initiatives taken by the OEMs to provide advanced safety features are some of the factors responsible for the growth of this market.
Self-driving Cars Market Drivers
- Growing demand for safety and driving comfort features
- Stringent vehicle safety regulations
- Increasing demand for luxury vehicles
Self-driving Cars Market Restraints
- Consumer acceptance of self-driving cars
- Lack of required infrastructure in emerging countries
Self-driving Cars Market Opportunities
- Increasing developments in autonomous shared mobility
Self-driving Cars Market Segmental Analysis
The self-driving car is segmented on the basis of component, electric vehicle type, mobility type, system, level of autonomy, vehicle type and region.
Self-driving Cars Market, By Electric vehicle
BEV electric vehicle market dominated the self-driving cars market in 2021
By the type of electric vehicles, the self-driving cars market is segmented into fuel cell electric vehicle (FCEV), battery electric vehicles (BEV), plug-in hybrid electric vehicle (PHEV) and hybrid electric vehicles (HEV), amongst which the BEV segment dominated the market in 2021. Government bodies of the several countries like Japan, China, South Korea, India, Canada, US and some of the European countries have exempted the BEV from the registration or road taxes. And according to the sales support of the electric vehicles in various countries, these schemes are proving to be successful.
The success and the growth of the BEVs are dependent on innovations that are made in the battery technology. Also, various automotive players are into developing advanced technologies related to the battery which in turn is resulting into the boost of BEV segment and is thus helping the autonomous cars market grow rapidly.
Self-driving Cars Market, By Mobility type
Personal mobility type accounted for a maximum share of the self-driving cars market
Based on mobility the global self-driving market is segmented into personal mobility and shared mobility, wherein the personal mobility segment accounted for a major share of the market in 2021, however, the shared or commercial mobility is expected to register the fastest CAGR during the forecast period. Improved standard of living, high demographic growth, rising purchasing power and increased urbanization are some of the factors responsible for the growth of this segment in the autonomous cars globally.
Good transportation, robo taxis, ride sharing and others are some activities under the commercial or shared mobility sector. Car companies are now adopting various advanced product technologies which are promoting the use of robo-taxis on a large scale. A robo-taxi combines the advantages of an e-cab and an autonomous car and aids in operating the cab without a driver, which is also expected to improve fleet management as well reduce the cost of ownership.
Self-driving Cars Market Regional Analysis
Asia Pacific market dominated the global self-driving cars market in 2021
Asia Pacific market dominated the global self-driving cars market in 2021 and is also expected to register the fastest CAGR during the forecast period of 2022 to 2030. Europe accounted for the second largest market across the globe, followed by North America.
Rising demand for a convenient, efficient and safe driving experience, stringent safety regulations and a rise in the disposable income of these emerging economies is driving the growth of the self-driving cars in this region. Increased partnerships that are adopted by the providers of the autonomous cars in this region coupled with the growing preferences of the consumers for more technologically advanced features are further expected to boost the growth in the near future.
High investments made by the prominent automobile manufacturers for developing the advanced technologies in the European region is grabbing the market growth in this region. The British government plants to support the development of the self-driving cars in the UK and make the necessary developments accordingly.
Self-driving Cars Market Key Players
Some of the leading players in the global self-driving cars market include Waymo, General Motors, Ford, Volkswagen, Daimler, Toyota, NVIDIA, Aurora Innovation Inc., BYD Co. Ltd., DENSO, Mobileye among others.
Self-driving Cars Market Scope
|Units in 2021||14.71 Million Units|
|Forecast Units in 2030||52.17 Million Units|
|CAGR (%)||15.1% from 2022 to 2029|
|Historic Period||2018 – 2020|
|Forecast Period||2022 – 2029|
|Forecast Units||Volume (Million Units) and Value (USD Billion)|
|Segments Covered||Component, Electric vehicle, Mobility type, System, Level of autonomy and Vehicle type|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Key Companies Profiled||Waymo, General Motors, Ford, Volkswagen, Daimler, Toyota, NVIDIA, Aurora Innovation Inc., BYD Co. Ltd., DENSO, Mobileye|
Self-driving Cars Market Segmentation
Global Self-driving Cars Market, By Component
- Camera Unit
- Ultrasonic Sensor
- Radar Sensor
- Infrared Sensor
Global Self-driving Cars Market, By Electric vehicle
- Fuel Cell Electric Vehicle (FCEV)
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicles (HEV)
Global Self-driving Cars Market, By Mobility type
- Personal Mobility
- Shared Mobility
Global Self-driving Cars Market, By System
- Adaptive Cruise Control (ACC)
- Lane Departure Warning (LDW)
- Driver Monitoring System (DMS)
- Automatic Emergency Braking (AEB)
- Intelligent Park Assist (IPA)
- Adaptive Front Light (AFL)
Global Self-driving Cars Market, By Level of autonomy
Global Self-driving Cars Market, By Vehicle type
- Coupe & Sports Car
Global Self-driving Cars Market, By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa