Self-driving car market size will exceed USD 65 million

Tokyo, June 10, 2022 (GLOBE NEWSWIRE) — The world self-driving car market was estimated at USD 21 million units in 2021. Safety features are an essential prerequisite for automotive consumers around the world. Governments around the world have mandated the integration of features such as Automatic Emergency Braking (AEB) and Lane Departure Warning (LDW), paving the way for advanced technologies and self-driving cars. Various safety devices have been developed to help drivers and reduce the number of accidents.

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Regional overviews

Asia-Pacific is the leading market in this sector due to the increase in population. In addition, the high number of people in the working age group has led to an increase in the number of people using vehicles. The automotive industry aims to develop advanced technologies and improve sales in developing countries like China and India. Europe is proving to be the automotive industry’s second largest market for self-driving vehicles due to the heavy investments made by tech giants for advanced technologies. It aims to make changes to support the production of autonomous vehicles in the UK.

Report scope

Report attributes Details
Market size in 2021 $15.08 billion
Revenue forecasts by 2030 $21.4 billion
CAGR 3.97% from 2022 to 2030
The biggest market North America
Fastest growing region Asia Pacific
base year 2021
forecast year 2022 to 2030
Key players Yara International ASA, Nutrien Ltd, Israel Chemical Ltd., Haifa Chemical Ltd, GrupaAzoty, The Mosaic Company, SociedadQuímica y Minera de Chile SA, K+S Aktiengesellschaft, Plant Food Company Inc., EuroChem Group

Report Hstrong points

  • By type, the semi-autonomous car segment will dominate the market. Semi-automatic cars in the self-driving car market will show the fastest growth due to their good adoption rate, due to increasing technological development and good penetration rate. It offers many features such as intelligent parking assistance and adaptive cruise control. As the government mandates the implementation of driver assistance systems, this segment is expected to grow.
  • By type of vehicle, the passenger car segment will hold the maximum share of the global market. Increase in population, growing urbanization, increase in purchasing power and improvement in living standards are the major factors driving the growth of the passenger car segment. Increasing investment by government and other organizations in developing these technologically advanced features in the car is driving the market. The utility vehicle segment is also expected to grow. In order to improve traffic capacity, the European Union has partnered with the consortium together and the Dutch organization for applied scientific research to plan the implementation of a platoon of multi-brand trucks in the European region.

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Market Ddynamic

Drivers

Strict vehicle safety regulations established by the government have proven to be a driving force for the self-driving car market as they provide better accuracy. The growing demand for safety and driving on the roads is also a matter of concern due to the increasing number of road accidents and loss of life. Comfort features have become the basic equipment sought after by buyers due to the increasing buying ability of consumers. The growing demand for luxury vehicles with better facilities has been in demand lately due to the high revenue generated.
The introduction of Ai-based camera systems for self-driving applications has proven beneficial for a better experience while ensuring passenger safety with the help of modern technology. The development of stand-alone modular systems allowing OEMs to choose the technology is an important driver for market growth. The technological advancements seen in the market in this sector are encouraging people to opt for such options. Growth in connected vehicle technology and dynamic mobility applications is also proving to be a driver of market growth.

Constraints

The lack of necessary infrastructure in emerging countries is proving to be a limiting factor for market growth. This hinders the production of the components necessary for the proper functioning of the vehicle. Inadequate roads and road signage facilities also create barriers for the growth of the market as this technology fails to address such difficulties.

Consumer acceptance of self-driving cars is a very difficult question to resolve regarding the risk factors associated with this technology. The risk of malfunction and broken functionality leads to a decline in the trust of the masses in these autonomous vehicles.

Opportunities

Development of ads The technology offers a great opportunity to the market during the forecast period. Growing demand for 5G technology for vehicle connectivity is also propelling the market at high speed. This will help in a better connection between the virtual system and the physical body that uses it to travel. It will also eliminate the risk of human error and emotions which tend to make a major contribution in the event of an accident. The growing demand for electric vehicles has also proven to be an opportunity for the market as it requires self-assessment of the automatic features of the car for its operation. Growing developments in autonomous shared mobility have also proven to be an opportunity that will propel the growth of the market. Increasing investment in lidar startups by automotive industries helps support this developing technology in today’s market.

Challenges

The high cost of the system and components poses a great challenge as it reduces the affordability of vehicles for the common man. The increase in the cost of living of people prevents them from making big expenses for these luxury vehicles. Environmental constraints and security threats created by cybercrime and hacking increase the risk factors associated with purchasing these vehicles. It can also lead to the theft of vehicles through the use of automated functions by which they operate. Maintaining a balance between cost and quality will prove to be a great challenge because with the increase in quality, the cost increases which tends to exceed people’s spending capacity. Real-time image processing in multi-camera systems is a challenge because a single fault would cost the consumer a big loss in the event of an accident. Creating and maintaining maps for self-driving cars is a tedious process and will challenge the market in terms of the accuracy and precision of real-time traffic on the roads. These factors question the growth of the market over the forecast period.

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Recent Ddevelopments

  • In January 2021, General Motors and Cruise collaborated with Honda to improve its self-driving vehicle mobility services in Japan, based on an agreement reached in 2018.
  • In July 2020, Mobileyes, an Intel company, revealed its partnership with Willer, which is a transportation service provider, to launch an autonomous robot taxi in Japan and many other parts of Southeast Asia. .

Market segmentation

By type

  • Fully autonomous
  • Semi-Autonomous

By type of vehicle

  • Particular Cars
  • Commercial vehicles

By app

By system

  • Adaptive Cruise Control (ACC)
  • Adaptive Front Lighting (AFL)
  • Automatic Emergency Braking (AEB)
  • Blind Spot Detection (BSD)
  • Cross Traffic Alert (CTA)
  • Driver Monitoring System (DMS)
  • Forward Collision Warning (FCW)
  • Intelligent Park Assist (IPA)
  • Lane Departure Warning (LDW)
  • Night Vision System (NVS)
  • Pedestrian Detection System (PDS)
  • Road Sign Recognition (RSR)
  • Tire Pressure Monitoring System (TPMS)
  • Traffic jam assistance (TJA)

By electric vehicle

  • Battery Electric Vehicles (BEV)
  • Hybrid Electric Vehicles (HEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)

By component

  • Camera unit
  • LiDAR
  • radar sensor
  • Ultrasonic sensor
  • Infrared sensor

By level of autonomy

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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