Autonomous Car Market (System: Adaptive Cruise Control, Lane Departure Warning System, Tire Pressure Monitoring System, Blind Spot Detection, Adaptive Front Light System, Night Vision System, Park Assist System, Automatic Emergency Braking, Forward Collision System, Pedestrian Detection System, and Others; Component: LiDAR, RADAR, Camera, Sensor, and Others; Car Type: Hatchback, Sedan, and Utility Vehicle; Level of Autonomy: Level-1, Level-2, Level-3, Level-4, and Level-5; and Propulsion: IC Engine and Electric) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031

The global Autonomous Car market gathered revenue around USD 22.90 billion in 2021 and market is set to grow USD 206.98 billion by the end of 2031 and is estimated to expand at a modest CAGR of 22.52% during the prediction period 2022 to 2031.

The rapid spread of the pandemic prompted major manufacturing facilities to shut down, which hampered vehicle production processes. Moreover, disruption of transportation channels and supply chain led to the shortage of supply of raw materials, which is required for vehicle manufacturing & integration of technology in vehicles. This is likely to hinder the autonomous car market. Nevertheless, the automotive industry is likely to witness steady expansion driven by the increase in demand for autonomous cars and better resolution of supply chain issues in various countries. Several multinational companies (MNCs) have already started re-evaluating their supply chains and are in the process of shuffling their supply chains to reduce concentration in a handful of countries.

Report Scope of the Autonomous Car Market

High Cost & Need for Infrastructure Hampers Growth of Autonomous Car Market

Autonomous cars require developed infrastructure, including lane marking on roads, proper road infrastructure, and Internet connectivity. The lack of proper infrastructure across major countries is likely to pose a challenge for stakeholders in the autonomous car market. Cost of autonomous cars is considerably high, as compared to other type of cars, which is also estimated to hamper market growth. Hence, automotive giants should target their advertising and marketing strategies toward high-income groups in developed and developing economies to increase car sales. Comprehensive demo and test drive of cars plays a crucial role for increasing autonomous car sales.

Autonomous Car Market: Overview

Growing vehicle electrification across the globe is prompting vehicle manufacturers to develop autonomous cars, which is likely to propel the autonomous car market

Increase in demand for comfort & safety of passengers and driver in the vehicle is expected to boost the global autonomous car market. Governments across the globe have mandated the advanced safety features in vehicle, including lane departure warning system, blind spot detection system, and parking assist system, which is likely to propel the autonomous car market during the forecast period.

Drivers of Autonomous Car Market

• Rise in adoption of artificial intelligence and Internet of things (IoT) in vehicles is prompting vehicle manufacturers to develop driverless vehicles. Enactment of stringent rules and regulations regarding safety standards in the vehicle is likely to boost the autonomous car market across the globe. Rise in vehicle production integrated with safety features across the globe is likely to propel the autonomous car market. Rising mergers and acquisitions between vehicle manufacturers and tier-1 suppliers across the globe for the development of autonomous driving is estimated to boost the autonomous car market across the globe.
• Introduction to artificial intelligent-based camera system for driverless cars is likely to create an opportunity for the autonomous car market. Governments of developed countries are implementing advanced technologies in vehicles to increase the safety and security of consumers. Rise in disposable income and buying power of consumers is projected to boost sales of luxury vehicles and consequently, propel the autonomous car market across the globe.
• Rise in integration of smartphone applications in vehicles drives the demand for driverless vehicle, which, in turn, is estimated to fuel the autonomous car market

Challenges for Autonomous Car Market

• Autonomous cars require developed infrastructure, including lane marking on roads, proper road infrastructure, and Internet connectivity. Lack of proper infrastructure across major countries is likely to pose a challenge for the autonomous car market. Cost of autonomous cars is considerably high, as compared to other type of cars, which is also estimated to hamper the market.
• Rapid spread of the pandemic prompted major manufacturing facilities to shut down, which hampered vehicle production processes. Moreover, disruption of transportation channels and supply chain led to a shortage of supply of raw material that is required for vehicle manufacturing and integration of technology in vehicles. This is likely to hinder the autonomous car market.

Autonomous Car Market Segmentation

• The global autonomous car market has been segmented based on system, component, car type, level of autonomy, propulsion, and region
• Based on component, the LiDAR segment dominated the global autonomous car market, in terms of revenue, in 2020. The LiDAR system provides 360 degree view of surrounding to the driver, which is expected to account for a major share of the market during the forecast period. Camera and sensor segments also held notable market share, in terms of revenue, in 2020. They are expected to expand at a prominent growth rate during the forecast period.
• Based on car type, the global autonomous car market has been classified into hatchback, sedan, and utility vehicle. The sedan segment held a prominent share of the global autonomous car market, in terms of revenue, in 2020. Rise in popularity of sedan vehicles is fueling the demand for driverless sedan cars. The utility vehicle segment also held a significant share of the market, in terms of revenue, in 2020. The segment is projected to expand considerably during the forecast period.

Autonomous Car Market: Regional Analysis

• Based on region, the global autonomous car market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• Europe and Asia Pacific held major share of the global autonomous car market, in terms of revenue, for 2020, as these regions witness significantly high rate of adoption of technological features in their cars. Major presence of original equipment manufacturers and tier-1 suppliers across Europe who have advanced research & development facilities regarding driverless car is likely to boost the market. Rapid expansion of electronic component manufacturers across Asia Pacific is projected to significantly fuel the autonomous car market.

Some of the prominent players in the Autonomous Car Market include:

• General Motors
• Ford Motor Company
• Daimler AG
• Volkswagen AG
• Toyota Motors
• Waymo LLC
• Autoliv Inc.
• Robert Bosch GmbH
• AB Volvo
• Ficosa Internacional SA
• Gentex Corporation
• HARMAN International
• AISIN SEIKI Co., Ltd.
• Valeo
• HYUNDAI MOBIS
• ZF Friedrichshafen AG
• HELLA KGaA Hueck & Co.
• Texas Instruments Inc.
• Mobileye
• Visteon Corporation

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

• By System
• Adaptive Cruise Control
• Lane Departure Warning
• Tire Pressure Monitoring System
• Blind Spot Detection
• Adaptive Front Light System
• Night Vision System
• Park Assist System
• Automatic Emergency Braking
• Forward Collision System
• Pedestrian Detection System
• Others
• By Component
• LiDAR
• RADAR
• Camera
• Sensor
• Others
• By Car Type
• Hatchback
• Sedan
• Utility Vehicle
• By Level of Autonomy
• Level-1
• Level-2
• Level-3
• Level-4
• Level-5
• By Propulsion
• Internal Combustion Engine
• Gasoline
• Diesel
• Electric
• Battery Electric
• Hybrid Electric
• Plug-in Hybrid Electric

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Points Covered in Autonomous Car Market Study:

• Growth of Autonomous Car in 2022
• Market Estimates and Forecasts (2017-2031)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Autonomous Car and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Autonomous Car Consumption Analysis
•  Autonomous Car Production Analysis
•  Autonomous Car and Management