by Autonomous cars are equipped with advanced safety, navigation and control features using state-of-the-art connectivity technologies. The autonomous car continuously monitors its surrounding environment, driving conditions and communicates with other vehicles to provide safer, more efficient and convenient self-driving experience to vehicle owners.
The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Connectivity technologies have enabled autonomous cars with advanced capability to sense their environment and take appropriate actions. 5G network deployment is accelerating the development of vehicle-to-everything (V2X) communication that allows autonomous cars to share critical information like hazards, road conditions and traffic in real-time with other vehicles and infrastructure on the roads. 5G supported by technologies like dedicated short range communication and cellular vehicle-to-everything is fueling the growth of connectivity based features in autonomous cars. Increased availability of high-speed internet and rising adoption of advanced driver-assistance systems (ADAS) in automobiles are projected to propel the demand for autonomous cars integrated with state-of-the-art connectivity during the forecast period.
SWOT Analysis
Strength: Autonomous cars offer safety and convenience benefits as they can avoid accidents caused by human errors. They also provide mobility access for elderly and disabled people.
Weakness: High development costs and technology challenges associated with full automation. Also issues regarding cyber security and privacy concerns.
Opportunity: Growth in demand for self-driving taxis and logistics vehicles. Partnerships between automakers and technology companies presents business opportunities.
Threats: Strict safety regulations and testing requirements before deployment pose delays. Societal acceptance is still evolving due to lack of trust in the technology.
Key Takeaways
The Global Autonomous Car Market Size is expected to witness high growth. The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
Regional analysis related content comprises the Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the increasing sales of luxury vehicles with advanced driver assistance systems. Growing disposable incomes in major countries such as China and India is driving the demand for autonomous vehicles in the region.
Key players related content comprises Key players operating in the Autonomous Car market are Tesla, General Motors, Ford, Toyota, Volkswagen, BMW, Audi, Volvo, Mercedes-Benz, and Honda. Tesla is a pioneering player in self-driving electric vehicles with its autopilot system. Other automakers are heavily investing in developing autonomous driving technologies either independently or through collaborations. For example, General Motors acquired Cruise for its self-driving expertise and technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
