Global Self Driving Car Market is projected to be valued $20 Billion by 2024; with a CAGR of 25.5% from 2017 to 2025. A self-driving car is also known as an autonomous car or a driverless car. This is a vehicle which is capable of sensing its environment and moving with little or no human input. Self-driving cars with advanced safety features can significantly reduce the number of collisions and are capable to add benefits to the whole society, such as providing transportation for people who are otherwise not able to drive because of age or physical impairment which is both exciting and meaningful. The sensors installed in a self-driving car are always observing and can scan in multiple directions simultaneously. Autonomous driving is a key aspect of the industry’s drive toward safer roadways.
Support by various government departments for prevention of road accidents and technological advancements are the major factors supporting the growth of the market. Moreover, the reduction in the consumption of fuel and insurance cost are factors expected to drive the market. However, concern about the safety of driverless cars, risk of privacy and security may hinder the growth of the market.
By components, the Autonomous Vehicle market is segmented into hardware, software, optical cameras, Lidar, radar, and others. The software component is the largest segment at present and is expected to hold its position throughout the forecast period due to technological enhancement in the software segment such as advanced driver assistance systems to enhance safety and driving process.
Based on geography, the market has been segmented into North America, Europe, Asia Pacific, and RoW. The U.S., Mexico, and Canada are covered under North America wherein Europe covers France, Germany, UK, Spain and the rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, the Middle East, and Africa.
Major companies operating in the global Self-Driving Carmarket are Audi AG, Toyota Motor Corporation, Volkswagen, Google Inc., Tesla Motors, Inc., Volvo Group, Ford Motor Company, Nissan Motor Company, Baidu Inc., Apple Inc., Daimler AG, BMW AG and Dutch Automated Vehicle Initiative (DAVI), among others.
The key takeaways from the report
Scope of Self Driving Cars Market