• Summary
  • Table Of Content
  • Segmentation
  • Request sample

Self-Driving Car Market Synopsis

Self-Driving Car Market Size Was Valued at USD 26.27 Billion in 2023 and is Projected to Reach USD 85.5 Billion by 2032, Growing at a CAGR of 14.01% From 2024-2032

The self-driving car market remains a dynamic one that is set for continued growth, innovation, and change because of growth in technology, rules and regulations, and attitudes towards automated transport. With industry big players like Tesla, Waymo and newcomers to the self-driving car race like Ford and GM ramping up investments on the technology, the market is experiencing a breakout in both invention and competition. This has created increased awareness of safety and reduced congestion, environmental pollution coupled with other benefits they are seeing in self-driving cars which places the market in a vantage position to grow in the next few years.

  • Achievements have been recorded in artificial intelligence especially in machine learning and computer vision have improved self-driving car feature. Solid-state hardware such as LiDAR and radar are paramount in the ability of vehicles to understand the environment and the predisposition they are in.
  • However, roadblocks having to do with regulatory issues and overall public receptiveness persist. Some of the challenges that governments all over the world face include setting safety standards, as well as legal responsibilities and preparedness of infrastructure in case of adverse events. Other factors that work in Favor of the rate at which one adopts include consumer trust as well as their acceptance.
  • Thus, there are still some barriers that have not allowed to implement the Sistema to the maximum, such as the regulation restrictions and the people’s acceptance. Burdett et al. state that governments across the globe are facing challenges as regards safety measures across the buildings, legal responsibilities and preparedness of construction and infrastructure. The degree of trust that customers have placed in technology is also an important determinant of the rate of adoption.

Self-Driving Car

Self-Driving Car Market Trend Analysis

Advancements in Artificial Intelligence and Machine Learning

  • The market for self-driving cars largely depends on AI, along with the development of various techniques in machine learning. Here is how these fields are interlinking to enhance the growth of industry. Self-driving cars have multiple sensors and cognitive nodes such as LiDAR sensors, radar sensors, cameras and others that allows AI algorithms to have a 360-degree perception of the environment.
  • This enables them to “visualize” the road, people, other vehicles as well as other structures or objects present in the road or pathway. They are self-driven and can make decisions in real-time because of the help of AI to analyze the environment. Some of the challenging operations are path planning, pedestrian/obstacle avoidance, Traffic light recognition, etc.
  • Thus, AI can take necessary precautions based on past data regarding accidents and current traffic situations in its motor control strategies in an effort to enhance safety. Machine learning based models can adapt and thus improve upon their performance as soon as they are faced with actual scenario on the road. This is important of wanting to learn how to react to new environments that are always arising in the future.
  • One significant feature of self-driving cars is that they produce copious quantities of data. The increase in the volume of generated data can be managed with the help of machine learning to ensure its efficient processing and analysis for the training of AI systems. Traffic accidents could be reduced greatly by has been reduced to zero since AI takes over the wheel and get rid of human factors. Self-driving cars can be programmed to automatically select efficient routes that can be more than enough to cut through traffic congestion, thus eliminating long delays on the roads. Some of the benefits are that Individuals who are unable to drive such as the old and those with disabilities would gain mobility in case of self-driving cars.
  • Future prospects of the self-driving car market look promising and it is predicted that it will be a multi-billion project, which will generate demand for new jobs and stimulate the economy. Some specific recommendations include: transparent and stringent rules setting the terms for testing and operation of self-driving vehicles on public highways are required.

Shift towards Mobility as a Service (MaaS)

  • MaaS is a shift in the supply of transportation in the urban context, which is touted as the delivery of mobility as a service rather than making buyers own cars. It combines different types of transport systems into an easily navigable single service that enables the user to design and purchase a single itinerary without having to separately arrange and pay for individual forms of transport. It is a sustainable transport model that reduces costs and railroad congestion, as it fully utilizes the available transport infrastructures. This involves elements like ride-hailing, bike-sharing, car-sharing, public transport, and going up to micro transport hailing, including but not limited to e-scooters and e-bikes.
  • Self-driving car market or automated vehicles, AVs from its full terminology, is the development of transportation technology in the direction of completely automated systems for driving. ACoceans Research: Self-driving cars could be game changer by increasing the safety, reducing traffic jams, and allowing people with certain disabilities to move around freely. Many established players, including Waymo, Tesla, Uber, as well as the established auto manufacturers continue to dedicate resources to achieving the development of AVs. These cars use a chain of numerous sensors, artificial intelligence, and unique algorithms to identify and drive in different climates without any human interference.
  • The combined future of MaaS and self-driving cars will be a practical and constructive one in the field of mobility in cities. The on-demand vehicles of self-driving cars are also capable of being deployed as a part of MaaS platforms, which can eliminate the use of drivers. This integration, therefore, creates a positive potential for MaaS in terms of increased flexibility and easier access to opportunities in the field of mobility. For instance, self-driving cars can also integrate with existing public transportation options, acting as a first and last mile transportation solutions while also serving the demand side transportation demand in areas where the public transport is not fully developed. Furthermore, it may be integrated into car-sharing and rental service schemes in urban centers, which will help in decreasing the number of people owning personal cars and promote embracing eco-friendly means of transportation.
  • Nonetheless, they are a number of issues and concerns that are likely to be linked with the adoption of MaaS and self-driving car. Other challenges are the legal and political barriers, risk for safety and security, infrastructure needs, and social impacts, including the risk of the loss of jobs in the transports sector. Moreover, there are the questions of ethical issues as to who should be entrusted with decision-making algorithms used in self-driving automobiles, when human lives can be involved as well.

Self-Driving Car Market Segment Analysis:

Self-Driving Car Market Segmented based on by Component and By Vehicle

By Component, Radar segment is expected to dominate the market during the forecast period.

  • Radar systems, in general, utilize beams of radio waves to identify targets and also to determine its distance and velocity as well as the angle at which it traverses. They are effective during low visibility or during bad weather and thus, they help in supplying critical information required in circumstances such as collision avoidance or advanced cruise control.
  • In this system, LiDAR (Light Detection and Ranging) sensors project laser beams and form accurate 3D images of the near environment to the vehicle. These provided high definition maps enable the self-driving cars to manoeuvrability within such environments with accuracy in identifying the obstacles and the pedestrians on the road as well as the markings drawn across the surface.
  • This type of sensors works by producing high-frequency sound waves to identify objects close to them and provide the distance. They are mostly incorporated in park assist functions and low speed movements and are used at short range to give an alert whenever an object is in the proximity of the vehicle during a maneuver.
  • Cameras capture data from the scene-the signs, signals, and lane markings on the road. These include feature recognition as well as following the lane and detecting pedestrians, which are made possible by the use of computer vision algorithms that interpret the images and feed back analyses in real time.
  • These components all act in harmony to construct a rich perception environment for ADAS and self-driving vehicles making it possible for the vehicles to operate and maneuver safely under various road conditions. With the trends of more advanced technology and reduced costs for this type of system, the incorporation of these components will remain integrated to foster new technologies and advancements in the development of self-driving cars.

By Vehicle, Hatchback segment held the largest share in 2023

  • Hatchbacks and sedans are popular choices for urban commuting and family transportation. In the self-driving car market, these vehicles offer the potential for convenient and efficient autonomous ride-sharing services, catering to urban dwellers and commuters seeking affordable and accessible mobility solutions.
  • SUVs are favored for their versatility, offering ample space and ruggedness for both urban and off-road driving. In the self-driving car market, autonomous SUVs hold promise for a wide range of applications, from luxury autonomous shuttles to self-driving delivery vehicles, catering to diverse consumer needs and preferences.
  • Coupes and sports cars are known for their performance and style, appealing to enthusiasts and thrill-seekers. While the adoption of autonomous technology in these vehicles may initially face resistance from traditionalists, self-driving capabilities could enhance safety and offer advanced driver assistance features without compromising the driving experience.
  • Regardless of vehicle type, the self-driving car market is driving the integration of autonomous technology across the automotive industry. As regulations evolve and consumer acceptance grows, automakers are investing in research and development to bring autonomous features to market, paving the way for a future where self-driving cars are commonplace on roads worldwide.

Self-Driving Car Market Regional Insights:

Asia Pacific dominated the largest market in 2023

  • Asia-Pacific nations, with South Korea, Japan, and China in particular, are at the vanguard of automotive technological innovation. Autonomous vehicle technology advances are propelled by the robust ecosystems of technology companies, research institutions, and government support that these nations possess.
  • Rapid urbanization is occurring in the Asia-Pacific region, which has increased the demand for sustainable and effective transportation solutions. Autonomous vehicles have the capacity to mitigate traffic congestion, decrease greenhouse gas emissions, and improve mobility in highly populated urban regions.
  • Governments throughout the Asia Pacific region are proactively endorsing the progress and widespread acceptance of autonomous vehicles by means of regulatory frameworks, funding initiatives, and supportive policies. Their respective endeavors are designed to establish their nations as frontrunners in the worldwide autonomous vehicle industry and foster economic expansion.
  • Strategic alliances and collaborations are being established by automakers, tech titans, and startups based in the Asia Pacific region with the aim of expediting the advancement and implementation of autonomous vehicles. By capitalizing on complementary capabilities and assets, these alliances surmount technological obstacles and propel market penetration.
  • In general, the Asia Pacific region's pre-eminence in the autonomous vehicle industry can be attributed to its dedication to urban sustainability, strategic cooperation, and innovation, which positions it as a significant catalyst for the worldwide expansion of autonomous mobility.

Active Key Players in the Self-Driving Car Market

  • Autoliv Inc.  (Sweden)
  • Aptiv (Ireland)
  • Daimler AG (Germany)
  • Baidu (China)
  • AutoX, Inc. (US)
  • HYUNDAI MOTOR GROUP (South Korea)
  • Volvo (Sweden)
  • Pony.ai (US)
  • Ford Motor Company (US)
  • Waymo LLC (US) 
  • Robert Bosch GmbH (Germany), and Others Key Players

                                            Global Self-Driving Car Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 26.27 Bn.

Forecast Period 2023-32 CAGR:

14.01%

Market Size in 2032:

USD 85.5 Bn.

Segments Covered:

By Component

  • Radar
  • LiDAR
  • Ultrasonic
  • Camera Unit

By Vehicle

  • Hatchback
  • Coupe & Sports Car
  • Sedan
  •  SUV

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Safety Concerns with Advancements in Automotive Technologies Drive Market Growth

 

Key Market Restraints:

  • High Manufacturing Cost of The Self- Driving Car

 

Key Opportunities:

  • Development of Highly Advanced Technologies Integrated with Smartphones

 

Companies Covered in the report:

  • Autoliv Inc.  (Stockholm, Sweden), Aptiv (Dublin, Ireland), Daimler AG (Stuttgart, Germany), Baidu (Beijing, China), AutoX, Inc. (California, US), HYUNDAI MOTOR GROUP (Seoul, South Korea), Volvo (Gothenburg, Sweden), Pony.ai (Fremont, California, US), Ford Motor Company (Michigan, US), Waymo LLC (California, US), Robert Bosch GmbH (Gerlingen, Germany) and others Key Players
  1. INTRODUCTION
    1. RESEARCH OBJECTIVES
    2. RESEARCH METHODOLOGY
    3. RESEARCH PROCESS
    4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
    5. MARKET SEGMENTATION
  2. EXECUTIVE SUMMARY
  3. MARKET OVERVIEW
  4. GROWTH OPPORTUNITIES BY SEGMENT
  5. MARKET LANDSCAPE
    1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
    2. INDUSTRY VALUE CHAIN ANALYSIS
    3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    4. MARKET TREND ANALYSIS
    5. REGULATORY LANDSCAPE
    6. PESTLE ANALYSIS
    7. PRICE TREND ANALYSIS
    8. PATENT ANALYSIS
    9. TECHNOLOGY EVALUATION
    10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
      1. Geopolitical Market Disruptions
      2. Supply Chain Disruptions
      3. Instability in Emerging Markets
    11. ECOSYSTEM
  6. SELF- DRIVING CAR MARKET BY COMPONENT (2017-2032)
    1. SELF- DRIVING CAR MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. RADAR
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. LIDAR
    5. ULTRASONIC
    6. CAMERA UNIT
  7. SELF- DRIVING CAR MARKET BY VEHICLE (2017-2032)
    1. SELF- DRIVING CAR MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. HATCHBACK
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. COUPE & SPORTS CAR
    5. SEDAN
    6.  SUV
  8. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. Self- Driving Car Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
    2. AUTOLIV INC.  (SWEDEN)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
    3. APTIV (IRELAND)
    4. DAIMLER AG (GERMANY)
    5. BAIDU (CHINA)
    6. AUTOX, INC. (US)
    7. HYUNDAI MOTOR GROUP (SOUTH KOREA)
    8. VOLVO (SWEDEN)
    9. PONY.AI (US)
    10. FORD MOTOR COMPANY (US)
    11. WAYMO LLC (US)
    12. ROBERT BOSCH GMBH (GERMANY)
  9. GLOBAL SELF- DRIVING CAR MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Component
      4. Historic And Forecasted Market Size By Vehicle
      5. Historic And Forecasted Market Size By Country
        1. USA
        2. Canada
        3. Mexico
    3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Russia
        2. Bulgaria
        3. The Czech Republic
        4. Hungary
        5. Poland
        6. Romania
        7. Rest Of Eastern Europe
    4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Germany
        2. United Kingdom
        3. France
        4. The Netherlands
        5. Italy
        6. Spain
        7. Rest Of Western Europe
    5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Malaysia
        6. Thailand
        7. Vietnam
        8. The Philippines
        9. Australia
        10. New-Zealand
        11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  10. INVESTMENT ANALYSIS
  11. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

                                            Global Self-Driving Car Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 26.27 Bn.

Forecast Period 2023-32 CAGR:

14.01%

Market Size in 2032:

USD 85.5 Bn.

Segments Covered:

By Component

  • Radar
  • LiDAR
  • Ultrasonic
  • Camera Unit

By Vehicle

  • Hatchback
  • Coupe & Sports Car
  • Sedan
  •  SUV

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Safety Concerns with Advancements in Automotive Technologies Drive Market Growth

 

Key Market Restraints:

  • High Manufacturing Cost of The Self- Driving Car

 

Key Opportunities:

  • Development of Highly Advanced Technologies Integrated with Smartphones

 

Companies Covered in the report:

  • Autoliv Inc.  (Stockholm, Sweden), Aptiv (Dublin, Ireland), Daimler AG (Stuttgart, Germany), Baidu (Beijing, China), AutoX, Inc. (California, US), HYUNDAI MOTOR GROUP (Seoul, South Korea), Volvo (Gothenburg, Sweden), Pony.ai (Fremont, California, US), Ford Motor Company (Michigan, US), Waymo LLC (California, US), Robert Bosch GmbH (Gerlingen, Germany) and others Key Players
Please Wait...

Frequently Asked Questions :

What would be the forecast period in the Self- Driving Car Market research report?

The forecast period in the Self-Driving Car Market research report is 2024-2032.

Who are the key players in the Self-Driving Car Market?

Autoliv Inc.  (Stockholm, Sweden), Aptiv (Dublin, Ireland), Daimler AG (Stuttgart, Germany), Baidu (Beijing, China), AutoX, Inc. (California, US), HYUNDAI MOTOR GROUP (Seoul, South Korea), Volvo (Gothenburg, Sweden), Pony.ai (Fremont, California, US), Ford Motor Company (Michigan, US), Waymo LLC (California, US), Robert Bosch GmbH (Gerlingen, Germany) and others Key Players

What are the segments of the Self-Driving Car Market?

The by Component (Radar, LiDAR, Ultrasonic, & Camera Unit), Vehicle (Hatchback, Coupe & Sports Car, Sedan, SUV), and By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Self-Driving Car Market?

self-driving car, also known as an autonomous vehicle (AV), is a vehicle equipped with advanced sensors, cameras, radar, LiDAR, and artificial intelligence (AI) systems that enable it to navigate and operate without human intervention. These vehicles use real-time data from their environment to make driving decisions, such as steering, accelerating, braking, and lane-changing, by processing inputs through sophisticated algorithms and machine learning models. Self-driving cars aim to enhance road safety, reduce traffic congestion, and provide accessible mobility solutions, representing a transformative shift in transportation technology.

How big is the Self- Driving Car Market?

Self-Driving Car Market Size Was Valued at USD 26.27 Billion in 2023 and is Projected to Reach USD 85.5 Billion by 2032, Growing at a CAGR of 14.01% From 2024-2032