The global self-driving cars market size is expected to reach USD 60.27 billion by 2030, according to a new study by Polaris Market Research.
Factors such as increasing semi-autonomous vehicle implementation and semi-autonomous vehicle launches will drive industry growth. The increasing demand for cleaner and more efficient driving systems promotes the development and use of semi-autonomous vehicles. Furthermore, a few regional governments have enacted strict driving and safety regulations, stimulating automakers to incorporate these technologies into their vehicles. The presence of many passenger car has increased the growing need to improve the driving experience and encourages the implementation of semi-automated vehicles.
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During the pandemic, sales of such autonomous car increased, with around 11.2 million units being sold, a 78% increase from 2019. As a result of the industry’s uplifting environment, car manufacturers worldwide are implementing new semi-autonomous vehicle models to attract customers.
For instance, in April 2021, Citroen announced its new C5 X SUV model. This new model was available in both gasoline and plug-in hybrid configurations. Under current regulations, the C5 X provides semi-autonomous level 2 driving. Thus, the rising launches of advanced semi-autonomous vehicles have increased this adoption, boosting the industry growth during the forecast period.
Based on the electric vehicle, the BEV segment accounted for the leading share in the industry. Several countries’ government agencies have reduced tax duties from road or registration fees. As a result, many automakers are taking the lead in developing battery technology. As a result, the BEV segment will be a significant industry for self-driving cars.
Top Key Players
Market players such as Audi, Aurora Innovation Inc., Argo Ai, and Ford, Cadillac, Daimler AG, Einride, Volvo Car Group, General Motors Company, Lexus, Nissan Motor Co. Ltd, Honda, Tesla Inc., Toyota Motor Corp., Uber Technologies Inc., and Waymo LLC (Google Inc.) are some key players operating in the global market. In January 2021, the California Department of Motor Vehicles (DMV) supported Baidu Apollo to evaluate driverless vehicles on public roads without a safe person behind the wheel.
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Polaris market research has segmented the self-driving cars market report based on component, electric vehicle, system, mobility type, and region:
Self-driving Cars, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Camera Unit
- LiDAR
- Radar Sensor
- Ultrasonic Sensor
- Infrared Sensor
Self-driving Cars, Electric Vehicle Outlook (Revenue – USD Billion, 2018 – 2030)
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
Self-driving Cars, System Outlook (Revenue – USD Billion, 2018 – 2030)
- Adaptive Cruise Control (ACC)
- Adaptive Front Light (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 Assist (TJA)
Self-driving Cars, Mobility Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Shared Mobility
- Personal Mobility
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