Global Self-Driving Car Market Report, published by Variant Market Research, forecast that the global market is expected to reach $20 billion by 2024; growing at a CAGR of 25.7% from 2016 to 2024. By geography, North America is expected to hold the largest position holding the major share in the global self-driving car market.
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Global Self-Driving Car Market Report, published by Variant Market Research, forecast that the global market is expected to reach $20 billion by 2024; growing at a CAGR of 25.7% from 2016 to 2024.
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The self-driving car is also known as fully automated car. A self-driving car or a driverless car or even robotic car is a vehicle that has ability of sensing its surroundings while driving on the road and navigating without any human involvement.
Cars can sense their surrounding using many techniques such as GPS, LiDAR, radar, and Odometry.self driving car Trend includes introduction of driverless cars that reduce traffic collisions, improve mobility for injured or disabled people, lower need for insurance, and eco-friendly.
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This will favor the self driving car market size.
Increasing demand for smart and luxury cars worldwide to drive the growth of global self-driving car market
The global self-driving car market growth is driven by factors such as the rising concern about reducing the number of accidents by human errors, significantly rising investments in industrial automation in the automotive industry, increasing demand for smart and luxury cars worldwide. Though, absence of the compatible infrastructure of these driverless cars may act as a restraint for self driving car future.
Furthermore, growing R&D investment for commercialization of autonomous cars would provide the opportunity for the growth of driverless car market during the forecast period.
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The global self-driving car market is segmented into component and geography. Based on component segment, market is bifurcated into, software, hardware, optical cameras, radar, Lidar, and others.
Based on geography, the global self-driving car market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Software accounted for the largest market share in the component segment
In 2017, software held the largest market share in the component segment and expected to continue the trend during the forecast period, due to growing technological developments in software segment such as advanced driver assistance systems to improve safety and driving process.
North America holds the largest position in the global self-driving car market
In 2017, the global self-driving car market forecast that North America hold the largest position with 40% market share; growing at the highest CAGR due to the early acceptance and the presence of key market players in this region like U.S., Canada, such as Ford Tesla, and General Motors. Though, Asia Pacific is anticipated to witness substantial growth rate over the forecast period.
Growth being driven by countries like Singapore, and Sri Lanka.
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Major players have used various strategies to increase self-driving car market share and global presence. The major players present in self driving car industry are accepting new product launches as the key strategy to offer new and innovative products to enhance their customer base.
The major players operating in the market are Ford Motor Company, Google Inc., Daimler AG, Tesla Motors, Inc., Audi AG, Toyota Motor Corporation, Dutch Automated Vehicle Initiative (DAVI), BMW AG, Volvo Group, Nissan Motor Company, Baidu Inc., Volkswagen, and Apple Inc. among others.
Scope of Self Driving Cars Market
- optical cameras
- North America
- United Kingdom
- South Korea
- South America
- Middle East
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