Self-driving Cars and Trucks Industry Overview
The global self-driving cars and trucks market demand is expected to be approximately 51.60 thousand units in 2021 and is anticipated to witness a CAGR of 53.6% from 2022 to 2030. Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry, with high growth potential, and act as a catalyst in the technological development of automobiles. The development of a supportive regulatory framework, government funding, and investment in digital infrastructure is expected to play a key role in positively affecting market growth over the forecast period. The market for self-driving cars and trucks has a wide range of products and systems that make up the autonomous vehicle infrastructure.
The self-driving car is made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently to carry out operations automatically without the help of drivers. By performing situational analysis, motion planning, and trajectory control, these sensors help in the process of navigation. There is an increasing demand for self-driving cars for road safety measures. The number of road accidents is increasing daily; the primary cause of accidents is human error that occurs in the uncertainty of events, for instance, head-on collisions due to misinterpretation of the driver. The self-driving vehicle is driven by a computer. Thus, it makes fewer errors than humans, such as accidents due to distracted driving, alcohol, not wearing seatbelts, speeding, and drowsy driving. Self-driving vehicles are machines that optimally perform the task of driving and aren’t tired or bored, or wouldn’t be distracted. Thus, the traveler is safer in an autonomous vehicle than in a human-driven car. In the uncertainty of events, for instance, head-on collisions due to misinterpretation of the driver.
Gather more insights about the market drivers, restraints, and growth of the Global Self-driving Cars And Trucks Market
These cars are expected to be sold at the company showrooms. With the rise in technologies and increased connectedness of the vehicles, the threat of car systems getting hacked is increasing. Thus, cyber security and safety solution providers such as Argus Cybersecurity Ltd. and Green Hill Software, among others, are developing anti-hacking algorithms for self-driving cars. Several technology providers and car manufacturers are investing in the Asia Pacific countries due to the increasing disposable income of consumers in these countries displaying high revenue potential over the forecast period. For Instance, Apple Inc. and BMW are a few key players investing heavily in China.
The rising safety concerns and advancements in automotive technologies have led to the penetration and acceptance of self-driving cars and trucks by governments of various countries, such as the U.S., Germany, China, and Japan. Furthermore, several densely populated countries, including Sweden and the Netherlands, along with government support, may encourage the testing of driverless cars and, in turn, catalyze market growth in the years to come. The development of electrical vehicles and autonomous vehicles is increasing simultaneously. Many autonomous vehicles that are in the Beta phase of their testing are driven using electrical power. The development of electric vehicle charging stations would also affect the growth of autonomous vehicles.
This, in turn, would indirectly assist in decreasing the pollution caused by cars, thus reducing the environmental impact. For instance, Tesla Motors have initiated a project known as ‘Autopilot’ that would autonomously drive the electric cars developed by the company. The project is in the testing phase and is expected to be launched soon. The surging technological advancements aiming at offering enhanced features while reducing the cost are a major factor expected to drive the demand for self-driving cars over the forecast period. Advancements about security, driver assistance, convenience and comfort, electrical suspension, power train, instrumentation, braking, and safety are projected to fuel the adoption of self-driving cars.
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Autonomous Vehicles Market - The global autonomous vehicles market demand was estimated at 51.6 thousand units in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 53.6% from 2022 to 2030.
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Self-driving Cars and Trucks Market Segmentation
Grand View Research has segmented the global self-driving cars and trucks market based on application and region:
Self-driving Cars and Trucks Application Outlook (Volume, Thousand Units, 2022 - 2030)
- Transportation
- Defense
Self-driving Cars and Trucks Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- MEA
Market Share Insights:
July 2021: Hexagon AB., which produces and manufactures security systems, acquired Immersal-Part of Hexagon., a visual positioning and spatial mapping systems company.
May 2021: Johnson Controls partnered with DigiCert, Inc., a leading service provider of PKI solutions, to bring advanced digital, Self-driving Cars And Trucks solutions to buildings.
Key Companies profiled:
Some prominent players in the global Self-driving Cars and Trucks market include
- Audi AG
- BMW AG
- Daimler AG
- Ford Motor Company
- General Motors Company
- Google LLC
- Honda Motor Co., Ltd.
- Nissan Motor Company
- Tesla
- Toyota Motor Corporation
- Uber Technologies, Inc.
- Volvo Car Corporation
- Volkswagen AG
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