Self-driving Car Market to Reach ~ US$ 40 Bn by 2030

Transparency Market Research has published a new report on the global self-driving car market for the forecast period of 2019–2030. According to the report, the global self-driving car market is projected to reach ~ US$ 40 Bn by 2030, expanding at a CAGR of ~ 89% during the forecast period.

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Global Self-driving Car Market: Insights

• According to the report, the global self-driving car market is likely to be driven by the demand for enhanced safety in vehicles.
• Self-driving cars are more efficient, thereby reducing the cost of fuel and lowering emissions.
• Key automakers such as Volvo, Daimler, General Motors, Honda, and Toyota are merging autonomous, connected, and electric driving technologies, and are expected to offer these products post 2020, which, in turn, is estimated to boost the self-driving car market.

Expansion of the Global Self-driving Car Market

• Technology advancements in the automotive industry along with increasing adoption of ADAS sensors to improve vehicle safety are driving vehicle automation, which, in turn, is expected to boost the self-driving car market.
• Expansion of the automotive industry is driving the adoption of advanced technologies such as autonomous or self-driving cars. Advancements in technology have provided self-driving cars the potential to save tens of thousands of lives each year, which are lost due to traffic accidents and fatalities because of human error in judgment while driving vehicles, especially in urban areas and on highways.
• Self-driving cars can utilize vehicle-to-vehicle connectivity, thereby staying in sync with one another while identifying traffic flow, and operate at optimum speed in order to maximize fuel efficiency. These factors are anticipated to fuel the adoption of self-driving cars in the near future. Moreover, a self-driving car is estimated to provide a smarter and more seamless experience for passengers.

Based on level of autonomy, the global self-driving car market has been bifurcated into level 4 and level 5. The level 4 segment is estimated to dominate the self-driving car market during the forecast period. Level 4 self-driving cars are expected to be operate entirely on their own in certain areas, such as on highways, in parking spaces, and within urban areas. Auto manufacturers such as Volkswagen are testing 5 e-golfs, which as level 4 autonomous, in Hamburg, Germany. Honda Motor Co., Ltd. has targeted its models to be level 4 autonomous, starting 2025. Ride-hailing companies such as Uber, DiDi Chuxing, and WeRide have started pilot projects of self-driving cars, which are level 4 autonomous.