Stratview Research has published a new report titled “Autonomous Cars Market” which is segmented by Level of Autonomy (Level-1, Level-2, Level-3, and Level-4), by Type (Internal Combustion Engine (ICE) Vehicle, Hybrid Electric Vehicle (HEV), and Battery Electric Vehicle (BEV)) and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market is likely to witness a robust CAGR of more than 22.0% during the forecast period of 2021-2026.
The autonomous vehicle industry is significantly propelled by the increasing integration of digitization in modern-day vehicles, supportive government initiatives, emphasis on vehicular safety, and policies for autonomous vehicles. Also, in recent years, several self-driving car companies have contributed to the development of semi-autonomous or fully autonomous cars. They are actively engaged in integrating automation features in the vehicles, which has immensely fuelled the market growth.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It thoroughly analyzes the market segments, including products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis –
Level of Autonomy Type:
The market is segmented into Level 1, Level 2, Level 3, and Level 4.
- In 2020, Level 1 cars accounted for a large share of the overall market.
- With the growing demands for vehicular and driver/passenger safety concerns, several governments are charting out initiatives to improve the safety of cars.
- In various countries, they are encouraging consumers to use advanced driver assistance systems (ADAS).
- As a result, several autonomous car industries have engaged in integrating Level 1 automation in their vehicles.
- Moreover, Level 4 cars haven’t been launched in the market yet and are still under the R&D phase. Therefore, there is a significant demand for Level 1 cars currently.
By Type:
The market is segmented into internal combustion engine (ICE) vehicles, hybrid electric vehicles (HEV), and battery electric vehicles (BEV).
- As of 2020, the cars propelled by ICE are leading the global autonomous cars market, with the largest market share.
- Although there has been a high demand for electric vehicles in recent years, there is still a strong demand for ICE-propelled cars in developing economies such as India, China, South Africa, Indonesia, and Brazil.
- Also, the necessary infrastructure for electric vehicles is not adequate in developing countries, which in turn, increases the demand for ICE-propelled vehicles.
- Hence, it is estimated that the internal combustion engine (ICE) vehicle market sub-segment would gain the maximum traction and grow steadily during the forecast period.
Which Region is expected to remain the largest market?
- Among these regions, Europe is expected to dominate the ‘Driverless cars’ market throughout the forecast period.
- The region is home to several leading automobile manufacturers across the globe, such as Daimler AG, BMW AG, Volkswagen, and Volvo Car Corporation, among others.
- The market in the region is largely driven by extensive investments of car manufacturers along with supportive government initiatives for the market.
- In addition, several European countries such as Germany, the UK, and France, have already promoted the use of autonomous vehicle technology.
- North America and Europe are also expected to offer considerable growth opportunities over the forecast period.
Who are the Key Players in the Market?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, which will enable strategic decision-making for the existing market players as well as those willing to enter the market.
The following are the key players acting in the Autonomous Cars Market:
- BMW AG
- Robert Bosch GmbH
- Daimler AG
- Ford Motor Company
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- Tesla
- TOYOTA MOTOR CORPORATION
- Volkswagen
- Volvo Car Corporation.
Key questions answered by the report:
- What is the projected CAGR for the Autonomous Cars Market revenue during the forecast period?
- What would the market be valued at by 2026?
- What is a major driving factor for the growth of the market?
- Which region accounted for the largest revenue share in the Autonomous Cars Market?
- Which are the major market players?
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