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.
The autonomous vehicle industry is significantly propelled by the increasing integration of digitization in the modern-day vehicles, supportive government initiatives, emphasis on vehicular safety, and policies for autonomous vehicle. Also, in the recent years, a number of self-driving car companies have contributed to the development of either semi-autonomous or fully autonomous cars and they are actively engaged in the integration of automation features in the vehicles, which has immensely fuelled the market growth.
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include 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, a number of autonomous car industries have engaged in the integration of 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.
The market is segmented into internal combustion engine (ICE) vehicle, hybrid electric vehicle (HEV), and battery electric vehicle (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 the recent years, there is still a strong demand for ICE-propelled cars in the developing economies such as India, China, South Africa, Indonesia, and Brazil, among others.
- 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?
Regiona Analysis on Autonomous Cars Market
- Among these regions, Europe is expected to have dominance in the ‘Driver-less 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 the supportive government initiatives for the market.
- In addition, several European countries such as Germany, the UK, and France, have already promoted the use of the 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 in the most comprehensive way. It also provides critical insights into the key players active in the market, that 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 activen in the Autonomous Cars Market:
- BMW AG
- Robert Bosch GmbH
- Daimler AG
- Ford Motor Company
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- TOYOTA MOTOR CORPORATION
- Volvo Car Corporation.
Key questions answered by the report
- What is the projected CAGR for revenue from the Autonomous Cars Market during the forecast period?
- What would be the market be valued at by 2026?
- What is a major driving factor for growth of the market?
- Which region accounted for largest revenue share in the Autonomous Cars Market?
- Which are the major market players?
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