Autonomous cars are equipped with advanced technology that enables them to drive themselves without human intervention. Autonomous cars use sensors, cameras, radar and lidar to maneuver roads and make decisions independently. They provide more convenience, safety and luxury to drivers and passengers compared to conventional cars. With technological advancements, autonomous cars are becoming more intelligent and accurate in making crucial real-time decisions.
The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased demand for safe and luxurious driving experience is the major trend driving the growth of the global autonomous car market. Autonomous cars use artificial intelligence, machine learning and deep neural networks to identify road conditions, obstacles and make prompt decisions to avoid accidents, which provides a safer driving experience compared to human-driven vehicles. In addition, autonomous cars allow drivers and passengers to utilize travel time productively or relax during the journey. Many leading automakers are integrating advanced technologies in autonomous cars to provide more luxurious amenities and entertainment options. This increased convenience and safety is attracting more consumers towards autonomous vehicles and accelerating the market growth over the forecast period.
Segment Analysis
The global autonomous car market is dominated by self-driving car sub segment. It accounted for over 65% of the total market share in 2023 owing to the continuous technological advancements in AI and sensor technology. Self-driving cars provide enhanced safety and convenience. It eliminates human errors such as distracted driving, drunk driving etc. Further, ageing population prefer self-driving cars for mobility.
Key Takeaways
The global autonomous car market analysis is expected to witness high growth in the forecast period. The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
North America currently holds the largest share in the autonomous car market owing to strong technological advancements and heavy investments by key players in the region. The US alone accounts for over 30% market share.Europe is projected to witness the fastest growth during the forecast period. Countries such as Germany, France and UK are extensively investing in developing autonomous driving technologies. In addition, strong automotive industry and growing elderly population are driving the adoption of autonomous vehicles in the region.
Key players related content comprises
Key players operating in the autonomous car market are Kitchen Magic, Rev-A. Kitchen Magic is the global leader in self-driving cars. It has over 25% market share owing to its wide product portfolio and strategic collaborations. Rev-A is also a prominent player focusing on L4 and L5 autonomous technologies
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