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Autonomous Cars Global Market Report 2021: COVID 19 Growth And Change to 2030

Autonomous Cars Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021
  • 175 pages
  • ID: 6070178
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the autonomous cars market are BMW Group, Tesla Inc., Ford Motor Company, General Motor Company, Nissan Motor Corporation, Daimler AG, Toyota Motor Corporation, Volkswagen AG, Volvo Group and Waymo LLC.

The global autonomous cars market is expected grow from $719.94 billion in 2020 to $809.15 billion in 2021 at a compound annual growth rate (CAGR) of 12.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1383.89 billion in 2025 at a CAGR of 14%.

The autonomous cars market consists of sales of autonomous cars and related services. An autonomous car means navigating a vehicle without human input from passengers using sensing equipment (LIDAR), environmental sensitive control equipment, and navigation equipment.

Rise in the development of smart cities is a key factor driving the growth of the autonomous cars market.The electric autonomous cars help reduce air pollution in smart cities and also help to fight climate change.

By using driverless cars, traffic accidents can be decreased by 90%, significantly improving the safety of our roads.Several countries such as Mexico, Canada and the United States are deploying digital infrastructure to promote communication between vehicles and networks to collect essential information, thereby reducing traffic congestion and improving road safety.

Therefore, rise in the development of smart cities is expected to drive the growth of the autonomous cars market.

Cybersecurity and safety concerns are the key factors hindering the growth of the autonomous cars market.Although the self-driving car market has enormous growth potential, many customers are not quite ready to hand over the keys owing to the threat of hackers as they can try to steal data and self-driving cars can go unofficial by exposing their driving routes and destinations that could threaten the privacy of passengers.

The prospect of hackers taking control of the vehicles is even more concerning.For example, the first case of an autonomous car killing a pedestrian was reported in Arizona (USA) in 2018.

In July 2020, cybersecurity researchers used the latest hacking techniques to hack into the electrical systems of a Jeep Cherokee.Using the Internet, they were able to obtain wireless control of the Jeep Cherokee giving them on to the Jeep’s entertainment system, allowing them to relay commands to its dashboard functions, steering, brakes, and transmission, and they were ready to do all of this remotely 10 miles away from the vehicle’s location.

The correlation between these attacks on common IoT devices and attacks in a connected or autonomous vehicle is the possibility of increased life and property risk in the vehicle context.

The autonomous cars market covered in this report is segmented by product type into semi-autonomous vehicles, fully-autonomous vehicles. It is also segmented by application into civil, robot taxi, ride hail, ride share, others.

Full automation vehicles is a key trend in the autonomous cars market.The full automation vehicles are capable of performing all driving functions in all circumstances, these vehicles are being designed to be used as robo-taxis, among others, such as Waymo.

Eventually, these self-driving cars will blend into U.S. roadways by improving technology across six stages of driver assistance in the coming years from No automation (where a fully engaged driver is still required) to full autonomation (where an automated vehicle runs independently, without a human driver). Tesla has confirmed that it plans to provide a software update to its vehicles sometime by the end of 2019 or early 2020. Also, according to Wired, by the end of 2020, Teslas will be fully autonomous.

In June 2019, Apple, an American based company, designs, develops and sells consumer electronics, computer software, and online services acquired Drive.ai for an undisclosed amount. This acquisition boosts Apple’s own development of a self-driving vehicle system. Drive.ai, a California based company, works on autonomous cars.

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