According to the new market research report, the global Self-Driving Cars Market size is projected to grow from 20.3 million units in 2021 to 62.4 million units by 2030, at a CAGR of 13.3%.
The key growth drivers of the market are the increasing stringency of vehicle safety regulations, upcoming safety mandates, the development of ADAS technology, and the emergence of increasing demand for a comfortable driving experience.
Opportunity: Increasing developments in autonomous shared mobility
Self-driving cars can operate with little or no human intervention. These vehicles are being developed for a reduction in accidents caused due to human errors, reduction in traffic congestion, and hassle-free transport. The development of autonomous vehicles will fuel the growth of ridesharing. According to the Future of Driving report from Ohio University, with the use of taxis, the waiting time for a cab would come down from an average of 5 minutes to just 36 seconds. With autonomous ridesharing, the cost of a ride would come down to just USD 0.5 per mile. For example, according to secondary research, Uber’s per ride charges are ~USD 2/mile, of which Uber takes ~50 cents, and USD 1.50 is with the driver. For an autonomous car or robot taxi instead of a driver-driven car, Uber can straightaway charge a customer ~USD 1 per mile and earn additional ~50 cents per mile. However, the overhead costs such as the maintenance of a car, navigation, and payment services would be a part of it. Self-driving cars would also solve the problem of the first and last mile.
Browse 335 market data Tables and 73 Figures spread through 397 Pages and in-depth TOC on the "Self-driving Cars Market”
The Self-Driving Cars Market is dominated by global players such as General Motors (US), Ford (US), Daimler (Germany), Volkswagen (Germany), Toyota (Japan) and Waymo (US).
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The Asia Pacific region is projected to be the fastest-growing self-driving cars market, by 2030
The Asia Pacific is expected to account for the largest market share by 2030, followed by Europe and North America. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations across the globe are factors driving the self-driving car market. The market in the Asia Pacific is expected to grow at the highest rate during the forecast period owing to increased partnerships adopted by self-driving car technology providers in this region. For example, Baidu is a major service provider of self-driving technology in China. This company has already successfully test-driven more than 1 million miles in more than 13 Chinese cities. It is partnering with Ford and NVIDIA to increase investments in self-driving vehicles in China. The Asia Pacific also has one of the largest ride-sharing industries.
Asia Oceania region comprises countries such as China, Japan, India, South Korea, and Thailand. In recent years, China has emerged as a hub for automobile production. Infrastructural developments and industrialization activities in emerging economies have opened new avenues, creating several opportunities for automotive OEMs. The growing technological advancements in China have increased the demand for semi-autonomous vehicles, which is going to increase the market for self-driving cars.
BEV segment will be a key market for Self-driving Cars
Governments of several countries such as the US, Canada, China, India, South Korea, Japan, and European countries have exempted BEVs from road or registration taxes. These schemes are proving to be successful as per the BEV sales reports of electric vehicles in several regions. BEVs are electric vehicles that use chemical energy stored in rechargeable battery packs for power. The growth and success of BEVs are dependent on innovations in battery technology. Therefore, many automotive players are taking the initiative to develop battery technology. This will result in the BEV segment having a key market for self-driving cars.
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Recent Developments:
- In September 2021, Honda Motor Co., Ltd. announced the start of a testing program for autonomous vehicles, which was a step toward an autonomous vehicle mobility service (MaaS) business in Japan, which Honda is planning to launch under collaboration with Cruise and General Motors.
- In September 2021, General Motors Co's venture capital arm announced an investment in a startup Oculii based in the US. Which develops software for radar sensors for self-driving cars. This investment will allow GM to use Oculli's low-cost software to boost the resolution of radars and scale up its partially automated vehicles and fully self-driving cars.
- In September 2021, Mercedes-Benz announced to integrate of the first brain-computer interface (BCI) approach with its pioneering VISION AVTR concept vehicle. The biometric interaction with the vehicle is complemented by a direct connection to the human brain. After a short calibration process, a BCI device attached to the user's head analyses the measured brain waves and triggers a defined function. A BCI device records brain activity and establishes a direct connection to the vehicle after a one-minute calibration. The brain reacts to the visual stimuli on the dashboard. The biometric connection enables a completely new interaction between man, machine, and nature in the autonomous-driving concept vehicle.
- In June 2021, Waymo unveiled fifth-generation Waymo Driver, which can be applied to multiple vehicle platforms and use cases, from moving people with Waymo One to transporting goods with Waymo Via. Waymo’s fifth-generation Driver carefully curates the placement of lidar, cameras, and radar to offer an overlapping field of views, with high dynamic range and thermal stability for more complex environments. The company also optimized its design for all-weather performance by incorporating weatherproof materials and mechanisms, along with new wipers and nozzles, to ensure it can see through any condition. Waymo has made its sensors a separate design element from the vehicle platform, which can be used in several locations on the vehicle, with simple and pure forms to integrate sensors harmoniously across unique vehicle platforms. With its fifth-generation Driver, Waymo shows its branding through design form, application of logos and wordmarks, while ensuring the design works for multiple vehicles, whether a minivan, SUV, or class-8 truck.
- In October 2020, Ford Motor announced its plan to launch its self-driving commercial business by 2022 with vehicles based on the Ford Escape Hybrid crossover. The company planned to begin testing alongside its current fleet of roughly 100 autonomous test vehicles that are based off the Fusion Hybrid sedan, which the company is no longer producing. Ford initially planned to launch a commercial self-driving vehicle business in 2021 but delayed it until 2022 due to the COVID-19 pandemic.
- In June 2020, Mercedes-Benz and NVIDIA entered a partnership to create a revolutionary in-vehicle computing system and AI computing infrastructure. This will be rolled out across the fleet of next-generation Mercedes-Benz vehicles, enabling them with upgradable automated driving functions. Working together, the companies plan to develop the most sophisticated and advanced computing architecture.
- In March 2020, Momenta has announced a strategic cooperation with Toyota to provide automated technology and updates through vision-based technologies. With this joint development, both companies aim to promote the commercialization of Toyota’s Automated Mapping Platform (AMP) in the China market to better serve Chinese customers.
- In January 2020, Momenta, together with Texas Instruments, unveiled the latest front camera perception product deployed on TI’s latest Jacinto TDA4VM SoC (System on Chip) at the 54th International Consumer Electronics Show (CES 2020), which can help automakers meet the safety requirements for new cars, including Euro NCAP 2022/2024. Momenta is developing a new generation of ADAS solutions based on TI Jacinto TDA4VM SoCs to meet the ever-increasing consumer demands for driving comfort and safety. Momenta’s industry-leading front camera perception and high precision localization algorithms, combined with TI's Jacinto TDA4 processor for ADAS applications, and wide-angle high-resolution cameras, provide effective object detection at long distances and in complex scenarios.
