The Autonomous Car Market is all set to revolutionize the transportation sector by making autonomous or self-driving cars a common reality. Autonomous cars use sensors and cameras powered by artificial intelligence and machine learning to drive themselves without any human intervention. They are being developed to provide enhanced safety, mobility, and environmental benefits to society.
The global Autonomous Car Market is estimated to be valued at US$ 170.07 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2024 to 2030.
Autonomous cars provide convenience and mobility to people who cannot drive themselves like the elderly, disabled, or children. They reduce traffic accidents caused by human errors and lower vehicle maintenance costs by optimizing energy usage. The fully autonomous vehicles being tested are expected to transform how people commute through new mobility services like driverless taxis and shuttles.
Key Takeaways
Key players operating in the Autonomous Car Market are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others.
The increasing demand for self-driving vehicles for commercial fleets and shared mobility services is a major factor fueling the growth of the Autonomous Car Market. Major technology and automotive companies are investing heavily in developing self-driving cars and partnering with logistics companies to deploy autonomous trucks and delivery vehicles.
The global adoption of autonomous cars is expanding rapidly as countries in Europe and Asia are proactively working to modify their legislation to allow for on-road testing and commercial use of self-driving vehicles. The technology is expected to first see widespread adoption in China, Germany, the US, and Singapore due to their advanced infrastructure and keen focus on future mobility.
Market key trends
One of the key trends gaining traction in the autonomous car market is the integration of 5G cellular connectivity. 5G networks offer low latency and ultra-high-speed internet which will allow autonomous cars to process huge amounts of real-time sensor data and communicate more effectively with other vehicles and infrastructure on the road. This will boost their reaction time and navigation capabilities. Several automakers are partnering with telecom companies to test 5G-enabled autonomous driving technologies.
Porter's Analysis
Threat of new entrants: The autonomous car market requires huge capital investment and technological expertise which acts as a barrier for new players.
Bargaining power of buyers: Individual buyers have less bargaining power compared to organizational buyers due to bulk purchasing. However, presence of many OEMs provide options to buyers.
Bargaining power of suppliers: Major technology and component suppliers enjoy bargaining power due to their specialized expertise and economies of scale. However, growing number of capable suppliers is reducing their power.
Threat of new substitutes: Emerging trends like hyperloop, drones, and robotic delivery systems can pose threat, but autonomous vehicles enable new mobility solutions.
Competitive rivalry: Intense competition exists among major automotive OEMs and tech firms to gain early mover advantage in autonomous cars. Standards are yet to be established intensifying competition.
Geographical Regions
North America accounts for the largest market currently due to presence of major tech firms and automakers testing autonomous cars. U.S contributes majority of the regional market value.
China has emerged as the fastest growing regional market attributed to government initiatives and investments by automotive and technology companies to offer autonomous driving solutions. Growing middle class demand for personal mobility also contributes to the growth.
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