Self Driving Cars Market Size to Surpass USD 80.43 Million Units by 2032

The global self-driving cars market size reached USD 23.80 million units in 2022 and it is projected to hit USD 80.43 million units by 2032, noteworthy at a CAGR of 13% during the forecast period 2023 to 2032.

Safety features are an essential prerequisite for automotive consumers throughout the world. Governments throughout the world have made it compulsory to incorporate features such as automatic emergency braking (AEB) and lane departure warning (LDW) paving way for advanced technologies and self-driving cars. Various safety features have been developed to help drivers and reduce the number of accidents.

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Regional Snapshots

Asia-Pacific is the leading market in this sector pertaining to the increasing population. Also the high number of people belonging to the working age group has led to increase in the number of people using vehicles. Automobile industry has aimed to develop advanced technologies and improve sales in the developing nations like China and India. Europe proves to be the second largest market for the automotive industry for self drive vehicles pertaining to the heavy investments engaged by the tech giants for advanced technologies. It aims at making alterations to support the production of autonomous vehicle in the UK.

Report Highlights

By type, the semi autonomous car segment will dominate the market. The semi automatic cars in the self driving cars market will show the fastest growth due to its good amount of adoption rate which is due to the increasing technological development and good penetration rate. It offers many features like intelligent park assist and adaptive cruise control. As the government is mandating the implementation of driver assistance systems this segment is expected to grow.
By vehicle type, the passenger car segment will hold the maximum share in the global market. Increasing population, increasing urbanization, increase in the purchasing power and improved standard of living is the major factors that are driving the growth of the passenger car segment. Increased investments through government and other organizations in the development of these technologically advanced features in the car is driving the market. The commercial vehicle segment is also expected to grow. In order to improve the traffic capacity the European Union has partnered with the ensemble consortium and Netherlands organization for applied scientific research in planning to implement a multi brand truck platooning in the European region.

Table of Contents

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Report Scope of the Self-Driving Cars Market

Report Coverage	Details
Market Size by 2032	USD 80.43 Million Units
Growth Rate from 2023 to 2032	CAGR of 13%
North America Market Share in 2022	45%
Transportation Segment Market Share in 2022	92%
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Type, Vehicle, Application, System, Electric Vehicle, Components, Level of Autonomy, Geography

Market Dynamics

Drivers

Stringent vehicle safety regulations set by the government have proved to be a driving force for the self drive cars market as it provides better accuracy. Growing demand for safety and driving on the roads is also a matter of concern owing to the increasing number of road accidents and loss of lives. Comfort features have become the basic facilities that are searched by the buyers owing to the increasing purchase capacity of the consumers. Increasing demand for luxury vehicles which provide better facilities have been in demand during the recent times pertaining to the high income generated.
Introduction of Ai-Based camera systems for self-driving applications have proved to be beneficial for a better experience while ensuring safety to the passengers with the help of modern technology. Development of self-driving modular systems enabling OEMs to handpick the technology is an important factor for the growth of the market. Technological advancements that are seen in the market in this sector is encouraging people to opt for such options. Growth in connected vehicle technology and dynamic mobility application is also proving to be a driving force for the growth of the market.

Restraints

Lack of required infrastructure in emerging nations proves to be a restraining factor for the growth of the market. This hampers the production of the components required for the successful functioning of the vehicle. Improper roads and traffic signal facilities also create obstacles for the growth of the market as this technology fails to coupe with such difficulties.

Consumer acceptance of self-driving cars is a very difficult question to be solved pertaining to the risk factors associated with this technology. Risk of malfunction and breach in functionalities leads to a decline in the confidence of the masses regarding these self drive vehicles.

Opportunities

Development of ADAS technology provides a great opportunity to the market during the forecast period. Increasing demand for 5G technology for vehicle connectivity is also propelling the market at a great speed. It will help better connection between the virtual system and the physical body which is using it to travel. It will also rule out the chances of human errors and emotions that tend to make a major contribution in the event of an accident. Increasing demand for electric vehicles has also proved to be an opportunity for the market as it requires self assessing automatic features in the car for its functioning. Increasing developments in autonomous shared mobility has also proved to be am opportunity which will propel the market growth. Increasing investments in lidar startups by automotive industries helps support this developing technology in the current market.

Challenges

High system and component cost posses a big challenge as it reduces the affordability of the vehicles for the common man. The rising living cost of the people make it impossible for them to make big expenses for such luxury vehicles. Environmental constraints and security threats which are created on account of cyber crimes and hacking increase the risk factors associated with the purchase of these vehicles. It can also lead to theft of the vehicles by the use of automated functions by which they operate. Maintaining a balance between cost and quality will prove to be a big challenge as with increasing quality the cost goes up which tends to exceed the expense capacity of the people. Real-time image processing in multi-camera systems is a challenge as a single fault in it would cost a big loss to the consumer in the event of a mishap. Creating and maintaining maps for self-driving cars is a tedious process and will challenge the market in terms of accuracy and precision in the real-time traffic on the roads. These factors challenge the growth of the market during the forecast period.

Key Market Players in the Self-driving Cars Market

Autoliv Inc. (Stockholm, Sweden)
Aptiv (Dublin, Ireland)
Daimler AG (Stuttgart, Germany)
Baidu (Beijing, China)
AutoX, Inc. (California, United States)
HYUNDAI MOTOR GROUP (Seoul, South Korea)
Volvo (Gothenburg, Sweden)
Pony.ai (Fremont, California, United States)
Ford Motor Company (Michigan, United States)
Waymo LLC (California, United States)
Robert Bosch GmbH (Gerlingen, Germany)

Recent Development

Mobileye, Intel Corporation, Fiat Chrysler Automobiles , and BMW Group Signed MoU in August 2021 to Develop Autonomous Vehicles.
Pony.ai Announces to Raise $400 Million from in February 2020 to Develop Autonomous Driving
Pony.ai, which is an autonomous driving company, raised USD 400 million from Toyota Motor Corporation to expand their partnership in mobility services that they provide. This collaboration will help in developing autonomous driving technology and it will also help in deploying mobility services.
Mobileye and Willer Announced their Partnership on Autonomous in July 2020
Mobileye which is an Intel Company, announced its partnership with Willer which is a transportation service provider. The collaboration will help in order to launch a self-driving robo taxi service in the region of Japan and many other parts of Southeast Asia region.
The Center for connected and autonomous vehicles was established in the UK. This government department it’s focusing on all the legislations which could allow the testing of motorways in the nation
January 2021 – Cruise and General Motors (G.M.) Partnered with Honda company in order to Expand its Autonomous Vehicle Mobility Service across the world.
Honda announced its collaboration with G.M. and Cruise on self-driving vehicles for the autonomous vehicle mobility service (MaaS) business in Japan which is based on the developmental and the commercial agreements which were signed in the year 2018.

Segments covered in the self-driving cars market report

By Type

Fully Autonomous
Semi- Autonomous

By Vehicle Type

Passenger Cars
Commercial Vehicles

By Application

Transportation
Defense

By System

Adaptive Cruise Control (ACC)
Adaptive Front Light (AFL)
Automatic Emergency Braking (AEB)
Blind Spot Detection (BSD)
Cross Traffic Alert (CTA)
Driver Monitoring System (DMS)
Forward Collision Warning (FCW)
Intelligent Park Assist (IPA)
Lane Departure Warning (LDW)
Night Vision System (NVS)
Pedestrian Detection System (PDS)
Road Sign Recognition (RSR)
Tire Pressure Monitoring System (TPMS)
Traffic Jam Assist (TJA)

By Electric Vehicle

Battery Electric Vehicles (BEV)
Hybrid Electric Vehicles (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)

By Component

Camera Unit
LiDAR
Radar Sensor
Ultrasonic Sensor
Infrared Sensor

By Level of Autonomy

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa