SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global autonomous cars market was valued at US$ 9.91 Billion in 2017, and is projected to exhibit a CAGR of 36.6 % over the forecast period (2018 – 2026).
Key trends and analysis of the global autonomous cars market:
The global autonomous cars market is expected to witness significant growth during the forecast period, owing to increasing demand for cars with advanced safety, comfort, and convenience systems. Use of autonomous cars can reduce traffic congestion and required parking space as no space for opening the door is required, thereby saving up to 15% of required parking space. This in turn can reduce required parking space, specifically in congested city areas. Moreover, the demand for autonomous cars is increasing, owing to various advantages such as low fuel consumption and carbon emission compared to normal cars, which in turn boosts the global autonomous cars market growth.
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Increasing government’s initiatives to develop new infrastructures such as highways and roads that facilitate use of autonomous cars is expected to increase demand for autonomous cars during the forecast period. For instance, according to India Brand Equity Foundation (IBEF), the Government of India constructed 29583 Km highways in from 2014 to 2018. Moreover, regulations concerning carbon dioxide emission, dearth of conventional fuels, and increasing fuel prices is creating a highly conducive environment for adoption of alternative fuel vehicles such as electric vehicles (EV), which in turn also contributes to growth of the autonomous cars market.
Major restraining factor for growth of the global autonomous cars market is cyber security as these cars are incorporated with computer-based systems where data can be hacked very easily through car’s WiFi connection and the car can either be operate remotely by the hacker or vital function of the car such as braking and steering can be compromised, which may lead to an accident. Owing to this reason, the adoption of connected car or autonomous cars is expected to be affected negatively.
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Key Market Takeaways:
- The global autonomous cars market is projected to witness a CAGR of 36.6% during the forecast period, owing to increasing demand for cars with advanced safety, comfort, and convenience systems along with growing infrastructure
- North America held a dominant position in the global autonomous cars market in 2017, and is expected to retain its dominance throughout the forecast period. This is owing to presence of major market players in the region and increasing disposable income
- Asia Pacific is expected to be the fastest growing market throughout the forecast period, owing to rapid urbanization, various initiatives taken by the government such as smart city mission, and developing infrastructure in the region. For instance, in 2015, Government of India launched a smart city mission to develop 100 smart cities across the country.
- Among level of automation, the level 4 segment is projected to hold major share in the global autonomous cars market. Level 4 automation promotes self-driving almost all the time without any human input and the vehicle can control all the safety-critical functions on its own, and sense the driving conditions. It can also allow the driver to retake controls providing sufficient transition time.
- Major players operating in the global autonomous cars market include, General Motors Company, Alphabet, Inc., Volkswagen Group, BMW AG, Renault SA, Tesla, Inc., Aptiv, Plc., Audi AG, Hyundai Motor Company, Honda Motor Company, Ltd, Toyota Motor Corporation, Daimler AG (Mercedes Benz),Kia Motor Corporation, and others.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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