Global Self-driving Car Market: Industry Analysis and Forecast (2019-2026)

Global Self-driving Car Market was valued US$ XX Bn in 2018 and is expected to reach XX Bn by 2026, at a CAGR of XX % during a forecast period.

Currently, self-driving cars may still be rare to see on the roads. Furthermore, the development of the global self-driving car market is increasing exponentially. The global self-driving car market is expected to grow at a XX% rate of CAGR during the forecast period by some of the more technological progress in terms of reduced accidents, better traffic management, and enhanced passenger comfort across the global automotive industry.

With the overview of many advanced self-driving car technologies, the global self-driving car market is expected to grow with exceptional speed. Continuous development in semi-autonomous technologies like adaptive cruise control, forward collision avoidance, and automatic parking are expected to increase the adoption of self-driving cars during the forecast period. Additionally, developments in artificial intelligence, blockchain, and cloud computing technologies have indorsed much smaller, technically specialized startups to collaborate with major automotive key players to develop more unconventional self-driving cars.

On the other hand, regulations concerning AI are expected to grow in number and complexity, which making it difficult for key players to navigate how they used the technology. Additionally, strict government regulations pertaining to data security is expected to limit market growth during the forecast period.

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The continuing development of HD maps for self-driving cars is one of the technical foundations which will have a huge positive impact on the global self-driving car market growth. A universal or harmonized mapping platform is a vital requirement for self-driving cars to entirely function. Some of the many leading automotive manufacturers are investing heavily in emerging HD mapping systems. For Instance, BMW, Audi, and Daimler Group have introduced HD maps based on the data from LiDAR sensors and innovative algorithms to empower all safety-critical functions in self-driving.

Region-Wise, Europe is estimated to hold a dominant position in the global self-driving car market. Europe is expected to emerge highly lucrative during the forecast period because of the presence of major automobile manufacturers like Volvo, Volkswagen, and Fiat Chrysler Automobiles. Government initiatives for the development of telecom and road infrastructure to aid self-driving cars in communicating with their atmospheres efficiently are expected to boost the growth in the self-driving car market.

Some of the prominent key players are adopting various strategies to expand their global presence in the global self-driving car market shares. Some of the key strategies implemented by the key players include expansions & investments, new product launch, acquisitions, new product developments, and agreements. For instance, Volkswagen, who is a leading automobile company has collaborated with Microsoft to develop an innovative automotive cloud for better connectivity among vehicles on road.

The objective of the report is to present comprehensive analysis of global self-driving car market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

The report also helps in understanding global self-driving car market dynamics, structure by analysing the market segments, and project the global UAV drones market size . Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the global self-driving car market make the report investor’s guide.

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The Scope of the Report for Global Self-driving Car Market

Global Self-driving Car Market, By Type

• Level 1

• Level 2

• Level 3

• Level 4

• Level 5

Global Self-driving Car Market, By Component

• Semi-autonomous

• Fully autonomous cars

Global Self-driving Car Market, By Automation

• Radar sensor

• Ultrasound sensor

• Video cameras

• LiDAR senor

• Central computing system

• Global positioning system (GPS) navigation system

Global Self-driving Car Market, By Application

• Personal use

• Commercial use

Global Self-driving Car Market, By Region

• North America

• Europe

• Asia Pacific

• Middle East & Africa

• South America

Key players operating in Global Self-driving Car Market

• General Motors

• Ford Motor Company

• Nissan Motor Company

• Volkswagen

• BMW

MAJOR TOC OF THE REPORT

Chapter One: Self-driving Car Market Overview

Chapter Two: Manufacturers Profiles

Chapter Three: Global Self-driving Car Market Competition, by Players

Chapter Four: Global Self-driving Car Market Size by Regions

Chapter Five: North America Self-driving Car Revenue by Countries

Chapter Six: Europe Self-driving Car Revenue by Countries

Chapter Seven: Asia-Pacific Self-driving Car Revenue by Countries

Chapter Eight: South America Self-driving Car Revenue by Countries

Chapter Nine: Middle East and Africa Revenue Self-driving Car by Countries

Chapter Ten: Global Self-driving Car Market Segment by Type

Chapter Eleven: Global Self-driving Car Market Segment by Application

Chapter Twelve: Global Self-driving Car Market Size Forecast (2019-2026)

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[Dhruv Bindhani]

The global self-driving car market is on an exponential growth trajectory, driven by technological advancements aimed at enhancing safety, traffic management, and passenger comfort within the automotive industry. While still relatively uncommon on roads today, their proliferation is anticipated significantly in the coming years.

Market Growth and Drivers:

The market is expected to grow at a XX% CAGR during the forecast period. (Based on recent external data, CAGR projections for the global self-driving car/autonomous vehicle market vary significantly, from around 6.8% to over 40%, depending on the market definition, base year, and forecast period. Some reports project market sizes in the hundreds of billions to trillions of USD by the mid-2030s. The full report from Maximize Market Research will contain the specific projected value and CAGR.)

Key drivers for this rapid expansion include:

• Technological Progress: Continuous advancements in semi-autonomous features like adaptive cruise control, forward collision avoidance, and automatic parking are increasing consumer adoption.
• Emerging Technologies: Developments in artificial intelligence (AI), blockchain, and cloud computing are enabling smaller, specialized startups to collaborate with major automotive players, fostering innovation in unconventional self-driving cars.
• Reduced Accidents: Self-driving cars hold the promise of significantly reducing road accidents caused by human error, a major public safety concern.
• Better Traffic Management: Autonomous vehicles can optimize traffic flow, reduce congestion, and enhance overall transportation efficiency.
• Enhanced Passenger Comfort: Self-driving capabilities allow passengers to utilize travel time more productively or for leisure, improving the overall commuting experience.
• HD Maps: The ongoing development of high-definition (HD) maps is a crucial technical foundation. A universal, harmonized mapping platform is vital for self-driving cars to function completely. Leading manufacturers are heavily investing in these systems, utilizing data from LiDAR sensors and advanced algorithms for safety-critical functions.

Market Restraints and Challenges:

Despite the promising outlook, several factors are expected to limit market growth:

• Regulatory Complexity: The number and complexity of regulations concerning AI and self-driving technology are increasing, making it difficult for key players to navigate their implementation. This includes varying laws across different regions and countries, and challenges in determining liability in case of accidents.
• Data Security and Privacy: Strict government regulations pertaining to data security are a significant concern, as self-driving cars rely heavily on collecting and processing vast amounts of personal and environmental data.
• High Capital Costs: The significant development and manufacturing costs of self-driving vehicles and their components (sensors, computing systems) can make them expensive, hindering widespread adoption.
• Public Perception and Acceptance: Overcoming public skepticism and building trust in autonomous technology, especially after high-profile incidents, remains a challenge.
• Infrastructure Adaptation: Existing road infrastructure may not be fully optimized for autonomous vehicles, requiring substantial investments in smart roads and connectivity (e.g., 5G).
• Technological Limitations: AI still lacks "common sense" and the ability to handle all unpredictable real-world scenarios or complex social interactions that human drivers navigate intuitively. Sensors can also be affected by adverse weather or lighting conditions.

Regional Outlook:

• Europe is estimated to hold a dominant position in the global self-driving car market and is expected to be highly lucrative. This is attributed to the presence of major automobile manufacturers like Volvo, Volkswagen, and Fiat Chrysler Automobiles.
• Government Initiatives in Europe, focusing on developing telecom and road infrastructure to facilitate efficient communication between self-driving cars and their environment, are expected to further boost market growth.

Competitive Landscape:

Prominent key players are actively pursuing various strategies to expand their global presence and market share, including:

• Expansions & Investments: Investing in new facilities and capabilities.
• New Product Launches: Introducing advanced self-driving models and features.
• Acquisitions: Acquiring companies with specialized technologies or expertise.
• New Product Developments: Continuous innovation in autonomous driving systems.
• Agreements and Collaborations: Forming partnerships, such as Volkswagen's collaboration with Microsoft for an innovative automotive cloud, to leverage shared expertise and accelerate development.

The report aims to provide a comprehensive analysis for all stakeholders, covering market size, trends, competitive analysis, and the impact of micro-economic factors, serving as an investor's guide to this rapidly evolving industry.