Escalating adoption of advanced driver assistance systems (ADAS) and constant developments in software systems are offering lucrative opportunities for the global autonomous driving market
Increasing demand and preferences to integrate high-efficiency technologies including sensors, processors, software algorithms, cameras, and mapping have accelerated the adoption of ADAS-enabled vehicles thereby, offering promising growth of the global autonomous driving market. The global autonomous driving market is estimated to gather a CAGR of 33% throughout the forecast years from 2018 to 2028, with an overall market size worth 75.12 billion.
Autonomous vehicles or self-driving cars are the next step in the automotive industry towards modernization and crucial technological accomplishment for the saturating automotive sector with a traditional manufacturing approach. Autonomous vehicles utilize advanced systems such as light detection and ranging or simulation technologies which apply artificial intelligence and RADAR sensing technology, all of which effectively help in controlling and operating a vehicle whilst staying aware of the surrounding environment, the part that a driver typically does in case of conventional cars. For example, it helps generate a 3D map that is used for navigation of a 60-meter car surrounding range.
The current growth trajectory of the global autonomous market is perfectly aligned with the future forecast industry progress, emphatically drawing the market attractiveness and emerging trends. The key influential factors of the global independent driving market mainly focus on the prospective opportunities during the forecast years. Factors such as the rapid development of smart cities and highly efficient infrastructure fuelling the demand for connected cars are driving the growth and development of the global autonomous driving market.
Growing adoption of the internet of things across various industrial applications and surging advancements in the IoT capabilities is transforming the automotive sector outlook enabling better management of traffic control and efficient means to curb traffic congestion. In addition, growing comfort and luxury car demand with a rising disposable income is adding to the opportunities for growth of the global autonomous driving market.
Adroit Market Research report on the global autonomous driving market provides a conclusive overview of the market from 2018 to 2028, consisting of qualitative and quantitative aspects covering market drivers, restraints, and opportunities. The market assessment duration is split into historic years spanning from 2018 to 2020 considering 2020 as the base year of estimation with the forecast period analyzed from 2021 to 2028. The report is inclusive of differential traits of the current scenario and future dynamics of the market at a global and country level. In addition, the study provides in-depth assessment of the market based on Porter’s five forces analysis along with positioning of the key players operating the global autonomous driving market depending upon the geographic footprint, product development portfolio, and strategic initiatives.
The global autonomous driving market has a robust competitive environment among the well-known market players with a solid foothold and the young players. Also, the autonomous driving industry players are pursuing potential markets, embarking on promising opportunities to gain a competitive lead among other industry players by signing agreements, initiating collaborations and executive business ventures to expand the business existence.
Based on the Type Segment, the autonomous driving market is split into semi-autonomous vehicles and fully autonomous vehicles. The semi-autonomous vehicle segment led the market with a major global share owing to the widespread adoption of advanced manufacturing systems to develop advanced self-driving cars. With the aforementioned factors and an expanding rate of top-quality features and components is driving the growth of the segment during the forecast period.
U.S. is the most predominant market for autonomous driving vehicles with the rapid rate of early adoption by consumers along with increasing growth and development initiatives implemented by the large automotive industry manufacturers housed in the country supported by the government regulations focused on deploying autonomous vehicles on the road and efforts to approve the large-scale commercial application of self-driven vehicles.
Europe is expected to register sustainable rise in growth of the autonomous driving market with some of the globally leading automotive manufacturers placed in the European countries. Asia Pacific is anticipated to undergo substantial growth with the strengthening of automotive infrastructure and rising investments.
The major players of the global autonomous driving market are Ford Motor Company, BMW, General Motors, Volkswagen Group, Daimler AG, Toyota Motor Corporation, Renault-Nissan-Mitsubishi alliance, Groupe SA, Tesla, Volvo-Autoliv-Ericsson-Zenuity alliance, Audi AG, Uber Technologies, Honda Motor and AB Volvo. The autonomous driving market encompasses the locally dominant well-established market players along with the international entities expanding the market. Additionally, the leading market players are at the forefront of technological breakthroughs introducing a suite of novel strategies and innovative techniques to stay competitive in the global market.
Key Segments of the Global Autonomous Driving Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
Vehicle Type Overview, 2018-2028 (USD Billion)
- Passenger Cars
- Commercial Vehicles
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa