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Autonomous Cars Market Size worth USD 1.33 Billion at 3.3% CAGR; Innovations in Transportation & Automotive Industry to Aid Growth: Fortune Business Insights™

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Pune, India, March 17, 2021 (GLOBE NEWSWIRE) — According to the report, Autonomous Cars market size is projected to reach USD 1.33 Billion value at 3.3% CAGR by 2026. The global autonomous cars market is set to gain traction from the increasing innovations occurring in the transportation and automotive industry. Besides, the rising adoption of ride-hailing technology is leading several prominent manufacturers to invest in the field of driverless ride-sharing. The autonomous cars market size was valued at USD 1.82 billion in 2019
               
The COVID-19 pandemic has dealt severe blows on the automotive industry. When the pandemic erupted, governments announced lockdowns and social distancing measures to contain the spread of the virus. As a result, several carmakers, such as Fiat and PSA Group, were forced to close down their plants to comply with the new regulations. These adverse developments triggered by the pandemic will have repercussions for markets associated with the auto industry, including this one.
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Rising Commercialization of Autonomous Cars Technology to Spur DemandThe global transportation network is set to be altered on account of the increasing commercialization of autonomous cars technology. Governments of various countries are implementing strict laws and norms to promote automation in vehicles. This would help in enhancing the safety and security of passengers, vehicles, and pedestrians.Furthermore, the rising adoption of advanced driver assistance systems (ADAS) to reduce pressures and distractions on the driver is likely to bolster the autonomous cars market growth in the near future. However, these systems pose numerous challenges, such as failures and malfunctioning. It may obstruct growth.
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Semi-autonomous Segment to Grow Rapidly Owing to Integration of Various FeaturesBased on type, the fully-autonomous segment procured 78.9% in terms of the autonomous cars market in 2019. The semi-autonomous segment, on the other hand, is expected to grow considerably backed by the increasing integration of various ADAS features, namely, adaptive cruise control and intelligent park assist.
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Asia Pacific to Remain Dominant Owing to High Demand for Unique FeaturesGeographically, in 2019, Asia Pacific earned USD 0.81 billion in terms of revenue. The region is set to retain its dominant position in the coming years stoked by the rising consumer preferences for technologically advanced features, as well as higher usage of autonomous vehicles in the region. Multiple automotive manufacturers in this region are trying to broaden their production units for surging sales in India and China.Europe, on the other hand, is set to remain in the second position fueled by rising investments by prominent manufacturers to develop novel technologies. The British government, for instance, is planning to introduce self-driving cars by the end of 2021.
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Key Players Focus on Partnership Strategy to Co-develop New Solutions for Autonomous CarsThe global market for autonomous cars is fragmented with the presence of multiple reputed companies. Most of them are adopting the strategy of partnership to co-develop new features for autonomous cars. Some of the others are investing huge sums in research and development activities to come up with new autonomous car solutions.Autoliv Inc.  (Stockholm, Sweden)Aptiv (Dublin, Ireland)Waymo LLC (California, United States)Robert Bosch GmbH (Gerlingen, Germany)Daimler AG  ( Stuttgart, Germany)Baidu (Beijing, China)AutoX, Inc. (California, United States)Pony.ai (Fremont, California, United States)Ford Motor Company (Michigan, United States)HYUNDAI MOTOR GROUP (Seoul, South Korea)Volvo (Gothenburg, Sweden)
Global Autonomous Cars Market Segmentation:By Type:Fully AutonomousSemi-AutonomousBy Vehicle Type: Passenger CarsCommercial VehiclesBy GeographyNorth America (U.S. and Canada)Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)Latin America (Brazil, Mexico, and Rest of Latin America)Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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