worldwide autonomous cars market is predicted to reach over 263,532 units by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, the growing adoption of connected cars, in consort with the burgeoning need to automate driving to decrease human errors is the key propeller of the autonomous cars market growth. Also, market magnates such as Mercedes, BMW, and Google are focusing increasingly on developing cutting-edge technologies for self-driving vehicles. The surging need for enhanced road safety, and rising disposable income is slated to motivate individuals to invest in self-driving cars, thereby supporting autonomous cars market growth.
Key highlights of the autonomous cars market report are enumerated below:
- Speaking of regional bifurcation, North America captured the majority stake in the global market in the year 2017.
- Important drivers of the global autonomous cars include technological enhancements, surging acceptance of IoT, and dynamic mobility solutions.
- Emerging new markets, evolving consumer demographics, and substantial funding in research and development will offer abundant growth opportunities in the market over the projected period.
In March last year, Nissan publicized integrating Nissan Altima range of cars with ProPilot Assist, a semi-autonomous driver assistance system. According to trusted reports, ProPilot Assist is a level two self-driving system providing lane control, speed control, and distance from other vehicles with minimum inputs from the driver. The cameras incorporated into the system can detect lane markings at highway pace, along with aiding in lane-keeping, adaptive cruise control, and blind spot recognition.
According to the report, the global market has been bifurcated based on components, level of automation, and region. Depending on the level of automation the market is further segmented into Level 3, Level 2, and Level 1. In terms of components, the autonomous cars market is categorized into radars, Artificial Intelligence, LiDAR, sensors, camera, and others.
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Speaking of regional proliferation, North America market is projected to dominate the worldwide market over the forecast duration. As per the report, the development of the market in this region can be attributed to rising disposable income and high standard of living. Also, the presence of key players in the NA nations taps market potential and augments market growth. Surging investment in research and development programs and rising technological advancements in self-driving cars have been expediting the regional market growth. Furthermore, stringent regulatory attitude pertaining to testing autonomous vehicles on public roads has encouraged top market players to debut advanced autonomous driving technologies.
The leading players profiled in the autonomous cars business space include BYD, Alphabet Inc., General Motors, Uber, Daimler, Nissan, Tesla Motors, Honda Motor Corporation, Mercedes-Benz, and Bayerische Motoren Werke AG among others. The key strategies adopted by these companies to boost their market size and share include the launch of new products, merger and acquisitions, and collaboration with other significant players.
A deep dive analysis of top global players has also been added to the report, elaborating player’s overview, financials, product benchmarking, and recent developments.
The study also provides a detailed analysis of autonomous cars market dynamics including dedicated sections for market forces, market driver analysis, market restraint/challenges analysis, and market opportunity analysis.