According to the research report titled ‘Global Self-driving Cars Market Size study, By Component (Camera Unit, LiDAR, Radar Sensor, Ultrasonic Sensor, Infrared Sensor), By Mobility type (Shared Mobility, Personal Mobility), By Electric vehicle (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By System (Adaptive Cruise Control (ACC), Adaptive Front Light (AFL), Automatic Emergency Braking (AEB), Blind Spot Detection (BSD), Cross Traffic Alert (CTA), Driver Monitoring System (DMS), Forward Collision Warning (FCW), Intelligent Park Assist (IPA), Lane Departure Warning (LDW), Night Vision System (NVS), Pedestrian Detection System (PDS), Road Sign Recognition (RSR), Tire Pressure Monitoring System (TPMS), Traffic Jam Assist (TJA)), By Vehicle type (Hatchback, Coupe & Sports Car, Sedan, SUV, Others), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global self-driving cars market accounted for USD 1.74 billion in 2021 and is anticipated to reach USD 6.36 billion by 2028, recording a 20.3% CAGR during the study period.

The implementation of stringent safety regulations, increasing popularity of luxury vehicles, growing demand for safety and driving comfort features, and the introduction of AI-based camera systems for self-driving applications are some of the chief factors driving the growth of global self-driving cars market.

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For the uninitiated, a self-driving car is integrated with vehicular automation and can recognize its surroundings as well as move safely with little or no human involvement.

Aside from this, the rapid incorporation of new technologies, increasing demand for 5G technology for vehicle connectivity, and dynamic mobile applications will contribute toward the overall market growth.

However, the lack of required infrastructure and real-time image processing in multi-camera systems are likely to restrain the overall market expansion.

Based on the component type, the market is divided into the infrared sensor, ultrasonic sensor, radar sensor, LIDAR, and camera unit. Moving on to the mobility type, global self-driving cars industry is fragmented into personal mobility and shared mobility.

As per electric vehicles, the market is segmented into hybrid, plug-in hybrid, fuel cell, and battery electric vehicles. In terms of system type, the industry is split into traffic jam assist, tire pressure monitoring systems, road sign recognition, pedestrian detection system, night vision system, lane departure warning, intelligent park assists, and forward collision warning, among others.

With respect to vehicle type, the market is subdivided into SUVs, sedans, coupe & sports cars, hatchbacks, and others.

Geographically, Asia Pacific self-driving cars industry is anticipated to register a healthy CAGR over the analysis period, attributable to the implementation of stringent safety regulations, rising demand for a safe and convenient driving experience, technological breakthroughs, and growing disposable income.

The leading players operating in global self-driving cars market are DENSO Corporation, Tesla Inc., Aurora Innovation Inc., BYD Co. Ltd., Waymo LLC, Toyota Motors Corporation, Volkswagen Group, Daimler AG, Ford Motors Company, and General Motors Company.