Autonomous / Self-Driving Cars Market worth USD 62.4 million by 2030, at a CAGR of 13.3%

The autonomous / self-driving cars market size is expected to reach USD 62.4 Million by 2030, at a CAGR of 13.3% during the forecast period 2021-2030.

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BEV segment will be a key market for autonomous vehicle

Governments of several countries such as the US, Canada, China, India, South Korea, Japan, and European countries have exempted BEVs from road or registration taxes. These schemes are proving to be successful as per the BEV sales reports of electric vehicles in several regions. BEVs are electric vehicles that use chemical energy stored in rechargeable battery packs for power. The growth and success of BEVs are dependent on innovations in battery technology. Therefore, many automotive players are taking the initiative to develop battery technology. This will result in the BEV segment having a key market for autonomous vehicle.

Increasing developments in autonomous shared mobility

Autonomous / Self-driving cars can operate with little or no human intervention. These vehicles are being developed for a reduction in accidents caused due to human errors, reduction in traffic congestion, and hassle-free transport. The development of autonomous vehicles will fuel the growth of ride-sharing. According to the Future of Driving report from Ohio University, with the use of autonomous taxis, the waiting time for a cab would come down from an average of 5 minutes to just 36 seconds. With autonomous ride-sharing, the cost of a ride would come down to just USD 0.5 per mile. For example, according to secondary research, Uber's per ride charges are ~USD 2/mile, of which Uber takes ~50 cents, and USD 1.50 is with the driver. For an autonomous car or robo-taxi instead of a driver-driven car, Uber can straightaway charge a customer ~USD 1 per mile and earn additional ~50 cents per mile. However, the overhead costs such as the maintenance of a car, navigation, and payment services would be a part of it. Autonomous / Self-driving cars would also solve the problem of the first and last mile.

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The Asia Pacific region is projected to be the fastest-growing autonomous / self-driving cars market, by 2030

Asia Pacific is expected to account for the largest market share by 2030, followed by Europe and North America. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations across the globe are factors driving the autonomous / self-driving cars market. The market in Asia Pacific is expected to grow at the highest rate during the forecast period owing to increased partnerships adopted by Autonomous / Self-driving cars technology providers in this region. For example, Baidu is a major service provider of autonomous / self-driving technology in China. This company has already successfully test-driven more than 1 million miles in more than 13 Chinese cities. It is partnering with Ford and NVIDIA to increase investments for autonomous / self-driving vehicles in China. Asia Pacific also has one of the largest ride-sharing industries.

Key Market Players

The autonomous / self-driving cars market is dominated by global players such as General Motors (US), Ford (US), Daimler (Germany), Volkswagen (Germany), Toyota (Japan) and Waymo (US). These companies have adopted strategies such as new product development, expansion, collaborations, partnerships, and mergers & acquisitions to gain traction in the Autonomous cars Market. Partnership and collaboration are the most widely adopted strategies by major players.

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Mr. Rohan Salgarkar
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