Self-driving Cars Market Share is Rising: Key Insights And Industry Review

Self-driving Cars Market

Factors such as increasing semi-autonomous vehicle implementation and semi-autonomous vehicle launches will drive industry growth. The increasing demand for cleaner and more efficient driving systems promotes the development and use of semi-autonomous vehicles. Furthermore, a few regional governments have enacted strict driving and safety regulations, stimulating automakers to incorporate these technologies into their vehicles. The presence of many passenger cars has increased the growing need to improve the driving experience and encourages the implementation of semi-automated vehicles.

According to the research report published by Polaris Market Research, the global self-driving cars market was valued at USD 20.25 billion in 2021 and is expected to reach USD 60.27 Billion By 2030, growing at a CAGR of 13.9% during the forecast period.

During the pandemic, sales of such autonomous cars increased, with around 11.2 million units being sold, a 78% increase from 2019. As a result of the industry’s uplifting environment, car manufacturers worldwide are implementing new semi-autonomous vehicle models to attract customers.

For instance, in April 2021, Citroen announced its new C5 X SUV model. This new model was available in both gasoline and plug-in hybrid configurations. Under current regulations, the C5 X provides semi-autonomous level 2 driving. Thus, the rising launches of advanced semi-autonomous vehicles have increased this adoption, boosting the industry growth during the forecast period.

Based on the electric vehicle, the BEV segment accounted for the leading share in the industry. Several countries’ government agencies have reduced tax duties from road or registration fees. As a result, many automakers are taking the lead in developing battery technology. As a result, the BEV segment will be a significant industry for self-driving cars.

See also  What is Blockchain Gaming? How to Get Started with Blockchain Gaming

Top Players in the Market:

Market players such as Audi, Aurora Innovation Inc., Argo Ai, Ford, Cadillac, Daimler AG, Einride, Volvo Car Group, General Motors Company, Lexus, Nissan Motor Co. Ltd, Honda, Tesla Inc., Toyota Motor Corp., Uber Technologies Inc., and Waymo LLC (Google Inc.) are some key players operating in the global market. In January 2021, the California Department of Motor Vehicles (DMV) supported Baidu Apollo to evaluate driverless vehicles on public roads without a safe person behind the wheel.