Autonomous / Self-driving Cars Market worth 62.4 million units by 2030

The Autonomous / Self-driving Cars Market was valued at $420.3 Million in 2021, and it is expected to reach $62.4 Million by 2030, at a CAGR of 13.3% during the forecast period 2021-2030.

Safety features are an important prerequisite for automotive customers across the world. Governments across the world have mandated the incorporation of features such as lane departure warning (LDW) and automatic emergency braking (AEB) paving way for new technologies and Autonomous / Self-driving cars . Different types of safety features have, therefore, been developed to assist drivers and lower the number of accidents. It is expected that the emergence of robo-taxis will be one of the key revenue-generating segment for Autonomous / Self-driving cars.

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Sedan is expected to be the largest segment in the Autonomous Vehicle Market

Currently, most semi-autonomous cars models are available in sedan type. Most level 2, level 3, and level 4 car developments too are focused on sedan segments. For example, Mercedes-Benz, the German OEM deployed its V-class sedan equipped with Baidu Apollo for extensive testing at the National Pilot Zone (Beijing and Hebei). In March 2021, Honda launched the first level 3 semi-autonomous car for the Japanese market. The car is a luxury sedan type that operates without the driver’s supervision under certain conditions. Thus, considering the developments and focus in sedan type, the segment would continue to lead the market.

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.

The Autonomous Vehicle 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 Vehicle Market.

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