Self-driving Cars And Trucks Market To Grow At 46.9% CAGR Till 2033
Dnyaneshwar Dhanawade
Senior Business Analyst- Automotive & Transportation, Energy and Power [Talks about]- automotiveindustry| | Autonomous | Electric & Hybrid Vehicles |technology| electricvehicles| Semiconductor and Electronic
The global self-driving cars and trucks market size was exhibited at USD 103.50 thousand in 2023 and is projected to hit around USD 4,843.49 thousand by 2033, growing at a CAGR of 46.9% during the forecast period of 2024 to 2033.
Key Takeaways:
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Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry, with high growth potential, and act as a catalyst in the technology development of automobiles. The development of a supportive regulatory framework, government funding, and investment in digital infrastructure is expected to play a key role in driving the market growth.
For instance, in August 2022, the U.K. pledged ￡100M for the self-driving vehicle revolution. This funding is intended to activate the autonomous vehicle industry's incredible potential, attracting investment and developing the UK's increasing self-driving vehicle distribution network. The market has a wide range of products and systems that make up the autonomous vehicle infrastructure.
The self-driving car is made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently to carry out operations automatically without the help of drivers. Moreover, the self-driving car senses the environment and navigates by forming an active 3D map using artificial intelligence software, radio detection and ranging (RADAR), light detection and ranging (LiDAR), and cameras. By performing situational analysis, motion planning, and trajectory control, these sensors help in the process of navigation.
There is an increasing demand for self-driving cars for road safety measures. The number of road accidents is increasing daily; the primary cause of accidents is human error that occurs in the uncertainty of events, for instance, head-on collisions due to misinterpretation of the driver. The Self-driving vehicle is driven by a computer. Thus, it makes fewer errors than humans, such as accidents due to distracted driving, alcohol, not wearing seatbelts, speeding, and drowsy driving.
Self-driving vehicles are machines that optimally perform the task of driving and aren’t tired or bored, or wouldn’t be distracted. Thus, the traveler is safer in an autonomous vehicle than in a human-driven car. In the uncertainty of events, for instance, head-on collisions due to misinterpretation of the driver. For instance, in March 2020, Volkswagen, a vehicle manufacturer in Germany, developed the Car2X safety feature, which relies on the Wi-Fi p standard, designed explicitly for local vehicle communication without a cellular connection. This technology helps avoid accidents by connecting with other vehicles and the traffic infrastructure.
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Application Insights
The transportation segment dominates the market with a volume share of more than 93.0% in 2023, attributed to government funding in self-driving car trials. For instance, the U.K. government’s Intelligent Mobility Fund (IMF) was funded for developing innovations for the transportation industry. The transportation segment is further bifurcated into industrial and commercial applications.
The U.S. is anticipated to witness high adoption of driverless technology in transportation due to increased government support in amending transport regulations to create a gateway for driverless cars. Furthermore, Europe is also expected to emerge as a potentially lucrative market for the adoption of self-driving cars with the growing consumer preference for using techno-advanced products.
The advances in technologies and rising acceptance of self-driving cars by various governments across the globe are expected to boost the growth of industrial applications of self-driving cars and trucks over the forecast period.
Several companies such as Audi and Tesla Motors collaborate with technology developers for better and rapid development of Self-driving technology in vehicles. For instance, collaboration companies such as Nvidia will assist automobile manufacturers in developing object recognition. Also, auto manufacturers such as Waymo have partnered with Intel Corporation to enhance automobile infotainment systems. Aptiv PLC, an automotive company in Ireland, collaborated with Lyft, a ridesharing company in the U.S., to provide a taxi service. Moreover, in 2020, Lyft and Aptiv stated that they had provided 100,000 paid rides in Aptiv's self-driving vehicles via the Lyft app.
Regional Insights
The North American region led the market with a volume share of 45.0% in 2023. The growth is attributed to amendments in traffic regulations in the U.S. to incorporate self-driving cars on public roads. The regulation is slowly being adopted across all the states of the U.S. to make transportation fully autonomous. Furthermore, the growth across the mobility as a service sector is anticipated to provide an impetus to the growth of the self-driving car market.
The U.S. Department of Transportation (USDOT) generated the automated vehicles comprehensive plan in collaboration with a broad coalition of academic, industry, state, local, advocacy, and transportation stakeholders to support the secure development, integration, and testing of automated vehicle technologies. Such a modernized regulatory environment & supportive government regulations are responsible for the growth of the market opportunities for autonomous vehicles.
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In 2018, the Department of Transport of the UK, initiated a jurisdiction to operate autonomous vehicles on any public roads without any extra insurance or permits. The Department also established the Centre for Connected and Autonomous Vehicles in 2023. The U.K. government plans for self-driving vehicles to be in use by 2023, and it also plans to make the required changes to the regulations that can support the development of Self-driving cars in the U.K.
Some of the prominent players in the Self-driving cars and trucks market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global self-driving cars and trucks market.
Application
By Region
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