Autonomous cars, also known as robot cars, driverless cars or self-driving cars, use a combination of sensors like cameras, radar and lidar for navigation and collision avoidance without human input. Autonomous cars are safer than traditional vehicles as they don’t get distracted, drunk or tired. They can significantly reduce traffic congestion by increasing road capacity and optimizing traffic flows.
The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Enhanced safety is one of the major advantages driving the adoption of autonomous cars. According to a study published by National Highway Traffic Safety Administration (NHTSA), over 90% of road accidents are caused due to human errors like drunk driving, distraction, speeding etc. Autonomous vehicles use artificial intelligence and advanced sensors to navigate roads safely without human intervention. They can identify pedestrians, cyclists and other vehicles on roads in real time and avoid collisions. As autonomous cars eliminate the possibility of human errors while driving, they can significantly reduce road accidents and make transportation safer.
SWOT Analysis
Strength: Autonomous cars provide safety and reduce human errors. They integrate advanced technologies like sensors, radars etc. to avoid accidents.
Weakness: High development costs involved in designing & developing autonomous driving features. Dependence on technologies like AI, machine learning which require continuous research.
Opportunity: Growing demand for self-driving taxis and commercial vehicles present major business opportunity. Ability to free up humans from driving and allow them to engage in other activities.
Threats: Strict safety regulations by governments before allowing fully autonomous cars on roads. Cybersecurity threats as autonomous cars collect and transmit large amount of data continuously.
Key Takeaways
The global Autonomous Car Market size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is US$ 147.63 Bn with a CAGR of 7.7% during the forecast period.
North America is currently dominating the Autonomous Car Market due to presence of major automotive technology companies in the US and Canada. Asia Pacific is expected to be the fastest growing region owing to strong growth of electric vehicles market in China coupled with government initiatives for autonomous driving technology development in countries like Japan and South Korea.
Key players operating in the Autonomous Car Market are Audi AG, Bayerische Motoren Werke AG, General Motors Company, Nissan Motor Co., Ltd., Tesla Motors, Inc., The Volvo Group, Toyota Motor Corporation, Uber Technologies Inc., Waymo LLC, Kia- Hyundai. Major players are investing heavily in R&D to develop advanced driver-assistance systems and focus on integrating artificial intelligence, machine learning, and other cutting-edge technologies to enhance autonomous functionality of vehicles.
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