The autonomous cars market is set to grow from its current market value of more than USD 24 Million to over USD 60 million. Robust investments infused in automotive R&D and advancements in self-driving technology will provide commendable growth strides in autonomous cars market over the years. Features like ease of transportation, lower CO2 emissions, enhanced fuel-efficiency and the ability to reduce the cases of road accidents using high-precision sensors will facilitate the adoption of self-driving vehicles worldwide.

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Autonomous cars, which can be operated with minimal or no driving input in any capacity from a human, indeed, are rapidly becoming a reality because of the rising number of research & development (R&D) programs carried out by renowned automobile manufacturers and technology companies. The R&D efforts are mainly fueled by the lucrative opportunities offered by the sector, which has been largely unevolved – in the way the automobiles are operated – since its inception.

Known as the first generation of autonomous vehicles – level-1 autonomous cars are the ones that incorporate an advanced driving assistance system (ADAS). The system acts as an extension of the driver and helps the vehicle operator operate the car safely. According to a 2018 report by the Victoria Transport Policy Institute (VTPI), many of the level-1 autonomous vehicles incorporate technologies like hazard warning, cruise control, collision avoidance as well as automated parallel parking that take over some of the driver’s responsibilities.

The level-1 based autonomous cars market is primarily driven by the rising road-safety concerns around the world as more and more vehicles are added to the roads each year. The increasing road-safety concerns have prompted governments across the world to introduce programs that mandate the incorporation of ADAS inside vehicles to ensure passenger safety.

Programs such as the National Highway Traffic Safety Administration (NHTSA) in the U.S and the New Car Assessment Program (NCAP) in the European Union have impelled vehicle manufacturers to deploy vehicles that include a built-in level-1 semi-autonomous system. Amidst this scenario, it comes as no surprise that level-1 autonomous vehicles account for over 90% of the autonomous cars market share.

The level-4 autonomous vehicles – currently under the research phase – are expected to be commercially made available in the market by 2022. The rapidly increasing number of research & development efforts by industry leaders in the automated driving domain would be responsible for the growth of level-4 based autonomous cars market in the years to come. According to a 2018 report by Bloomberg, Waymo – an autonomous car initiative by Google’s parent company – Alphabet Inc., is a leading contender that is much ahead of its nearest competitor in the race to deploy an autonomous level-4 vehicle to the market.

 To bring this accomplishment to fruition, the firm has entered into an agreement with Chrysler to acquire thousands of Chrysler Pacifica minivans that the company intends to modify by retrofitting autonomous driving systems that use LiDAR sensors to drive the cars.

Government authorities across countries like China, Japan and Singapore are facilitating the testing of self-driving vehicles on public roads. Automakers are developing BEVs to reduce carbon emission and meet environment protection norms. EV manufacturing companies are meanwhile making significant advancements in self driving technology. In 2020, Chinese EV manufacturer, XPENG announced that it will deploy its navigation guided pilot (NGP), a level 3 autonomous capability, in Q1 of 2021. The company made further claims on attaining L5 autonomous capability by 2025.

Some of the major contenders in the autonomous cars market of APAC include are Nvidia Corporation, Tencent, Baidu, Aptiv PLC, Autoliv Inc. In 2017, the autonomous cars market of APAC was valued at over 8 million units, and is projected to hit the 24 million units market by 2024.

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Some Point from Table of Contents:

Chapter 5.   Global Autonomous Cars Market, By Level of Autonomy

5.1. Key trends, by level of autonomy

5.2. Level-1

5.2.1. Market estimates and forecast, 2015 - 2024

5.2.2.  Level-1 cars market, by type, 2015 - 2024

5.3. Level-2

5.3.1. Market estimates and forecast, 2015 - 2024

5.3.2.  Level-2 cars market, by type, 2015 - 2024

5.4. Level-3

5.4.1. Market estimates and forecast, 2015 - 2024

5.4.2.  Level-3 cars market, by type, 2015 - 2024

5.5. Level-4

5.5.1. Market estimates and forecast, 2015 - 2024

5.5.2.  Level-4 cars market, by type, 2015 - 2024

Chapter 6.   Global Autonomous Cars Market, By Type

6.1. Key trends, by type

6.2. Internal combustion engine (ICE) vehicle

6.2.1. Market estimates and forecast, 2015 - 2024

6.3. Hybrid electric vehicle (HEV)

6.3.1. Market estimates and forecast, 2015 – 2024

6.4. Battary electric vehicle (BEV)

6.4.1. Market estimates and forecast, 2015 – 2024

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