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(I-AutoNewsWire.com, June 02, 2022 ) The global Autonomous Cars Market size is projected to grow from 20.3 million units in 2021 to 62.4 million units by 2030, at a CAGR of 13.3%. The growth of the market is driven by the growing demand for driver assistance systems and stringent safety mandates for a safer driving experience.
The Autonomous / Self-driving cars Market is dominated by global players such as General Motors (US), Ford (US), Daimler (Germany), Volkswagen (Germany), Toyota (Japan) and Waymo (US).
Opportunity: Increasing developments in autonomous shared mobility
Autonomous / Self-driving cars can operate with little or no human intervention. These vehicles are being developed for a reduction in accidents caused due to human errors, reduction in traffic congestion, and hassle-free transport. The development of autonomous vehicles will fuel the growth of ride-sharing. According to the Future of Driving report from Ohio University, with the use of autonomous taxis, the waiting time for a cab would come down from an average of 5 minutes to just 36 seconds. With autonomous ride-sharing, the cost of a ride would come down to just USD 0.5 per mile. For example, according to secondary research, Uber’s per ride charges are ~USD 2/mile, of which Uber takes ~50 cents, and USD 1.50 is with the driver. For an autonomous car or robot taxi instead of a driver-driven car, Uber can straightaway charge a customer ~USD 1 per mile and earn additional ~50 cents per mile. However, the overhead costs such as the maintenance of a car, navigation, and payment services would be a part of it. Autonomous / Self-driving cars would also solve the problem of the first and last mile.
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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 vehicles.
The Asia Pacific region is projected to be the fastest-growing Autonomous / Self-driving cars Market, by 2030
The Asia Pacific is expected to account for the largest market share by 2030, followed by Europe and North America. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations across the globe are factors driving the Autonomous / Self-driving cars Market. The market in the Asia Pacific is expected to grow at the highest rate during the forecast period owing to increased partnerships adopted by Autonomous / Self-driving car technology providers in this region. For example, Baidu is a major service provider of autonomous / self-driving technology in China. This company has already successfully test-driven more than 1 million miles in more than 13 Chinese cities. It is partnering with Ford and NVIDIA to increase investments in autonomous / self-driving vehicles in China. The Asia Pacific also has one of the largest ride-sharing industries.
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Asia Oceania region comprises countries such as China, Japan, India, South Korea and Thailand. In recent years, China has emerged as a hub for automobile production. Infrastructural developments and industrialization activities in emerging economies have opened new avenues, creating several opportunities for automotive OEMs. The growing technological advancements in China have increased the demand for semi-autonomous vehicles, which is going to increase the market for Autonomous / Self-driving cars.
Mr. Aashish Mehra