The autonomous cars market size is expected to see rapid growth in the next few years. It will grow to $1851.15 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to increasing r&d investments for self-driving vehicles, supportive government initiatives, the growing demand for electric vehicles, the increasing concerns about vehicle safety and the rising urbanization. Major trends in the forecast period include investing in ai (artificial intelligence), collaborating with telecom service providers to set up 5g network infrastructure for smooth functioning of autonomous cars, investing in cyber security software to protect autonomous cars from hackers, building relationships with taxi services to increase revenue through a differentiated service, integrating improved vision solutions in cars for better-quality direction and object recognition, utilizing ar (augmented reality) and vr (virtual reality) technologies and focusing on pre-collision assist and pedestrian detection technology.
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Segmentation & Regional Insights
The autonomous cars market covered in this report is segmented –
1) By Automation Level: Level 1, Level 2, Level 3, Level 4, Level 5
2) By Product Type: Semi-Autonomous Vehicles, Fully-Autonomous Vehicles
3) By Application: Civil, Robo Taxi, Offline Taxis, Ride Hail And Ride Sharing, Other Applications
Asia-Pacific was the largest region in the autonomous cars market in 2023. Western Europe was the second largest region in the autonomous cars market share. The regions covered in the autonomous cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the development of smart cities is a key factor driving the growth of the autonomous cars market. Electric autonomous cars help reduce air pollution in smart cities and also help to fight climate change. By using driverless cars, traffic accidents can be decreased by 90%, significantly improving the safety of our roads. Several countries, such as Mexico, Canada, and the United States, are deploying digital infrastructure to promote communication between vehicles and networks to collect essential information, thereby reducing traffic congestion and improving road safety. Therefore, the rise in the development of smart cities is expected to drive the growth of the autonomous cars market.
Key Industry Players
Major companies operating in the autonomous cars market report are Toyota Motor Corporation, Volkswagen AG, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, BMW AG, Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Volvo Car Group, Tesla Inc., Hyundai Motor Company, Audi AG, PSA Group, Renault, Jaguar Land Rover, NIO, Daimler AG, Vauxhall, Kia, Haval, Chevrolet, Fiat
The autonomous cars market report table of contents includes:
1. Executive Summary
2. Autonomous Cars Market Characteristics
3. Autonomous Cars Market Trends And Strategies
4. Autonomous Cars Market – Macro Economic Scenario
5. Global Autonomous Cars Market Size and Growth
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32. Global Autonomous Cars Market Competitive Benchmarking
33. Global Autonomous Cars Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Autonomous Cars Market
35. Autonomous Cars Market Future Outlook and Potential Analysis
36. Appendix
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