Autonomous Cars Market To Witnessed An Appreciable Growth By 2025
Europe autonomous cars market could reach a total of over 22 million units by 2024. The demand for the Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV) is project to accelerate at a stellar rate across countries like Germany, Sweden, and Netherlands. These countries house some of the most well-maintained electric charging stations across Europe.
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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Currently, governments across countries like U.S. and Germany are rolling out favorable initiatives to help automakers test prototype version of these vehicles on public roads. Highlighting an instance, in 2020, U.S. automaker General Motors’ subsidiary Cruise received approval from California Department of Motor Vehicles to commence use of self-driving prototype vehicles on public roads without a safety operator.
The company also touted plans to roll out the robocars on public roads in San Francisco by late 2020. Federal investments targeted on setting up adequate communication infrastructure may anchor the growth prospects of global autonomous cars market size over the forthcoming years. Mentioned below are some of the key trends that may stir the market outlook.
The autonomous cars market of North America is dominated by manufacturers like Waymo, Ford Motor Company, General Motors Company, Uber Technologies Inc., and Tesla Inc. Companies in this niche are diligently working on incorporating advanced automotive electronics like radar, sensors, LiDAR and cameras within their self-driving vehicles.
However, hybrid and battery electric vehicles (EVs) are being preferred by autonomous vehicle companies as they significantly reduce harmful vehicular emission as well as the dependency on fossil fuels. Driven by a steady transition towards electric mobility, it is estimated that the North America autonomous cars industry may clock a CAGR of 12% through 2024.
Reports indicate that the ICE (Internal Combustion Engine) autonomous vehicles asserted a market share of over 95% in 2017 in North America. However, this share is estimated to lessen over time due to rising environmental concerns and availability of efficient alternate technologies like battery electric vehicles. Tech giants and autonomous manufactures like Tesla are developing new R&D centers to back the development of A-EVs.
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Partial Chapter of the Table of Content
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. Autonomous Cars Market estimates and forecast, 2015 – 2024
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