Autonomous Cars Market is expected to grow at a CAGR of 22.0% during 2021-2026, reports Stratview Research.
RAIPUR, India, Feb. 10, 2022 – Stratview Research, a leading market research firm has launched a report on the Autonomous Cars Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
According to the report, the Autonomous Cars Market is driven by a host of factors, some of which are noted below:
- Norms & regulations set by the government
- The mounting number of vehicular accidents globally, boost the demand for autonomous vehicles.
- Surging demand for the advanced driver assistance systems (ADAS) in vehicles, which has resulted in accelerating the market progress.
The paper also offers growth rate projections based on the intensity of drivers and limitations, as well as many graphical representations of significant insights.
Autonomous Cars Market Segmentation:
Stratview Research has segmented the market in the following 3 ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- Level of Autonomy (Level-1, Level-2, Level-3, and Level-4)
- Type (Internal Combustion Engine (ICE) Vehicle, Hybrid Electric Vehicle (HEV), and Battery Electric Vehicle (BEV)
- Region (North America, Europe, Asia-Pacific, and Rest of the world).
Autonomous Cars Market Insights
Autonomous Cars Market Share: By Level of Autonomy
Based on the level of autonomy, the market is segmented into Level 1, Level 2, Level 3, and Level 4. In 2020, Level 1 cars accounted for a large share of the overall market. With the growing demands for vehicular and driver/passenger safety concerns, several governments are charting out initiatives to improve the safety of cars. In various countries, they are encouraging consumers to use advanced driver assistance systems (ADAS). As a result, a number of automobile manufacturers have engaged in the integration of Level 1 automation in their vehicles. Moreover, Level 4 cars haven’t been launched in the market yet and are still under the R&D phase. Therefore, there is a significant demand for Level 1 cars currently.
Autonomous Cars Market Share: By Type
The market is divided into three types: internal combustion engine (ICE), hybrid electric vehicle (HEV), and battery electric vehicle (BEV) (BEV). By 2020, ICE-powered cars will have the biggest market share in the worldwide autonomous vehicle market. Although there has been a surge in demand for electric vehicles in recent years, ICE-powered automobiles continue to be in great demand in growing economies such as India, China, South Africa, Indonesia, and Brazil, among others. Furthermore, in poorer countries, the required infrastructure for electric vehicles is lacking, increasing the demand for ICE-powered automobiles. Hence, it is estimated that the internal combustion engine (ICE) vehicle market sub-segment would gain maximum traction and grow steadily during the forecast period.
Which region offers the best opportunity and growth?
The market is divided into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. Among these regions, Europe is predicted to dominate the autonomous vehicle market for the duration of the forecast period. Several major vehicle manufacturers, including Daimler AG, BMW AG, Volkswagen, and Volvo Car Corporation, are headquartered in the region. The market in the region is predominantly driven by large-scale expenditures by automobile manufacturers, as well as supportive government programs. Furthermore, numerous European countries, like Germany, the United Kingdom, and France, have already encouraged the use of self-driving automobiles on public roads and highways. North America and Europe are also expected to offer considerable growth opportunities over the forecast period.
COVID-19 Impact on the Autonomous Cars Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players –
- BMW AG
- Robert Bosch GmbH
- Daimler AG
- Ford Motor Company
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- TOYOTA MOTOR CORPORATION
- Volvo Car Corporation.
The report includes:
– In-depth analysis of the Autonomous Cars Market.
– Detailed market segmentation.
– Competitive-landscape analysis.
– Historical, present, and future market size analysis.
– Industry trends, technologies, and advancements.
– Growth and operation strategies adopted by key players.
– Potential segments/regions offering promising growth.
– Geographical presence of the key players.
Stratview Research is a global market research firm that offers reliable market reports, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments. Stratview Research also offers customization of the reports. Reach out to the analysts to customize the given report according to your priority/requirement.
Source: Stratview Research