In the news release, Self-driving Cars Market worth 76,217 thousand units in 2035| MarketsandMarkets, issued 05-Dec-2024 by MarketsandMarkets over PR Newswire, we are advised by the company that the content has been revised. The complete, corrected release follows:
Self-driving Cars Market worth 76,217 thousand units in 2035| MarketsandMarkets
DELRAY BEACH, Fla., Dec. 9, 2024 /PRNewswire/ -- Self-driving Cars Market is projected to reach from 37,090 thousand units in 2024 to 76,217 thousand units in 2035, at a CAGR of 6.8%,according to a new report by MarketsandMarkets. The self-driving cars market is poised for significant growth, driven by advancements in sensor technologies like LiDAR and radar, the adoption of vehicle-to-everything (V2X) communication, and the rise of mobility-as-a-service (MaaS) solutions such as robotaxis and autonomous shuttles. This growth is further fueled by supportive government policies and high consumer demand for safer and more convenient mobility solutions. The development of cloud computing and AI-based decision-making is also critical, enabling real-time data processing and dynamic improvements to autonomous vehicle performance. Emerging markets and intelligent city initiatives further amplify the market's expansion potential.
Personal Mobility segment is estimated to hold the largest share during the forecast period.
The personal mobility segment is expected to lead the self-driving cars market during the forecast period, driven by a surge in demand for autonomous vehicles that offer convenience, flexibility, and on-demand transportation. Urbanization and smart city initiatives fuel the need for innovative mobility options to reduce congestion and improve travel efficiency. In 2024, Toyota's Corolla, a Level 1 autonomous vehicle, sold over 1.2 million units globally from January to September, showcasing rising consumer interest in ADAS-equipped vehicles. This trend underscores the appeal of autonomous features in personal transportation. AI, sensor technology, and connectivity advancements further drive this adoption, particularly with electric self-driving vehicles. As of October 2024, companies like Tesla (US) are increasing their push toward fully electric and autonomous models. New releases like the Tesla Model S Plaid focus on safety and efficiency. OEMs such as Honda Motor Co., Ltd. (Japan), Nissan Motor Co., Ltd. (Japan), General Motors (US), and Mercedes-Benz Group AG (Germany) are also developing their Level 2 and 3 semi-autonomous cars for personal use. For instance, in June 2024, Japanese automaker Nissan showcased its in-house developed self-driving tech as part of its plan to provide autonomous mobility services by 2027.
The C&D segment is estimated to lead the self-driving cars market during the forecast period.
The C&D segment of self-driving cars is expected to dominate the market during the forecast period, driven by a strong preference for mid-size sedans and SUVs equipped with advanced autonomy and safety features. Popular models such as the Audi A4, an L2 autonomous car, ranked among Audi's best-sellers in the US and Europe in 2023, while the Hyundai Elantra, an L1 car, recorded significant sales in South Korea the same year, illustrating broad demand across regions. Supporting this growth, BMW Group (Germany) began production at its Leipzig, Germany, plant in July 2024, with a focus on vehicles such as the BMW 3 Series, a popular L2 model from the C&D segment. Such production expansions highlight manufacturers' efforts to meet rising demand and reinforce the segment's leadership in the market.
North America is expected to grow significantly during the forecast period.
North America is expected to grow significantly in the self-driving cars market during the forecast period, driven by technological advancements, supportive policies, and strong consumer demand. The region benefits from the presence of leading automakers like Ford, General Motors, and Tesla, as well as start-ups such as Waymo, Motional, and Aurora, spearheading autonomous vehicle development. For example, Ford's BlueCruise system now covers 130,000 miles of controlled-access highways in the US and Canada. In comparison, General Motors has expanded its Super Cruise functionality to approximately 750,000 miles of roads, including highways and major arterials, as of February 2024. Regulatory initiatives, such as the US National Highway Traffic Safety Administration's (NHTSA) mandate for autonomous emergency braking (AEB) by 2029, further accelerate adoption.
Additionally, Waymo's driverless taxi services expanded to Los Angeles in August 2024, marking a milestone in public acceptance of fully autonomous vehicles. These advancements, combined with investments in intelligent transportation infrastructure and the increasing popularity of semi-autonomous features. Position North America as a key growth region for self-driving cars.
Key Market Players Self-driving CarsIndustry:
The major players in the Self-Driving Cars Market include Toyota Motor Corporation (Japan), Tesla (US), BYD Co., Ltd. (China), Volkswagen Group (Germany), Ford Motor Company (US), Hyundai Motor Group (South Korea). These companies offer self-driving feature-enabled vehicles and have strong global distribution networks. Companies are also actively launching new products to expand their market presence. Tesla (US) launched a robotaxi named Cybercab in October 2024. Similarly, in June 2024, Cruise LLC, a General Motors subsidiary, announced that it has resumed manual driving in Phoenix, Houston, and Dallas, with supervised operations ongoing in Phoenix and Dallas.
Analysis of key drivers (InFocus on improving road safety, Government regulations for integration of advanced safety technologies, and Rise of autonomous ride-hailing services), restraints (High development costs and Data privacy concerns), opportunities (Emergence of subscription-based service offerings and Consumer focus on sustainable transportation solutions), and challenges (Substantial cost of ADAS integration, Lack of software standardization, and Inadequate infrastructure for self-driving cars)
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the self-driving cars market.
Market Development: Comprehensive information about lucrative markets - the report analyses the self-driving cars market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the self-driving cars market.
Competitive Assessment: In-depth assessment of market share, growth strategies, and service offerings of leading players like Toyota Motor Corporation (Japan), Tesla (US), BYD Co., Ltd. (China), Volkswagen Group (Germany), Ford Motor Company (US), Hyundai Motor Group (South Korea) among others in self-driving cars market.
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