Global Autonomous Car Market was valued at US$ 75.43 billion in 2021 and is expected to surpass US$ 1,533.70 Billion by 2030, registering a CAGR of 39.9% during the forecast period (2022-2030), according to the Global Autonomous Car Market Report, by Level of Automation (Level 1, Level 2, Level 3, Level 4, Level 5), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
An autonomous car or driverless car or connected vehicle is a vehicle capable of sensing its environment and operating without human intervention. In layman’s terms, an autonomous car can guide itself without human input. Autonomous cars have been deemed as the cars of the future with inclusion of advanced technology such as machine learning, sensors, actuators, complex algorithms, SONAR, LIDAR, and GPS. Moreover, these cars are equipped with high-performing processors to execute specialized software. Sophisticated software installed in the autonomous car processes all sensory input, maps the path and sends instructions to the car’s actuators that control braking, acceleration, and steering.
Enhanced mobility for the geriatric population and disabled individuals is expected to boost the global autonomous car market growth over the forecast period. According to Coherent Market Insights’ analysis, countries including Japan, Italy, and Germany, where people over 65 years old or elderly account for more than 20% of the total population. This age group is more susceptible to slow responsiveness to myopia and other diseases. According to the National Highway Traffic Safety Administration, there has been an increase in accidents involving the elderly. The autonomous car can make driving for people of this age group a more independent and safer affair. Moreover, in countries such as the U.S., geriatric population is expected to boost the demand for autonomous cars. Disabled or handicapped individuals are among the most who are unable to drive, which in turn, is expected to increase the demand for these cars. Thus, these factors are expected to propel growth of the global autonomous market over the forecast period.
Global Autonomous Car Market- Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has affected the global autonomous car market significantly. Lockdown was imposed across the globe as a precautionary measure by governments of countries to stop the spread of coronavirus. This led to the temporary suspension of all businesses due to disruption of supply chain operations and lack of manpower. This hampered the production of autonomous cars during the pandemic and hence the global autonomous car market witnessed slow growth.
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Key Trends and Analysis of the Global Autonomous Car Market: