The global autonomous cars market was valued at US $9.91 billion in 2017, and is expected to increase to US $86.85 billion by 2026, registering a CAGR of 36.6% over the forecast period from 2018 to 2026, according to Autonomous Cars Market Report, by Level of Automation (Level 1, Level 2, Level 3, Level 4, and Level 5), by Application ( Passenger Cars, Public Transportation, Commercial Applications, and Air Taxis), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
Increasing demand for cars with advanced safety, comfort, and convenience systems is expected to contribute towards growth of the autonomous cars market. The demand for autonomous cars is expected to increase in emerging countries such as India and China, owing to increasing urbanization, huge customer base, and growing infrastructure suitable for driving autonomous cars in these countries. This in turn is expected to boost growth of the autonomous cars market. Autonomous cars can also offer cost effective public and commercial transportation including transportation of goods. Moreover, increasing use of autonomous air taxis is also expected to beneficial for medical emergencies.
Major restraining factors for the growth of the global autonomous cars include, high cost of these cars and their embedded systems and cyber security. Moreover, stringent government norms regarding the use of autonomous vehicles for public use are also expected to hamper the market growth. For instance, in May 2016, a Tesla Model S car was involved in an accident in Central Florida, U.S., leading to the death of the user. This led to several countries including the U.S. and New Zealand implementing regulations for autonomous vehicle testing.
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