Autonomous Car Market: Constant Technological Innovations to Create Lucrative Opportunities

Autonomous cars are touted as the next big thing in the smart travel market. Right now, the market is seeing frequent unveiling of sophisticated semi-autonomous models that are redefining premium and luxury cars, and are the precursors of the totally autonomous models, which still have not hit the roads. In fact, fully autonomous versions may not happen that soon, with test drives yet to prove satisfactorily they are completely safe.

Nevertheless, autonomous cars have tremendous potential to up safety and improve efficacy. Realizing this, deep-pocketed automobile players are expending massive sums on development of ultra-sophisticated models outfitted with the latest cutting-edge technology. This will likely result in the launch of futuristic models in the future that will change the face of urban transport forever.

Key automobile players, who are anticipated to enter the global market for autonomous cars at early stages are Ford Motor Co., Audi AG, General Motors Co., Bayerische Motoren Werke AG, Nissan Motor Co. Ltd., Tesla Motors, Toyota Motor Corporation, The Volvo Group, Uber Technologies Inc., and Waymo LLC are.

Analysts at Transparency Market Research project the global market for autonomous car to register a phenomenal CAGR of 47.50% during the period between 2025 and 2035. The shipment volume is expected to grow from 0.60 mn units in 2025 to 29.31 mn units by the end of 2035.

Depending upon level of automation, which segment will witness maximum uptake?

Depending upon the level of automation, the global market for autonomous cars can be divided into five levels. With technology progressing at a breakneck speed, level 1 and level 2 autonomous cars are expected to account for a relatively lesser share in the overall market in 2025. Chances are, features provided in such cars will become redundant by then, with far more superior functionalities and features available. Early adopters will begin to move on to the next level of automation with advanced options.

Level 3 autonomous cars, on the other hand, will most likely see surging demand because of their adoption of futuristic autonomous driving technologies. The developed nations in North America and Europe, where a sizeable proportion of the population have the means to splurge on such ultra-sophisticated models are predicted to be at the forefront of driving demand for such models.

What will make North America a key market?

Geographically, North America, South America, Europe, Asia Pacific, and the Middle East and Africa are projected to be the key segments of the global market for autonomous cars in the foreseeable future. North America, among them, is expected to bolster sales majorly on account of its substantial affluent population and majority of people owning cars. Early adoption of technology and presence of major prominent carmakers in the region will also likely provide a major boost to its market.

Which factors will likely stoke Asia Pacific market to take it to a prominent place?

Asia Pacific is expected to emerge as another key market for autonomous cars on the back of a rising crop of wealthy consumers keen on cars equipped with latest technologies. In Asia Pacific, the level 3 automated cars are predicted to witness significant uptake, mainly because of the development of information and communication infrastructure in Japan, China, and Singapore. Economic growth in most nations of the region coupled with rising geriatric population, particularly in countries of Japan and China, will provide a major fillip to the demand for autonomous cars in the region.


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