Global Autonomous Cars Market to Grow at a CAGR of 20.6% During 2024-2032, Driven by Technological Advancements and Innovations

The rising interest in autonomous cars equipped with Advanced Driver Assistance Systems (ADAS) to enhance the safety of passengers and reduce the risk of accidents is augmenting the market growth. Technological advancements and innovations are expected to bolster the market for autonomous cars. The introduction of various favourable government initiatives to enable the development and utilisation of autonomous cars is likely to drive the market growth in the forecast period.

In addition, the market is anticipated to be aided by the increasing deployment of Level 2 and Level 2+ partial automation driving systems in medium-range cars by OEMs. Leading manufacturers are also offering innovations such as hands-on-lane centring, adaptive cruise control, and hands-free lane centring, among others, which is likely to invigorate the market development during the forecast period.

Mercedes-Benz AG (OTCMKTS: DMLRY), one of the leading companies in the market, launched its Driver Pilot feature for Germany in May 2022. The latter is a conditionally automated driving system with Level 3 automation and can be ordered for Mercedes EQS and S-Class for EUR 7430 and 5000, respectively. The system would enable drivers to automate driving under various conditions like congestion or heavy traffic on suitable road sections in the country. This would also aid users in working and relax during their drive and respond to unexpected traffic conditions, while handling them independently by using braking manoeuvres or by using evasive manoeuvres. 

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Moreover, the system is based on the vehicle sensing technology of the Driving Assistance Package and include additional sensors, including LiDAR, cameras, and radar, among others.

Market Analysis by Type and Region:

• The market, on the basis of type, can be divided into fully autonomous and semi-autonomous.

• The regional markets for autonomous cars include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing trend of mobility-as-a-service (MaaS) and connected infrastructure are propelling the growth autonomous cars market.

• The growth can be attributed to the increased safety, reduced traffic congestion, and the adoption of innovative technologies in autonomous cars.

• The increasing investments in autonomous cars by the leading companies are augmenting the market’s expansion.

• The growing adoption of various technologies, such as AI-based cameras, traffic sign recognition, pedestrian detection, and adaptive headlamp control, among others, in cars is supporting the development of the autonomous cars.

Key Offerings of the Report: 

• The EMR report gives an overview of the global market for autonomous cars for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types and major regions of autonomous cars.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global autonomous cars market are Tesla, Inc., Toyota Motor Corporation, Audi AG, and Mercedes-Benz AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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