Global Self-Driving Car Market Is Fueled By Increasing Government Initiatives To Launch Driverless Cars To Control Growing Number Of Road Accidents

SAN FRANCISCO, July 27, 2017 -- Global Self-Driving Car Market Report by Variant Market Research, estimated that the global market is anticipated to reach $20 billion by 2024, from $3 billion in 2015, growing at a CAGR of 25.7% from 2016 to 2024. The report will include detailed analysis of self-driving car market with respect to major segments such as, components, and geography. A self-driving car, also known as autonomous car or driverless car, is designed to operate automatically with the help of sensors to navigate without any human input. These cars have the access to information of current traffic status, road conditions, weather, adjacent cars and others. Self-driving cars will offer several benefits to the society by providing safe transportation to normal as well as physically impaired people.

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Automation in automotive industry boosts the growth of the global self-driving car market

Technological advancement, increasing number of road accident, and growing demand for automation are the key factors driving the growth of the market. Moreover, growing investment in research & development for commercialization of these cars would provide growth opportunities. Though, risk of privacy & security, and lack of proper infrastructure supporting autonomous cars may pose several challenges for the manufacturers. There is an increased competition in automotive sector due to growing demand for multiple vehicles in multiple variations. Thereby, manufacturers are adopting automation for reducing downtime and to maximize the output. Automation reduces human error and increases efficiency of the product. Moreover, integration of automation and information is aiding companies to measure & manage productivity, improve decision making and machine performance.

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Market Segmentation

The global self-driving car market is bifurcated into components and geography. Components is further sub-segmented into hardware, software, optical cameras, lidar, radar, and others. By geography the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Software dominated the component segment with largest market share

The growth of driverless car software component is attributed to the increase in demand for advanced driver assistance system to enhance safety and driving process. Increasing technological advancement is driving market of driverless car software component. Significant investment in industrial automation holds opportunity to increase market for driverless car software component.

North America held the largest market share

North America self-driving car market is growing continuously in terms of revenue wherein year on year growth of driverless car market in North America is increasing. The growth is driven by implementation of regulations to control increasing number of road accident as well as high disposal income made North America the most favorable market for self-driving car. Moreover, Asia-Pacific region is anticipated to attain fastest CAGR, due to increased adoption of latest technology in countries like China, Japan, and South Korea.

Competitive Landscape

In December 2016, Google’s parent Alphabet Inc., has set up a new driverless car company known as Waymo LLC. The Waymo has tested their cars across various regions such as Arizona, Texas, California, and others. The key players of the market are Google Inc., Daimler AG, Tesla Motors, Inc., Audi AG, Ford Motor Company, Toyota Motor Corporation, Dutch Automated Vehicle Initiative (DAVI), BMW AG, Volvo Group, Nissan Motor Company, Baidu Inc., Apple Inc., and Volkswagen, among others.

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About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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