What is the future of Autonomous Cars Market? Know Covid Impact on Size, Share & Forecasts
It was estimated prior to this unanticipated outbreak that the Autonomous Cars Market was expected to grow at a CAGR of 22.0% during the forecast period.
Aug 19, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Autonomous Cars Market.
It was estimated prior to this unanticipated outbreak that the Autonomous Cars Market was expected to grow at a CAGR of 22.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Autonomous cars are referred to vehicles capable of sensing their environment and moving safely with minimal or no human aid. These cars use several sensors such as GPS, LIDAR, and RADAR, among others, in order to perceive their respective surroundings.
The global market is significantly propelled by the increasing integration of digitization in the modern-day vehicles, supportive government initiatives, emphasis on vehicular safety, and policies for vehicular automation. Also, in the recent years, a number of automobile manufacturers have contributed to the development of either semi-autonomous or fully autonomous cars and they are actively engaged in the integration of automation features in the vehicles, which has immensely fueled the market growth.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the level of autonomy, the market is segmented into Level 1, Level 2, Level 3 and Level 4. In 2020, Level 1 cars accounted for a large share of the overall market. With the growing demands for vehicular and driver/passenger safety concerns, several governments are charting out initiatives to improve the safety of cars. In various countries, they are encouraging consumers to use advanced driver assistance systems (ADAS). As a result, a number of automobile manufacturers have engaged in the integration of Level 1 automation in their vehicles. Moreover, Level 4 cars haven’t been launched in the market yet and are still under the R&D phase. Therefore, there is a significant demand for Level 1 cars currently.
Based on the type, the market is segmented into internal combustion engine (ICE) vehicle, hybrid electric vehicle (HEV), and battery electric vehicle (BEV). As of 2020, the cars propelled by ICE are leading the global autonomous cars market, with the largest market share. Although, there has been a high demand for electric vehicles in the recent years, there is still a strong demand for ICE-propelled cars in the developing economies such as India, China, South Africa, Indonesia, and Brazil, among others. Also, the necessary infrastructure for electric vehicles is not adequate in developing countries, which in turn, increases the demand for ICE-propelled vehicles. Hence, it is estimated that the internal combustion engine (ICE) vehicle market sub-segment would gain the maximum traction and grow steadily during the forecast period.
In terms of regions, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. Among these regions, Europe is expected to have dominance in the market for autonomous cars throughout the forecast period. The region is home to several leading automobile manufacturers across the globe, such as Daimler AG, BMW AG, Volkswagen, and Volvo Car Corporation, among others. The market in the region is largely driven by extensive investments of car manufacturers along with the supportive government initiatives for the market. In addition, several European countries such as Germany, the UK, and France, have already promoted the use of the autonomous cars on the roads and highways. North America and Europe are also expected to offer considerable growth opportunities over the forecast period.
Key players operating in the global Autonomous Cars market are-
Robert Bosch GmbH
Ford Motor Company
Honda Motor Co., Ltd.
Hyundai Motor Company
TOYOTA MOTOR CORPORATION
Volvo Car Corporation.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Autonomous Cars analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors
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