Global Autonomous Cars Market Report and Forecast 2024-2032

Global Autonomous Cars Market Outlook

The global autonomous cars market attained a value of nearly USD 40.39 billion in 2023. The market is further estimated to grow in the forecast period of 2024-2032 at a CAGR of 20.6% to reach a value of USD 217.87 billion by 2032.

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Asia Pacific to Account for Significant Share in the Market Growth of Autonomous Cars

Asia Pacific holds a significant share in the autonomous cars market on account of the surging R&D activities across the region. The increased adoption of vehicles and rising investment by automakers along with technological advancements are further bolstering the market growth of autonomous cars across the region. There are a high number of road accidents due to the growing population and rising demand for better safety features in the vehicles. These factors are likely to fuel the market growth of autonomous cars is in the Asia Pacific during the forecast period.

There is also a high presence of tech companies in the Asia Pacific region like Softbank, Baidu, Alibaba, and Didi Chuxing. A strong market presence, growing marketing strategies, and surging focus to enhance the adoption of autonomous vehicles among consumers, are expected to propel the market growth. Countries like Singapore, Japan, and China have registered robust market growth in autonomous cars in the Asia Pacific. Their growth can be attributed to aspects like technology readiness, public acceptance, and regulatory matters in the automotive industry.

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Market Segmentation

An autonomous car is known as a self-driving car. Such a car can do everything that an experienced human driver does and can go anywhere a traditional car can go. It is a vehicle capable of sensing its environment and operating without human participation. A human passenger is not needed to be present in the vehicle at all, nor is needed to take control of the vehicle at any time.

The autonomous cars market, by type, is divided into:

• Fully Autonomous

• Semi-Autonomous

The EMR report looks into the regional markets of autonomous cars like Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.

Significant Demand from Semi-Autonomous Segment to Bolster Market Growth for Autonomous Cars

Based on type, the semi-autonomous segment is likely to register significant growth in the autonomous cars market across the globe during the forecast period. Semi-autonomous vehicles are likely to be more fuel-efficient as compared to others. They can decelerate and accelerate more efficiently than a human driver while the travel time and idling time are expected to be lessened.

The semi-autonomous segment is likely to reduce congestion and enhance highway capacity as the system safely accommodates shorter following distances, further boosting the market demand for autonomous cars globally. Moreover, semi-autonomous vehicles deliver goods and services more efficiently and quickly which is further attracting more consumers to the worldwide market of autonomous cars.

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Key Players in the Global Market for Autonomous Cars

The report presents a detailed analysis of the following key players in the global autonomous cars market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Tesla, Inc.

• Toyota Motor Corporation

• Audi AG

• Mercedes-Benz AG

• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report