GVR Report cover Self-driving Cars And Trucks Market Size, Share & Trends Report

Self-driving Cars And Trucks Market Size, Share & Trends Analysis Report By Application (Transportation, Defense), By Region (North America, Europe, Asia Pacific, South America, MEA), And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-884-8
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

The global self-driving cars and trucks market demand is expected to be approximately 51.60 thousand units in 2021 and is anticipated to witness a CAGR of 53.6% from 2022 to 2030. Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry, with high growth potential, and act as a catalyst in the technological development of automobiles. The development of a supportive regulatory framework, government funding, and investment in digital infrastructure is expected to play a key role in positively affecting market growth over the forecast period. The market for self-driving cars and trucks has a wide range of products and systems that make up the autonomous vehicle infrastructure.

 APAC self-driving cars and trucks market demand, by application, 2021 - 2030 (Thousand Units)

The self-driving car is made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently to carry out operations automatically without the help of drivers. By performing situational analysis, motion planning, and trajectory control, these sensors help in the process of navigation. There is an increasing demand for self-driving cars for road safety measures. The number of road accidents is increasing daily; the primary cause of accidents is human error that occurs in the uncertainty of events, for instance, head-on collisions due to misinterpretation of the driver. The self-driving vehicle is driven by a computer. Thus, it makes fewer errors than humans, such as accidents due to distracted driving, alcohol, not wearing seatbelts, speeding, and drowsy driving. Self-driving vehicles are machines that optimally perform the task of driving and aren’t tired or bored, or wouldn’t be distracted. Thus, the traveler is safer in an autonomous vehicle than in a human-driven car. In the uncertainty of events, for instance, head-on collisions due to misinterpretation of the driver.

These cars are expected to be sold at the company showrooms. With the rise in technologies and increased connectedness of the vehicles, the threat of car systems getting hacked is increasing. Thus, cyber security and safety solution providers such as Argus Cybersecurity Ltd. and Green Hill Software, among others, are developing anti-hacking algorithms for self-driving cars. Several technology providers and car manufacturers are investing in the Asia Pacific countries due to the increasing disposable income of consumers in these countries displaying high revenue potential over the forecast period. For Instance, Apple Inc. and BMW are a few key players investing heavily in China.

The rising safety concerns and advancements in automotive technologies have led to the penetration and acceptance of self-driving cars and trucks by governments of various countries, such as the U.S., Germany, China, and Japan. Furthermore, several densely populated countries, including Sweden and the Netherlands, along with government support, may encourage the testing of driverless cars and, in turn, catalyze market growth in the years to come. The development of electrical vehicles and autonomous vehicles is increasing simultaneously. Many autonomous vehicles that are in the Beta phase of their testing are driven using electrical power. The development of electric vehicle charging stations would also affect the growth of autonomous vehicles.

This, in turn, would indirectly assist in decreasing the pollution caused by cars, thus reducing the environmental impact. For instance, Tesla Motors have initiated a project known as ‘Autopilot’ that would autonomously drive the electric cars developed by the company. The project is in the testing phase and is expected to be launched soon. The surging technological advancements aiming at offering enhanced features while reducing the cost are a major factor expected to drive the demand for self-driving cars over the forecast period. Advancements about security, driver assistance, convenience and comfort, electrical suspension, power train, instrumentation, braking, and safety are projected to fuel the adoption of self-driving cars.

Application Insights

The transportation segment dominated the market for self-driving cars and trucks and accounted for a volume share of more than 93.0% in 2021. The reason for the growth is the government is funding several self-driving car trials. For instance, the U.K. government’s Intelligent Mobility Fund (IMF) was funded for developing innovations for the transportation industry. The transportation segment is further bifurcated into industrial and commercial applications.

 Global self-driving cars and trucks market volume share, by application, 2021(%)

The U.S. is anticipated to witness high adoption of driverless technology in transportation due to increased government support in amending transport regulations to create a gateway for driverless cars. Furthermore, Europe is also expected to emerge as a potentially lucrative market for self-driving cars and trucks, for the adoption of self-driving cars with the growing consumer preference for using techno-advanced products.

Regional Insights

North America led the self-driving cars and trucks market and accounted for a volume share of 45.5% in 2021. The growth is attributed to amendments in traffic regulations in the U.S. to incorporate self-driving cars on public roads. The regulation is slowly being adopted across all the states of the U.S. to make transportation fully autonomous. Furthermore, the growth across the mobility as a service sector is anticipated to provide an impetus to the growth of the self-driving car market.

In addition to this, the Department of Transport of the U.K. 2018 initiated a jurisdiction to operate autonomous vehicles on any public roads without any extra insurance or permits. The Department also established the Centre for Connected and Autonomous Vehicles in 2018. The U.K. government plans for self-driving vehicles to be in use by 2021, and it also has further plans to make the required changes to the regulations that can support the development of self-driving cars in the U.K.

Key Companies & Market Share Insights

Leading players in the market for self-driving cars and trucks stay ahead of the competition through collaborations and the development of innovative solutions. For instance, in August 2017, BMW AG, Intel Corporation, Mobileye, a subsidiary company of Intel Corporation, and Fiat Chrysler Automobiles (FCA) signed a memorandum of understanding for FCA to join the companies in developing a self-driving vehicle driving platform. The memorandum aims to combine the resources, capabilities, and strengths of all companies to reduce time to market, increase development efficiency, and enhance the application’s technology.

The automobile industry is dynamic and changes with advancements in technologies. Several major players in the industry, such as General Motors, Volkswagen, Mercedes, BMW, and others, invest a significant part of their revenue toward researching and developing technologies. Currently, there is a growing trend of self-driving cars in the automotive industry, thus attracting larger investments in developing these vehicles. The U.K. government granted permission to test self-driving cars on public roads. Furthermore, the Federal Department of Environment, Transport, Energy, and Communications in Switzerland permitted driverless testing on Zurich streets. Some of the key players operating in the global self-driving cars and trucks market include:

  • Audi AG

  • BMW AG

  • Daimler AG

  • Ford Motor Company

  • General Motors Company

  • Google LLC

  • Honda Motor Co., Ltd.

  • Nissan Motor Company

  • Tesla

  • Toyota Motor Corporation

  • Uber Technologies, Inc.

  • Volvo Car Corporation

  • Volkswagen AG

Self-driving Cars And Trucks Market Report Scope

Report Attribute

Details

Market Volume in 2022

103.4 thousand units

Volume Forecast in 2030

3,195.5 thousand units

Growth rate

CAGR of 53.6% from 2022 to 2030

Base year for estimation

2021

Forecast period

2022 - 2030

Quantitative units

Volume in thousand units and CAGR from 2022 to 2030

Report coverage

Volume forecast, company share, competitive landscape, growth factors, and trends.

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; South America; MEA

Country scope

U.S.; Canada; Mexico; U.K.; Germany; France; Netherlands; Sweden; China; Japan, Singapore; Australia; Brazil

Key Companies Profiled

Audi AG; BMW AG; Daimler AG; Ford Motor Company; General Motors Company; Google LLC; Honda Motor Co., Ltd.; Nissan Motor Company; Tesla; Toyota Motor Corporation; Uber Technologies, Inc.; Volvo Car Corporation; Volkswagen AG

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2022 to 2030. For the purpose of this study, Grand View Research has segmented the global self-driving cars and trucks market report on the basis of application and region:

  • Application Outlook (Volume, Thousand Units, 2021 - 2030)

    • Transportation

      • Industrial

      • Commercial

    • Defense

  • Regional Outlook (Volume, Thousand Units, 2021 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Netherlands

      • Sweden

    • Asia Pacific

      • China

      • Japan

      • Singapore

      • Australia

    • South America

      • Brazil

    • Middle East and Africa

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