Overview:

The global self-drive car market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. Self-drive car are also called as autonomous vehicle or robo-car, or driverless car. These cars are able to move safely by using its sensors and minor or without any human interference.

The autonomous car functions and travels same like a human driver moves the car. These cars keep themselves aware about nearby environment and objects such as traffic nearby vehicle, the road signals, and pedestrians by using its sensors and software. These cars functions based on various advanced technology including LiDAR and Radar.

Market Dynamics:

Increasing investment by key players in R&D activity for vehicle development is a key factor driving growth of the global self-drive car market. For instance, in October 2020, Applied Intuition has announced that the company has raised US$ 125 Mn funding. The company is engaged in development of advanced software for autonomous vehicles. Also, growing government support, rising technological advancements, and growing internet penetration are some other factors contributing in the growth of the target market.

In addition, rising focus on testing and further R&D for efficient technology development among various research institutes and key players is expected to fuel growth of the target market in the near future. For instance, in April 2018, UK Autodrive has conducted a trial of parking space identification by autonomous and connected vehicles.

However, rising concerns among general population about rules and regulations related with autonomous vehicles or cars, possible threats from hackers, incidences of system malfunctioning, and responsibility of road accidents is a key factor hampering growth of the global self-drive car market to a certain extent.

Key Trends:

Rising focus on vehicle testing by research institutes and companies for efficient and advanced technology development is a key trend witnessed in the global self-drive car market. For example, in February 2020, as a part of government research project, driverless Nissan Leaf has completed the 230 mile journey in the UK. This project was funded by the government of UK, Centre for Connected and Autonomous Vehicles (CCAV), Innovate UK, and nine other consortium partners.

Regional Analysis:

For detailed understanding of market dynamics, the global self-drive car market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently the Europe dominates the global market, owing to high investment for various research projects and growing government support. In addition, rising government initiative for development of required infrastructure for development and penetration of autonomous vehicle is expected to support growth of the target market in the region over the forecast period.

In addition, North America is expected to hold significant share in the global market followed by Asia Pacific. In addition, Asia Pacific is expected to witness considerable growth over the forecast period.

Scope of the Report:

Detailed Segmentation:

Global Self-Drive Car Market, By Level Type:

• Level - 1
• Level – 2 & 3
• Level - 4

Global Self-Drive Car Market, By Vehicle Type:

• Internal Combustion Engine (ICE)
• Hybrid Electric Vehicle (HEV)
• Battery Electric Vehicle (BEV)

Key Players Covered:

Key players operating in the global self-drive car market include, Waymo LLC, Aptiv PLC, Bayerische Motoren Werke AG (BMW), Daimler AG, General Motors Company, Continental AG, Tesla, Inc., Nissan Motor Company, Ltd., Tata Motors Limited, and Hyundai Motor Company.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Self-Drive Car Market by level type, vehicle type, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global self-drive car market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.