Self-Driving Cars Market is Anticipated To Reach By USD 62.4 Billion By 2030 By CIOTechOutlook Team

Self-Driving Cars Market is Anticipated To Reach By USD 62.4 Billion By 2030

CIOTechOutlook Team | Friday, 04 August 2023, 03:47 IST

Autonomous Vehicles At a predicted CAGR of 13.3% over the projection period, market size is expected to increase from 20.3 million units in 2021 to 62.4 million units by 2030. The market for autonomous vehicles will increase due to the rising acceptance of ADAS and safety features, the government's emphasis on improving pedestrian and vehicle safety, OEM initiatives to offer cutting-edge safety features, and the arrival of new era technologies.

There was a global fall in vehicle manufacturing as a result of the ongoing COVID-19 pandemic. The deployment of autonomous driving systems was slated to begin in 2022, and earlier predictions predicted that the autonomous / self-driving cars industry will experience tremendous growth starting then. Any fresh investment in cutting-edge technology, however, may be risky given how the pandemic and chip scarcity damaged vehicle production. OEMs and Tier 1 players are either acquiring money to keep operating throughout the crisis or utilising cash reserves. OEMs saw a rise in car sales in 2021, and the market is anticipated to expand significantly starting in the second quarter of 2022.

By 2030, it is anticipated that Asia Pacific would hold the highest market share, followed by Europe and North America. The market for autonomous / self-driving cars is being driven by factors such increased consumer desire for a safe, effective, and convenient driving experience, rising disposable income in emerging nations, and strict safety rules around the world. Due to the expanded partnerships that suppliers of autonomous vehicle technology have implemented in this area, the market in Asia Pacific is anticipated to grow at the greatest rate over the forecast period. For instance, Baidu is a significant self-driving technology service provider in China.