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Autonomous Cars Market Trends

Report ID: GMI1224
Published Date: Aug 2023
Report Format: PDF

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Autonomous Cars Market Trends

Leading automotive manufacturers and technology companies are investing heavily in autonomous driving technology, creating a competitive landscape that drives innovation and adoption. For instance, in April 2023, Hyundai Motor Group and Aptiv announced a $4 billion joint venture, Motional, to develop autonomous driving technology.

Similarly, in March 2023, Toyota invested $500 million in Pony.ai, a Chinese company developing self-driving technology for use in both taxis and cars. The investment will help Pony.ai expand its R&D efforts and accelerate the commercialization of its technology. These efforts, in tandem with the growth of data analytics and connectivity solutions enhancing the capabilities of autonomous vehicles, will foster interest in their adoption, favoring the market dynamics.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of autonomous cars was reached USD 1.55 trillion in 2022 and is set to register 10.3% CAGR through 2023-2032, due to the rising number of traffic fatalities and road accidents worldwide.

The ICE fuel segment registered 40% of the autonomous cars market share in 2022, impelled by growing demand for accessible and affordable alternatives to powertrains.

North America market size recorded USD 86.7 billion in revenue in 2022, due to the prominent presence of well-established automotive industry in the region.

Some of the influential autonomous car companies are Ford Motor Company, Hyundai Motor Company, Intel Corporation, Honda Motor Company Ltd., Daimler AG, Uber Technologies Inc., Nissan Motor Company Ltd., Toyota Motor Corporation, and Subaru of America, Inc.