Self-Driving Car Market

Self-Driving Car Market Outlook – 2027 

Self-driving cars are the vehicles that are capable of sensing the environment around and manoeuvring safely with a little or even no human support. These vehicles are installed with various sensors such as artificial intelligence (AI), light detection & ranging (LiDAR), radio detection and ranging (Radar), sound navigation and ranging (Sonar), global positioning system (GPS), and odometry sensing technology to analyses their surroundings.  In addition, developments in technology used in self-driving vehicles such as facial expression detection and activities such as braking and accelerations to avoid possible accidents makes them more powerful, effectual, and attractive. Leading self-driving technology innovators have also stepped into the market because of a higher profit margin from self-driving car market.

COVID-19 scenario Analysis: 

• The pandemic has had a negative impact on the self-driving cars market size for the year 2020, a major deviation is noticed in the growth of self-driving cars manufacturers due to coronavirus.
• The vendors in autonomous industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns which in turn affecting the self-driving cars manufacturers worldwide.
• Self-driving cars is an evolving sector which is hampered due to an ongoing virus, because of which all type of production and installation across the affected countries had been shut down & all operations were disrupted due to the pandemic.
• Majority of autonomous vehicle manufacturers are facing issues such as closure of factories and unavailability of workforce due to the lockdowns which further affects the production of cars as well.
• As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many self-driving cars manufacturers is vulnerable.
• The vendors in autonomous industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns which in turn affecting the self-driving cars manufacturers worldwide.

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Growth in technology & dynamic mobility application such as connected vehicle, need for safe, productive & efficient driving option and integrity of technology are driving the growth of the market. However, cybersecurity & safety concerns, and non-availability of required infrastructure in developing countries is expected to hamper the growth of the market. On the contrary, autonomous cars as a mobility service and robotic assistance helps in the growth of self-driving car can be seen as an opportunity for the market investments.

The self-driving car market trends are as follows:

Cybersecurity and safety concerns

Autonomous cars could reduce the number of accidents as it uses various sensors such as RADAR, LIDAR, cameras, and others which to avoid collision. Furthermore, self-driving cars are installed with numerous artificial intelligence codes, which have possibilities to be manipulated by the hackers. For example, if 40% of all cars on the road are connected, randomly stalling them during rush hour would mean total traffic freeze. Therefore, concerns regarding cybersecurity & safety of the vehicle will hamper the growth of the self-driving car market.

Key benefits of the report:

• This study presents the analytical depiction of the self-driving cars industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the self-driving car market.
• The current market is quantitatively analyzed to highlight the self-driving car market growth scenario.
• We can also determine autonomous will remain a significant revenue shareholder in the self-driving car market through the predictable future.

Questions answered in the self-driving car market research report:

• Which are the leading market players active in the self-driving car market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Self-Driving Car Market Report Highlights