An electric vehicle operates on electricity unlike its counterpart, which runs on fuel. Instead of internal combustion engine, these vehicles run on an electric motor that requires constant supply of energy from batteries. The latest technological advances in artificial intelligence, machine learning, and other sensors (such as radar, lidar, GPS, and computer vision) enable manufacturers to improve the autonomous driving capabilities of electric vehicle. Although the degree of autonomy varies, major players are working to develop more advanced control systems integrated into vehicle that can interpret sensory input to detect signs or avoid collisions. Currently, most autonomous vehicles on the market belong to Level 2 and Level 3, with advanced driver assistance systems such as collision detection, lane departure warning and adaptive cruise control. Although levels 4 and 5 (as measured by SAE) Autonomous vehicles are unlikely to be widely accepted. By 2030, level 2 and level 3 autonomous vehicles are expected to grow rapidly. Major automakers, technology giants, and professional start-ups have invested more than US$50 billion in the development of autonomous vehicle (AV) technology in the past five years, with 70% of the funding coming from outside the automotive industry. As public authorities understand that autonomous vehicles have vast potential and offer economic and social benefits, they will likely continue to support the concerned market.

Market scope and structure analysis:

COVID-19 Impact analysis

In COVID-19, some industries are struggling while others are thriving. Overall, almost every sector is anticipated to be impacted. Pandemic has restricted travel and use of vehicles. These are expected to restart only when the situation becomes stable. Original equipment manufacturers (OEMs) have also halted their production, because of the shortage of the workforce and disruption of the supply chain which has further decreased the demand for self-driving electric vehicle market. Transportation restrictions, maintenance issues, and high prices are expected to hamper the steady growth of the self-driving electric vehicle market. The automotive sector faces pressure not only from the supply side but also form the demand and exports side during covid-19.

Top Impacting Factors

• Technological development in LIDAR system, rising concern for carbon footprints, fuel efficiency, and government rules & regulation are driving the growth of the market.
• International automated driving standards, and cyber security threats is expected to hamper the growth of the market.
• Rise in the development of smart cities, and proactive government initiatives can be seen as an opportunity for the market investments.

The self-driving electric vehicle market trends are as follows:

Technological development in Lidar system

The main components of a self-driving car are sensors and cameras. Lidar acts as the eyes of the self-driving car because it provides a 360-degree view of the surrounding environment, which helps the car to drive itself safely. Many self-driving cars use it to navigate the environment in real time. Its advantages include accurate depth perception, which allows LiDAR to know the distance of an object to a few centimeters, up to 60 meters away. It’s also highly suitable for 3D mapping, which means returning vehicles can navigate the environment predictably a significant benefit for most self-driving technologies. Automaker are collaborating with technology companies to accelerate the development of all technologies related to electric vehicles, including autonomous driving. For instance, in April 2021, Volvo Cars and DiDi Autonomous Driving, signed a strategic collaboration agreement on electric autonomous vehicles for DiDi’s self-driving test fleet. Volvo Cars will be providing DiDi with XC90 cars equipped with necessary backup systems for functions such as steering and braking; and along with that automaker will collaborate with DiDi Autonomous Driving to integrate the additional software and hardware required for autonomous drive. Also in India automakers are partnering with institutes for the research in autonomous vehicles. For instance, in March 2021, MG Motor India joined hands with IIT Delhi’s Centre for Automotive Research and Tribology (CART) for research in the field of electric and autonomous vehicles. IIT Delhi will help MG to further focus on CASE mobility (Connected – Autonomous – Shared – Electric); through enabling supporting research for deployment of electric and autonomous vehicles in the urban landscape in India. Thus, driving the growth of self-driving electric vehicle market.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the self driving electric vehicle market 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 electric vehicle market.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the self-driving electric vehicle market growth scenario.
• The report provides a detailed self-driving electric vehicle market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the self-driving electric vehicle market research report:

• Which are the leading market players active in the self-driving electric vehicle market?
• What would be the detailed impact of COVID-19 on the market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the self-driving electric vehicle market?
• What are the projections for the future that would help in taking further strategic steps?