Delray Beach, FL, Dec. 17, 2024 (GLOBE NEWSWIRE) — Self-Driving Cars Market is projected to reach from 37,090 thousand units in 2024 to 76,217 thousand units in 2035, at a CAGR of 6.8%, as per the recent study by MarketsandMarkets™. The self-driving cars market is poised for significant growth, driven by advancements in sensor technologies like LiDAR and radar, the adoption of vehicle-to-everything (V2X) communication, and the rise of mobility-as-a-service (MaaS) solutions such as robotaxis and autonomous shuttles. This growth is further fueled by supportive government policies and high consumer demand for safer and more convenient mobility solutions. The development of cloud computing and AI-based decision-making is also critical, enabling real-time data processing and dynamic improvements to autonomous vehicle performance. Emerging markets and intelligent city initiatives further amplify the market’s expansion potential.
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List of Key Players in Self-driving Cars Market:
- Toyota Motor Corporation (Japan)
- Tesla (US)
- BYD Co., Ltd. (China)
- Volkswagen Group (Germany)
- Ford Motor Company (US)
- Hyundai Motor Group (South Korea)
Drivers, Opportunities and Challenges in Self-driving Cars Market:
- Driver: Government regulations for integration of advanced safety technologies
- Restraint: High development costs
- Opportunity: Emergence of subscription-based service offerings
- Challenge: Lack of software standardization
Key Findings of the Study:
- Radar to be largest component segment during forecast period
- Level 2 to surpass other autonomy levels during forecast period
- Asia Pacific to be dominant during forecast period
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Personal Mobility segment is estimated to hold the largest share during the forecast period.
The personal mobility segment is expected to lead the self-driving cars market during the forecast period, driven by a surge in demand for autonomous vehicles that offer convenience, flexibility, and on-demand transportation. Urbanization and smart city initiatives fuel the need for innovative mobility options to reduce congestion and improve travel efficiency. In 2024, Toyota’s Corolla, a Level 1 autonomous vehicle, sold over 1.2 million units globally from January to September, showcasing rising consumer interest in ADAS-equipped vehicles. This trend underscores the appeal of autonomous features in personal transportation. AI, sensor technology, and connectivity advancements further drive this adoption, particularly with electric self-driving vehicles. As of October 2024, companies like Tesla (US) are increasing their push toward fully electric and autonomous models. New releases like the Tesla Model S Plaid focus on safety and efficiency. OEMs such as Honda Motor Co., Ltd. (Japan), Nissan Motor Co., Ltd. (Japan), General Motors (US), and Mercedes-Benz Group AG (Germany) are also developing their Level 2 and 3 semi-autonomous cars for personal use. For instance, in June 2024, Japanese automaker Nissan showcased its in-house developed self-driving tech as part of its plan to provide autonomous mobility services by 2027.
The C&D segment is estimated to lead the self-driving cars market during the forecast period.
The C&D segment of self-driving cars is expected to dominate the market during the forecast period, driven by a strong preference for mid-size sedans and SUVs equipped with advanced autonomy and safety features. Popular models such as the Audi A4, an L2 autonomous car, ranked among Audi’s best-sellers in the US and Europe in 2023, while the Hyundai Elantra, an L1 car, recorded significant sales in South Korea the same year, illustrating broad demand across regions. Supporting this growth, BMW Group (Germany) began production at its Leipzig, Germany, plant in July 2024, with a focus on vehicles such as the BMW 3 Series, a popular L2 model from the C&D segment. Such production expansions highlight manufacturers’ efforts to meet rising demand and reinforce the segment’s leadership in the market.
“North America is expected to grow significantly during the forecast period.”
North America is expected to grow significantly in the self-driving cars market during the forecast period, driven by technological advancements, supportive policies, and strong consumer demand. The region benefits from the presence of leading automakers like Ford, General Motors, and Tesla, as well as start-ups such as Waymo, Motional, and Aurora, spearheading autonomous vehicle development. For example, Ford’s BlueCruise system now covers 130,000 miles of controlled-access highways in the US and Canada. In comparison, General Motors has expanded its Super Cruise functionality to approximately 750,000 miles of roads, including highways and major arterials, as of February 2024. Regulatory initiatives, such as the US National Highway Traffic Safety Administration’s (NHTSA) mandate for autonomous emergency braking (AEB) by 2029, further accelerate adoption.
Additionally, Waymo’s driverless taxi services expanded to Los Angeles in August 2024, marking a milestone in public acceptance of fully autonomous vehicles. These advancements, combined with investments in intelligent transportation infrastructure and the increasing popularity of semi-autonomous features. Position North America as a key growth region for self-driving cars.
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Recent Developments:
- In October 2024, Tesla (US) introduced the Cybercab, a fully autonomous robotaxi priced under USD 30,000. It is designed without a steering wheel or pedals.
- In October 2024, Toyota Motor Corporation (Japan) announced a collaboration with Suzuki Motor Corporation on the development of a battery electric vehicle. The new model is designed exclusively as a BEV (battery electric vehicle).
- In June 2024, Cruise LLC (US), a General Motors (US) subsidiary, announced that it had resumed manual driving in Phoenix, Houston, and Dallas, with supervised operations ongoing in Phoenix and Dallas.
- In April 2024, Buick (US), a General Motors (US) subsidiary, unveiled the Enclave SUV for model year 2025. The SUV will be made available with Super Cruise, General Motors’s hands-free driver assistance system with L2+ capabilities.
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