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Autonomous Cars Market Segmentation By Components (Laser guided Mapping Radar, Position Estimator, Sensors, Driving Scenario System Simulation, Software and Algorithm Development); By Services (Autopilot, Ecofriendly); By End Use Industry (Commercial, Residential) - Global Demand Analysis & Opportunity Outlook 2027

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Autonomous Cars Market Overview

The global car market is brightly focusing on autonomous vehicle sector which will boom in the near future with their tremendous & advanced facility along with latest customer satisfaction method. The consumer comfort is the first priority for the vehicle segment. Moreover, the growing awareness among consumers regarding the benefits of autonomous cars, such as the enhanced mobility, is projected to fuel the demand for autonomous cars in the years to come. The regulatory concerns, however, may hinder the growth of this market. The global automakers are focusing on the driverless car because of the immense traffic problem which could save money and time, and to remain competitive in the future.

Market Size & Forecast

Autonomous Car Market is predicted to reach USD 127.01 Billion by 2027 at the CAGR 38.6%. The Base year is considered here is 2017 Autonomous car market report, and the forecast period is between 2018-2027. The Autonomous car market system is projected to reach at a notable valuation by the end of forecast period. The growth of the autonomous cars market is driven by factor such as the necessity to safeguard individual as well as property from rapidly evolving threats, consumer awareness is increasing as well as accidental concerns, willingness to pay for the system, adoption to variety of new technology, systematic approach in the vehicle industry. 

Market Segmentation

Our-in depth analysis of the global autonomous cars market includes the following segments:

  • By Components

    • Laser Guided Mapping
    • Radar
    • Position Estimator
    • Sensors
    • Driving Scenario System Simulation
    • Software and Algorithm Development 
  • Services

    • Autopilot System
    • Ecofriendly Automotive
  • End Users

    • Residential
    • Commercial

By Region

Global autonomous cars market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.

Autonomous cars market share

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Growth Drivers and Challenges

The growth of the market is primarily driven by the adoption of the driverless car in the populated cities of the world namely Los Angles, Beijing, Tokyo, New York and London due to the increasing ownership of smaller homes. Further, the rapid pace of urbanization and growth in the automotive industry influence the driverless car industry. In U.S. the growing trend towards the modern lifestyle of automotive sector is observed among the population who have a preference for affordable, sedan and compact car that suits their changing lifestyles. Moreover, the automotive car manufacturers are trying to cater to the metropolitan lifestyle of the consumers and are adding appealing features to the cars. Therefore, the manufacturers in order to meet the rising needs of the consumers are diversifying their product portfolio to include features that are aesthetically appealing and provide comfortable rides, and thus supplement the growth of the global autonomous car market. However, the market growth is hampered by the rising prices of the raw materials such as graphics, photographic lenses and advanced hardware. In addition, the rising cost of fuel is also negatively affecting the demand for autonomous cars in the U.S. and China.

The Autonomous Car market is expected to grow at a higher pace in America, Asia Pacific and Europe. The industry in USA would be driven by the growth in population and in Asia Pacific too. As for the Europe, the Driverless Car is gaining popularity through online sources, which has led to the expansion across the region. However, the offline channels will dominate the market, while the online channel will grow at a significant CAGR during the forecast period.

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