Self-driving Cars and Trucks Market Analysis Report By Application, By Region And Segment Forecasts From 2021 To 2030

Industry Insights

The global self-driving car and trucks market size is estimated to reach 6.7 thousand units by the end of 2020. The market is projected to register 63.1% CAGR over the forecast duration, 2021 to 2030. Self-driving vehicles are alternatively called autonomous vehicles and are one of the major inventions in the automobile industry. Autonomous vehicles are projected to work as a catalyst for the growth of the automotive industry.

Government support through favorable initiatives and funding is estimated to be vital in the growth of the market over the next few years. There is a wide range of products category that are included in the development of self-driving vehicle infrastructure.

Various sensors such as RADAR and LiDAR sensors are used in autonomous vehicles and these sensors work in tandem to facilitate the driving without drivers’ help. By motion planning, trajectory control, and situational analysis, these sensors assist in the navigation process.

The growth of driverless vehicles is further driven by the increasing number of road accidents and emphasizing road safety in various countries such as China, Japan, Germany, and the U.S.

Application Insights

By application, the self-driving car & trucks market is segregated into defense and transportation. Further, transformation is bifurcated into commercial and industrial applications and is anticipated to acquire the highest share in the market over the next 10 years.

The U.S is projected to see the significant adoption of driverless vehicles, primarily because of increasing technology adoption coupled with growing support by the government in building the desired infrastructure. Europe is also anticipated to provide lucrative opportunities for industry players owing to the increasing demand for technically advanced products and better existing infrastructure to support the adoption of autonomous vehicles.

Technological advancements in the automotive industry are likely to boost the adoption of autonomous vehicles in various industrial applications. Additionally, growing expenditure by governments on security and deployment in mission-critical applications is estimated to bolster the demand from the defense sector.

Regional Insights

North America is predicted to witness considerable growth over the forecast duration. This growth is attributed to changes in traffic regulations aimed at incorporating autonomous cars on roads. This regulation is being adopted by all states across the U.S in order to make transportation autonomous. For example, a traffic regulation authority in the U.S the National Highway Traffic Safety Association (NHTSA) allowed the testing of a self-driving car in various states including Florida, Washington DC, Michigan, California, and Nevada. Further, the increasing trend of Mobility as a Service (MaaS) is likely to augment the growth of the industry in the region.

The European market is likely to offer lucrative growth opportunities over the forecast duration owing to favorable government regulations. For example, U.K Department for Transportation (DfT), in 2018, allowed the operation of autonomous vehicles on any public road without the need for extra permits or insurance. In the same years, the department also set up the Centre for Connected and Autonomous Vehicles. The U.K government is aiming to increase the adoption of autonomous vehicles by 2021 and the government is also ready to make changes in existing regulations.

Impact of COVID-19

The outbreak of COVID-19 has led to the imposition of lockdown across various countries causing massive disruption of execution of several businesses in the automobile industry. Nearly 90% of the leading automobile companies across Europe, China, and North America have stopped their manufacturing units. Additionally, following the pandemic outbreak, several companies have halted their investment in new technologies.

Although COVID-19 has delayed the development of autonomous vehicles for the short or mid-term, changes in consumer behavior and favorable government regulations are expected to supplement the growth of the self-driven car and trucks market over the forecast duration.

Self‑driving/Autonomous Cars and Trucks Market Share Insights

Leading players operating in the market are Ford Motor Company, ogle LLC, Nissan Motor Company, Volkswagen, Volvo Car Corporation, Toyota Motor Corporation, Uber Technologies, and Tesla, Inc. among others. These players are aiming at the development of new solutions and collaboration to gain a competitive edge in the market. For example, leading players such as Intel Corporation, BMW AG, Intel subsidiary Mobileye and Fiat Chrysler Automobiles (FCA) signed an MoU in August 2017. This MoU is about combining the resources, strengths, and capabilities of all stakeholders with an aim to increase efficiency and boost the adoption of technology.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2030. For the purpose of this study, Million Insights has segmented the global autonomous cars and trucks market report on the basis of application and region:

• Application Outlook (Volume, Thousand Units, 2020 - 2030)
    • Transportation
        • Industrial
        • Commercial
    • Defense

• Regional Outlook (Volume, Thousand Units, 2020 - 2030)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
        • Netherlands
        • Sweden
    • the Asia Pacific
        • China
        • Japan
        • Singapore
        • Australia
    • South America
        • Brazil
    • Middle East and Africa