The global self-driving/autonomous cars and trucks market size is projected to touch 4,223 thousand units by the end of 2030, as per a new report published by Million Insights. The market is anticipated to register a CAGR of over 63% over the forecast duration. Various networking systems and sensors help facilitate autonomous driving. Thus, major players such as Tesla Motors and Google LLC are investing huge on research and development activities. Several other players such as Mercedes-Benz, Volkswagen AG, General Motors Company (GM), and BMW invest a considerable part from their revenue on research & development. The automobile industry is dynamic in nature and the industry is going through various technological advancements.
On the basis of application, the autonomous cars and trucks market is categorized into defense and transportation. Further, the transportation segment is bifurcated into commercial and industrial. Transportation category is estimated to hold the largest market share over the forecast duration. On the other hand, the defense segment is projected to grow with the highest CAGR from 2021 to 2030.
North America is predicted to dominate in the global market in 2020. Favorable government regulations and technology adoption in the region are attributing to the growth of the regional market. Additionally, Europe is estimated to hold considerable share over the forecast duration owing to the presence of leading manufactures in the region and increasing infrastructural development to support autonomous vehicles.
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Further key findings from the report suggest:
• The demand for autonomous cars and trucks is estimated to gain traction owing to favorable government regulations in place globally.
• The defense application category is anticipated to grow at 86.4% CAGR from 2021 to 2030.
• Countries such as the U.S, Japan and China are estimated to expand significantly owing to better infrastructure development to support the autonomous vehicles.
• Key players involved in the self-driving cars and trucks market are Ford Motor Company; Toyota Motor Corporation, Tesla, Inc.; General Motors, BMW AG, Audi AG and Google LLC among others.
Million Insights has segmented the global self-driving/autonomous cars and trucks market on the basis of application and region:
Self-driving/Autonomous Cars and Trucks Application Outlook (Volume, Thousand Units, 2020 - 2030)
Self-driving/Autonomous Cars and Trucks Regional Outlook (Volume, Thousand Units, 2020 - 2030)
• North America
• Asia Pacific
• South America
• Middle East and Africa