Driverless Cars Market Size, Share, Growth Report 2032

Driverless Car Market: Size

The global driverless cars market size was worth around USD 22.31 billion in 2023 and is predicted to grow to around USD 73.28 billion by 2032 with a compound annual growth rate (CAGR) of roughly 12.86% between 2024 and 2032.

The report covers forecast and analysis for the driverless cars market on a global and regional level. The study provides historic data of 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion).

Request Free Sample

Driverless Car Market: Overview

Growing technological advancements in the automotive industry have led to the emergence of autonomous or driverless cars. The automotive industry has a remarkable contribution in the global economy as it is one of the fastest growing markets. The autonomous car is another revolution in the automotive industry followed by the electric vehicle. Sensors, radars, cameras, and artificial intelligence are used by autonomous cars to drive without human support. Fully driverless cars are able to self-navigate the direction without any human intervention over roads. Autonomous vehicles have recorded an increased in demand since past few years owing to the increase in the accidental cases.

Several accidental cases regarding drunk and drive, human error, mechanical issues, and other poor choices has increased the safety concerns. The United States has also considered driverless cars safer than conventional cars due to its advanced features. Developers use important data from machine learning, neural networks, and image recognition to develop a system which can drive autonomously. The driverless vehicles are powered by adaptive cruise control (ACC) and vehicle-to-vehicle communication, and collision avoidance systems for reducing human error and accident cases leading to loss of life. 

Request Free Sample

The study includes drivers and restraints for the driverless cars market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the driverless cars market on a global level.

This report offers comprehensive coverage of the global driverless cars market along with, market trends, drivers, and restraints of the driverless cars market. This report includes a detailed competitive scenario and the product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the driverless cars market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.

Driverless Car Market: Growth Drivers

Growing accidental cases along with an increasing need for safety have triggered the pace for driverless cars market. For the year 2013, the World Health Organization (WHO) has recorded around 1.25 million deaths in road traffic. Quoted by WHO “Road traffic injuries are currently estimated to be the ninth leading cause of death across all age groups globally, and are predicted to become the seventh leading cause of death by 2030”. Additionally, increased use of transportation as a service will also cater to the market’s growth. Advanced GPS system to track the lane change, construction projects, complex and instantaneous decisions are the major challenges in front the use of autonomous cars. 

Driverless Car Market: Segmentation

The study provides a decisive view of the driverless cars market by segmenting the market based on technology, sensor type, hardware, and regions. All the segments have been analyzed based on present and the future trends and the market is estimated from 2024 to 2032.

By technology, the market is divided into partially autonomous, and fully autonomous. Partially autonomous driverless cars are presently the leading technology segment.

By sensor type market is categorized as ultrasonic, radar, LIDAR, an image sensor, and others.

By component market is classified as hardware and software. By hardware, the market is fragmented as a camera, communication systems, GPS systems, and others. 

Driverless Cars Market: Report Scope

Driverless Car Market: Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is leading the global driverless market followed by Europe. Technological advancement along with the presence of renowned players has driven the regional markets. 

Driverless Car Market: Competitive Analysis

The report covers a detailed competitive outlook including the market share and company profiles of some of the key participants operating in the global driverless cars market include:

• Cruise Automation
• Mobileye
• Waymo
• Nokia
• Nvidia
• Audi
• BMW
• Ford
• Google
• General Motors
• Tesla
• Volkswagen
• Volvo
• Toyota
• Baidu
• Jaguar

The report segments the global driverless cars market as follows:

Global Driverless Cars Market: Technology Segment Analysis

• Partially Autonomous
• Fully Autonomous

Global Driverless Cars Market: Sensor Type Segment Analysis

• Ultrasonic
• Radar
• LIDAR
• Image Sensor
• Others

Global Driverless Cars Market: Component Segment Analysis

• Software
  • Applications
  • Operating Systems
• Hardware
  • Camera
  • Sensor
  • Communication Systems
  • GPS Systems
  • Others

Global Driverless Cars Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa