NEW YORK, United States, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled "Autonomous Cars Market By Type (Fully Autonomous, Semi-Autonomous), By Components (LIDAR, Ultrasonic Sensor, Camera, Radar, and Others), By Vehicle Type (Commercial, Passenger), By Level of Automation (Level-1, Level-2, Level-3, and Level-4): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026" in its research database.
"According to the latest research study, the demand of global Autonomous Cars Market size & share was valued at approximately USD 23.33 Billion in 2020. The market is expected to grow above a CAGR of 22.7% and is anticipated to reach over USD 64.88 Billion by 2026."
An autonomous car is one that can sense its surroundings and drive itself without the help of humans. It is not required for a human passenger to assume control of the car at any point, nor is it necessary for him or her to be in the vehicle at all. A self-driving automobile can go wherever a standard car can go and perform any task that a skilled human driver can. Autonomous vehicles now allow non-drivers and those with certain disabilities to travel independently. They allow travelers to travel in greater luxury and flexibility, letting them to read, rest, or even work while on the road, increasing efficiency.
Radar, sonar, LIDAR, odometry, GPS, and inertial estimation units are some of the sensors used by cars to identify their current situation without the assistance of anyone else. Cutting-edge control frameworks decode tangible data, such as roadblocks and basic signage, to determine suitable route courses. The autonomous vehicle will transform the automobile industry.
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Key Insights from Primary Research
The report contains qualitative and quantitative research on the global Autonomous Cars Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Autonomous Cars market include;
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Car drivers can enhance their performance by receiving real-time feedback from high-speed in-memory processing systems embedded into linked cars, thanks to the Internet of Things. These built-in computers have functions such as data collection, analysis, and storage, which aid in decision-making. Autonomous and semi-autonomous vehicles are projected to benefit from the widespread deployment of connected cars.
A major aspect propelling the market for self-driving cars is the development in the building of smart cities. Electric self-driving cars contribute to the reduction of air pollution in smart cities and the battle against climate change. When self-driving cars are employed, traffic accidents can be decreased by 90%, significantly improving road safety. Improved safety systems and driver help features such as blind-spot detection and automated emergency braking systems are becoming more popular as the frequency of traffic incidents rises. Furthermore, the demand for cost-effective autonomous vehicle safety solutions is likely to drive growth in the autonomous car market.
COVID 19 impacted the entire automotive sector, prompting manufacturers to curtail output at their manufacturing plants. As a result of the epidemic's interruption at major suppliers, several passenger car manufacturers have reduced production in some locations. In order to limit the impact, they were working very hard on countermeasures and alternatives.
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On the basis of type, the autonomous cars market is classified into fully autonomous, and semi-autonomous. The demand for semi-autonomous and autonomous vehicles is growing as a result of a variety of factors, including the need for ease of driving and a growing concern for privacy and comfort, which leads to a demand for high-end technology and an increase in demand for the autonomous and semi-autonomous car.
Based on components, the market is segmented into LIDAR, ultrasonic sensor, camera, radar, and others. Passenger and commercial vehicles are the vehicle types. The passenger automobile sector has the largest market share in the world. The key causes driving the high expansion of auto production around the world include expanding urbanization, strong demographic growth, higher living standards, and increased purchasing power. Furthermore, governments and organizations from various countries are investing heavily in the development of technologically enhanced vehicle characteristics. The increased desire for cars with improved safety, comfort, and convenience is giving autonomous vehicles a lot of impetus.
The autonomous car market in North America is the largest in the world. For premium autonomous vehicles, the region represents a viable market. Market growth is fuelled by factors such as rising automobile sales and concerns about vehicle safety. Europe is the world's second-largest market for self-driving cars. The expansion of the regional market is aided by a rise in sales and R&D spending in luxury car developments. By the end of 2026, the Asia Pacific area is expected to be the second-largest market for autonomous cars. The expansion of the regional market is influenced by factors such as rising luxury vehicle manufacturing and sales.
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The global Autonomous Cars market is segmented as follows:
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