Global Self-Driving Car Market: mainly boosted by growing concern about reducing the number of accidents caused by human errors

SAN FRANCISCO, May. 08, 2018 According to the latest report published by Variant Market Research, the global self-driving car market size is projected to reach $20 billion by 2024. In this report, global self-driving car market forecast says that the global market is growing at 25.7% CAGR from 2016 to 2024.
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Reduction in the consumption of fuel and insurance cost boosted the global self-driving car market

The global self-driving car market trends are support given by numerous government departments for prevention of road accidents and technological advancements. In addition, insurance cost, and reduction in the consumption of fuel have also encouraged the growth of the market. However, concern about safety of driverless cars, risk of security and privacy are the restraint of the market. Moreover, Increasing R&D investment for commercialization of autonomous cars would unfold attractive business opportunities.

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Market Segmentation

Component, and geography are the segmentation of global self-driving car market. Component segment is bifurcated into software, optical cameras, radar, hardware, Lidar, and others.

By geography, self-driving car market is categorized into Europe, Asia-Pacific, North America, and Rest of the World (RoW). Europe includes of UK, Germany, France, Italy, and rest of Europe. Asia-Pacific is divided into China, Japan, India, Australia, and rest of Asia-Pacific Whereas, North America is further segmented in U.S., Canada, and Mexico, while RoW comprises South America, Middle East, and Africa.

Software, by component occupied the maximum market share during the forecast period.

In the year 2016, software segment dominated the component segment with the largest market share and expected to continue its dominance throughout the forecast period 2016 – 2024 due to technological enhancement in software such as advanced driver assistance systems to enhance driving process, and safety.

North America dominated for the largest global self-driving car market share, whereas, Asia Pacific expected to witness the fastest CAGR over the forecast period.

In the year 2016, North America accounted for the largest market share accounting for 40% and rising at the highest CAGR throughout the forecast period 2016 to 2024 due to the early adoption and the presence of key market players in this region such as General Motors, Tesla, and Ford. Whereas, Asia Pacific is anticipated to witness significant growth rate during the forecast period, this growth being driven by Japan, South Korea, China, and India. In addition, California, New York, Michigan, Texas, Florida is also witnessing a high demand in the global self-driving car market.

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Competitive Landscape

The key market players include Tesla Motors, Inc., Audi AG, Ford Motor Company, Toyota Motor Corporation, Google Inc., Volvo Group, Nissan Motor Company, Baidu Inc., Apple Inc., Daimler AG, Dutch Automated Vehicle Initiative (DAVI), BMW AG and Volkswagen among others.

Scope of Self Driving Cars Market

Component Segments
• Hardware
• Software
• optical cameras
• Lidar
• Radar
• Other

Geographical Segments
• North America
o US
o Canada
o Mexico

• Europe
o Germany
o France
o United Kingdom
o Spain
o Others

• Asia-Pacific
o China
o India
o Japan
o South Korea
o Others

• RoW
o South America
o Middle East
o Africa

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