AUTONOMOUS (DRIVERLESS) CAR MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Analysis of the Autonomous Car Market

The market for autonomous (driverless) cars was estimated at USD 22.22 billion in 2021, and it is anticipated that it would grow at a CAGR of 22.75% from 2022 to 2027 to reach USD 75.95 billion.

The COVID-19 pandemic has had an effect on the entire automotive industry, forcing automakers to reduce production at their manufacturing facilities. The epidemic has also had a short-term negative impact on the production and R&D activities of several OEMs, which has delayed the deployment and distribution of autonomous vehicles.

More autonomous cars are being developed with highly sophisticated technologies integrated with smartphones, opening opportunities for market players to attract customers due to increasingly strict government regulations focusing on improving road safety. Manufacturers have been able to improve self-driving capabilities in cars thanks to recent technological advancements in the fields of artificial intelligence, machine learning, and other sensors like RADAR, LIDAR, GPS, and computer vision.

While Level 4 and Level 5 autonomous vehicles (as measured by SAE) are anticipated to gain wider acceptance by 2030, Level 2 and Level 3 autonomous vehicles currently dominate the market. As a result, the growth of these Level 2 and Level 3 cars is expected to propel the market during the forecast period.

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