Autonomous Cars Market Forecast, 2018 – 2024

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Autonomous Cars Market for HEV to grow at 60
CAGR to 2024
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Key Insights from Autonomous Car Market

• The Hybrid Electric Vehicle (HEV) market is
  estimated to grow at a CAGR of over 60 during
  the forecast timeline. The demand for the HEV
  cars is driven by the growing investments by
  automotive manufacturers in the development of
  the electronics vehicles across the globe. The
  supportive government initiatives such as
  subsidies and tax benefits to the electronic
  vehicle manufacturers also propel the autonomous
  car market.
• The autonomous car market is driven by increasing
  investments in the auto technology. The
  self-driving vehicle industry is promising huge
  profits and lucrative returns on investment for
  all parties involved in the manufacturing and
  distribution of autonomous car. This is
  encouraging large corporations and VC investors
  to invest in the auto-technology and to secure
  their share of future profits. Moreover,
  advancements in the automotive technology also
  encourage the development of autonomous vehicles.

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Continued
The level 1 autonomous car market will grow at a
CAGR of 6 over the forecast timespan. The market
growth is attributed to the increasing vehicle
safety concerns and governmental regulations for
vehicle safety across the globe. Furthermore, the
integration of the advanced driving assistance
and safety systems into passenger cars also
supports the market. On the other hand, the
level 2 autonomous car market is expected to grow
at a CAGR of 45 during the projected period. The
advancements in the automotive technology such as
the integration of artificial intelligence, GPS,
and advanced electronic sensors such as radar,
LiDAR, and ultrasonic sensors promote the market
growth.
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U.S. Autonomous Cars Market, By Level of
Autonomy, 2015-2024

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Major Companies in Autonomous Car Market

• Volkswagen,
• BMW,
• Fiat Chrysler Automobiles,
• Ford,
• GM,
• Honda,
• Hyundai,
• Jaguar,
• Mazda, Daimler, Mitsubishi, Nissan, Subaru,
  Tesla, Toyota, Volvo

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Industry Coverage

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Regional Insights in Autonomous Car Market

• Europe holds a major share in the autonomous cars
  market with a share of over 40 in 2017. The
  market growth is attributed to the presence of
  large number of automakers. The auto
  manufacturers have invested significantly in the
  autonomous vehicle technology to accelerate the
  innovative processes in the self-driving vehicle
  landscape. The governments in the region are
  investing in improving the road telecom
  infrastructure, enabling the self-driving
  vehicles to better interact with its
  surroundings. The Netherlands government has
  invested over 100 million to install new traffic
  lights across the nation to help self-driving
  cars better interact with its surroundings.
• The North American autonomous car market is
  expected to register a high growth rate with a
  CAGR of over 14 in 2017. The growth in the
  region can be attributed to the supportive
  government policies, which have allowed
  automakers and tech companies in the region to
  conduct testing of autonomous technologies on
  public roads and freeways.

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