The global self-driving cars and trucks market size is expected to be approximately 6.7 thousand units in 2020 and is anticipated to expand at a CAGR of 63.1% from 2021 to 2030. Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry. These vehicles have high growth potential and are acting as a catalyst in technological developments of automobiles.

Development of a supportive regulatory framework, government funding, and investments in digital infrastructure are expected to play a key role in positively affecting market growth over the forecast period. The market for autonomous cars and trucks has a wide range of products and systems that make up the self-driving vehicle infrastructure.

Autonomous vehicles are made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently to carry out operations automatically or without the help of drivers. By performing situational analysis, motion planning, and trajectory control, these sensors help in the process of navigation.

Rising safety concerns and advancements in automotive technologies have led to market penetration and acceptance of driverless cars and trucks by governments of various countries, such as U.S., Germany, China, and Japan.

Based on application, the self-driving cars and trucks market is categorized into transportation and defense. Transportation, which is further bifurcated into industrial and commercial applications, is expected to emerge as the largest segment over the forecast period.

U.S. is anticipated to witness high adoption of driverless technology in transportation owing to increased government support in amending transport regulations to create a gateway for autonomous truck market. Europe is also expected to emerge as a potentially lucrative market for self-driving vehicles with growing consumer preference for techno-advanced products.

Advances in technologies and rising acceptance of autonomous vehicles by various governments are expected to boost the growth of industrial applications of autonomous cars and trucks over the forecast period.

Rise of the Mobility as a Service (MaaS) sector is anticipated to provide an impetus to the autonomous cars market. North America is expected to witness significant growth owing to amendments in traffic regulations to incorporate autonomous cars on public roads. The regulation is slowly being adopted across all U.S. states to make transportation fully autonomous.

For instance, in 2013, the National Highway Traffic Safety Association (NHTSA), a traffic regulations body in U.S., allowed self-driving car testing in several states, including Nevada, California, Florida, Michigan, and Washington DC.

In addition, the Department for Transport (DfT) in U.K. initiated a jurisdiction to operate autonomous vehicles on any public road without any extra insurance or permits in 2018. The department has also established the Centre for Connected and Autonomous Vehicles in 2018. The government plans to maximize adoption of self-driving cars and trucks by 2021. It also plans to make additional changes to existing regulations to support the development of self-driving vehicles in U.K.

Audi AG; BMW AG; Daimler AG (Mercedes Benz); Ford Motor Company; General Motors; Google LLC; Honda Motor Corporation; Nissan Motor Company; Tesla, Inc.; Toyota Motor Corporation; Uber Technologies, Inc.; Volvo Car Corporation; and Volkswagen AGare some of the key players in the self-driving cars and trucks market.

Leading market vendors stay ahead of competition through collaborations and development of innovative solutions. For instance,in August 2017, BMW AG, Intel Corporation, Fiat Chrysler Automobiles (FCA), and Mobileye-a subsidiary company of Intel Corporation signed a memorandum of understanding for FCA to join the companies in developing autonomous vehicle driving platform. The memorandum is aimed at combining resources, capabilities, and strengths of all companies to reduce time to market, increase development efficiency, and enhance the application's technology.

More about this report >>