Report: Worldwide autonomous car market is rising at a CAGR of 47.50% by 2035
The strong presence of competitors will characterize the global market for autonomous cars, finds a new study by Transparency Market Research (TMR). Tesla Motors Inc., Nissan Motor co., Ltd., and Waymo LLC are expected to lead this market in the future. A high degree of product differentiation will make for great competition among the players.
According to TMR's estimations, the shipment volume of autonomous cars will reach 600,000 units in 2025. Rising at a phenomenal CAGR of 47.50% during the period from 2025 to 2035, the shipment volume is likely to increase to 29.31 million units by the end of the forecast period. SAE Level 3 autonomous cars are likely to witness the most prominent demand across the world during that period.
As North America is anticipated to experience a comparatively faster uptake of autonomous cars, it is likely to witness a higher growth rate than other regional markets during the forecast period.
Asia Pacific is expected to see steady growth in autonomous car demand during the period due to rising consumer awareness and a substantial upswing in disposable income. In this region, Level 3 autonomous cars are anticipated to account for the most prominent share of total demand volume, thanks to infrastructure development in the information and communication sectors of China, Singapore, and Japan. Researchers predict that the economies with rapidly rising geriatric populations, such as Japan and China, will emerge as the early adopters of autonomous cars.
With constant innovation and updates in technology, autonomous cars are likely to be the next big thing across the world, according to authors of the study. Crash and congestion reduction is expected to fuel the adoption of autonomous cars as advancements in technology enable autonomous cars to increasingly eliminate human error. However, the lack of clarity over laws and regulations may hinder the market to some extent, noted the study.