The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON , June 19, 2023 /PRNewswire/ — As per the business research company’s Autonomous Cars Global Market Report 2023, the global autonomous cars market size will grow from $931.3 billion in 2022 to $1,047.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 12%. The global autonomous vehicle market size is then expected to grow to $1,651.3 billion in 2027 at a CAGR of more than 12%. Going forward, increasing R&D investments for self-driving vehicles, supportive government initiatives, the growing demand for electric vehicles, the increasing concerns about vehicle safety and the rising urbanization will drive the autonomous cars market growth.
The global autonomous cars market is highly concentrated with large players operating in the market. Toyota Motor Corporation was the largest competitor with 15.1% of the autonomous cars market, followed by Volkswagen AG, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, BMW AG, Honda Motor Co., Ltd., Tesla Inc., Nissan Motor Co., Ltd., Volvo Car Group.
Learn More On The Autonomous Cars Market Report – https://www.thebusinessresearchcompany.com/report/autonomous-cars-global-market-report
The autonomous vehicle market forecast highlights three technology-based trends that will transform the market in coming years:
1. Cloud-Based Technology
Manufacturers in autonomous cars market are focusing on using cloud technology to enhance operational efficiencies. For example, in June 2022, Tencent, a Chinese technology and entertainment company, announced the establishment of Intelligent Automobile Cloud Zone in Shanghai, the industry’s first proprietary cloud platform for autonomous and smart driving. This new development presents a need to go to the cloud for more efficient and low-cost data storage, computing and model training so as to accelerate research and development (R&D) and iteration.
2. Use Of 3D Printing Technology
Major companies in the autonomous cars market are focusing on 3D printing technology to improve the design and resistance of the cars and other automotive equipment. 3D printing helps reduce cost due to no need for inventory, tooling or assembly lines and makes a car lightweight. For instance, in January 2021, General Motors, a US-based automotive manufacturing company, opened a 15,000-square-foot ‘Additive Industrialization Center’, a facility exclusively dedicated to productionizing 3D printing technology in the automotive industry. The comprehensive facility includes 24 3D printers, which create polymer and metal solutions.
3. Augmented Reality And Virtual Reality
Companies in the autonomous cars market are focusing on augmented reality (AR) and virtual reality (VR) for faster creation of physical prototypes and reduce manufacturing defects. For example, in May 2022, Microsoft, a US-based technology company, and Volkswagen (VW) Group, a German motor vehicle manufacturer, working together to bring augmented reality (AR) to cars via a new ‘moving platform’ feature for the HoloLens 2 headset, an untethered holographic device that also works in vehicles. Both companies see the future of mobility relying on augmented reality, viewing it as a key component of transport concepts.
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Asia Pacific was the largest region in the autonomous cars market and was worth $425.1 billion in 2022. The market accounted for 1.18% of the region’s GDP.
According to the autonomous vehicle market outlook, the market in Asia Pacific is supported by the high investments, technological developments, rising disposable income, high demand for mobility and government initiatives. For example, in April 2020, the government of South Korea announced that it will invest $896 million for the development of high automation vehicles, which includes autonomous cars. The country has also announced its decision to allow the sale of basic Level 3 autonomous cars in the domestic market from July 2020.
View More Similar Market Reports:
Autonomous Commercial Vehicle Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/autonomous-commercial-vehicle-global-market-report
Autonomous Trains Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/autonomous-trains-global-market-report
Autonomous Aircraft Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/autonomous-aircraft-global-market-report
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