Autonomous Cars, Robotaxis & Sensors Market to Exhibit Rapid 50% CAGR, Projected to Reach US$20 Billion by 2030
The global autonomous cars, robotaxis & sensors market is poised to undergo remarkable growth, with a projected CAGR of 50% between 2023 and 2030. By the end of 2030, the market is anticipated to attain a market value of approximately US$20 billion.
Autonomous cars, commonly known as self-driving or driverless cars, have the capability to operate and drive without human intervention. Robotaxis are autonomous vehicles designed for passenger transportation, resembling traditional taxis but without the need for a human driver. Sensors play a vital role in the functioning of robotaxis and autonomous vehicles, enabling them to perceive and make informed decisions about their environment. One of the primary drivers behind the growth of autonomous cars and robotaxis is their potential to significantly reduce traffic accidents and fatalities. A substantial portion of traffic accidents is attributed to human error, including distracted driving and fatigue. Autonomous vehicles leverage advanced sensors and AI algorithms to make safe and reliable decisions, mitigating or eliminating these risks. Ongoing advancements in sensor technologies such as lidar, radar, and cameras have led to improvements in the accuracy, reliability, and capabilities of sensors. As these sensor technologies become more affordable and accessible, the number of autonomous vehicles and applications utilizing them is expected to increase. However, the development, production, and deployment of robotaxis and autonomous vehicles entail significant initial costs, with cutting-edge sensor technology, AI systems, and high-definition mapping serving as potential entry barriers for some businesses. Moreover, maintaining and upgrading autonomous vehicle fleets can incur substantial expenses.
Autonomous Cars, Robotaxis & Sensors Market:
Key Report Findings:
- The global autonomous cars, robotaxis & sensors market will witness substantial growth at a CAGR of 50% between 2023 and 2030.
- Increasing emphasis on sustainability is driving the demand for autonomous cars, robotaxis & sensors.
- Cameras continue to be in high demand in the autonomous cars, robotaxis & sensors market.
- The Level 2 (L2) category accounted for the highest revenue share in the autonomous cars, robotaxis & sensors market in 2022.
- North America will maintain its leadership position, while the Asia Pacific market for autonomous cars, robotaxis & sensors is poised for robust growth until 2030.
Emphasis on Increased Safety and Reduced Accidents:
The expansion of the market for autonomous cars, robotaxis, and sensors is driven by the increasing focus on safety and the potential for fewer accidents. These vehicles are equipped with advanced collision avoidance systems that swiftly detect potential hazards, including pedestrians, bicycles, and other vehicles. By promptly responding to these threats, autonomous cars and robotaxis enhance safety for passengers and pedestrians alike.
Autonomous vehicles can process vast amounts of sensor and video data far more quickly than human drivers, enabling them to respond rapidly and safely to unforeseen circumstances and changing road conditions. This reduces the risk of accidents significantly. By eliminating the human factor from driving, autonomous vehicles and robotaxis eliminate the risks associated with human errors, such as fatigue, distraction, and impaired judgment due to substances like drugs or alcohol. The promise of increased safety and reduced accidents is pivotal to the acceptance of autonomous cars and robotaxis, driving market expansion as these vehicles proliferate and demonstrate their safety benefits.
Growing Emphasis on Sustainability:
The market for autonomous cars, robotaxis, and sensors may expand due to a heightened focus on sustainability. Sustainability concerns are exerting a significant influence on the future of transportation, with advanced sensor technology and autonomous cars playing a critical role in creating a more sustainable mobility ecosystem. Combining autonomous technology with electric propulsion systems can offer dual benefits. Electric autonomous vehicles produce substantially lower greenhouse gas emissions and have smaller carbon footprints compared to conventional internal combustion engine vehicles.
Autonomous cars enhance fuel efficiency and reduce energy consumption by optimizing driving routes, reducing traffic congestion, and minimizing stop-and-go traffic patterns, further contributing to sustainability initiatives. Autonomous delivery vehicles, commonly used for last-mile delivery logistics, can help reduce emissions associated with traditional delivery methods. The importance of sustainable logistics solutions is rising in tandem with the growth of e-commerce and package deliveries.
Overview of Key Segments:
Cameras Dominate by Technology:
During the forecast period, the camera segment is expected to dominate the global market. Cameras offer various advantages that contribute to the safe and effective operation of autonomous vehicles and robotaxis. Cameras are integral components of the sensor suite employed in autonomous vehicles, working in conjunction with other sensors such as lidar and radar to provide a comprehensive view of the vehicle’s surroundings. The vehicle’s AI system can “see” the world in a manner similar to humans by utilizing visual data captured by cameras. Cameras record images and videos of the environment, including other vehicles, pedestrians, traffic signals, lane markings, and obstacles.
Infrared (IR) cameras enable autonomous cars to “see” and navigate in low-light and nighttime conditions, improving safety during nighttime driving. IR cameras are less affected by adverse weather conditions like rain, snow, and sun glare, making them ideal for maintaining consistent perception even in challenging weather conditions. IR cameras can also detect heat signatures associated with potential vehicle fires, alerting both the autonomous system and occupants for timely action.
L2 Segment Poised for Strong Demand Growth:
The L2 (Level 2) segment is anticipated to experience the most rapid growth within the autonomous cars, robotaxis & sensors market. At Level 2, vehicles can simultaneously handle steering and acceleration/deceleration under specific conditions, but drivers must remain attentive and aware of their surroundings. Level 2 systems often incorporate driver monitoring technology to ensure driver attention and readiness to take control when necessary. Sensors or cameras may be used to monitor the driver’s attention, focus, and preparedness to intervene.
Level 2 automation is typically limited to specific driving scenarios, such as highway driving or assisting in traffic congestion. These systems may not be designed to handle all weather or road conditions and will issue alerts if the driver’s hands are not detected on the steering wheel for an extended period. Consequently, drivers must remain vigilant and ready to assume control of the vehicle at any time.
Growth Opportunities Across Regions:
North America Maintains Leadership:
North America is expected to lead the autonomous cars, robotaxis & sensors market throughout the forecast period. In North America, both consumers and businesses have increasingly embraced autonomous vehicles due to the promise of enhanced safety, fewer accidents, and improved transportation efficiency. Supportive legislation and policies at the state and provincial levels have created a conducive environment for testing and deploying autonomous vehicles. Favorable regulations enable companies to experiment with and expand their autonomous car operations.
Mobility-as-a-Service (MaaS) platforms, which integrate multiple transportation modes, including autonomous cars, into a seamless, on-demand service, have gained popularity in the United States. MaaS aims to provide users with efficient and convenient transportation options. AI plays a crucial role in the decision-making processes of autonomous vehicles in the United States, allowing vehicles to adapt to complex and dynamic driving environments.
Asia Pacific Exhibits Robust Growth:
The Asia Pacific region is projected to witness significant growth in the autonomous cars, robotaxis & sensors market, displaying a substantial CAGR during the forecast period. Integration of Artificial Intelligence (AI) and vehicle-to-everything (V2X) communication systems has enhanced the performance and safety of autonomous vehicles in the Asia Pacific region. AI-powered decision-making systems and real-time connectivity with other vehicles and infrastructure have collectively improved overall autonomy.
Australia has seen a surge in testing and pilot projects for autonomous cars, with businesses and research institutions evaluating the viability and performance of autonomous technology under various conditions.
Challenges in Emerging Countries:
Autonomous or self-driving cars require minimal infrastructure for optimal operation, including well-marked lanes, GPS connectivity, and well-maintained roads. Robust connectivity infrastructure is also essential for V2V and V2X communication. However, in emerging nations like Mexico, Brazil, and India, the construction of adequate IT infrastructure on highways lags behind developed nations. Connectivity to 3G and 4G-LTE communication networks, necessary for rural and semi-urban areas, remains limited, affecting logistics companies and autonomous vehicles operating in these regions. Government support is essential for the adoption of autonomous vehicles in these developing countries. Consequently, the growth of the autonomous cars, robotaxis & sensors market is hampered by a lack of government regulations and inadequate information technology communication infrastructure in these regions.
The ongoing financial challenges resulting from the COVID-19 pandemic are expected to further delay the development of advanced transportation infrastructure.
Autonomous Cars, Robotaxis & Sensors Market: Competitive Landscape:
Leading players in the global autonomous cars, robotaxis & sensors market include Lyft, Inc., Volkswagen AG, Nissan Motor Corporation, Uber Technologies, Ford Motor Company, WAYMO LLC (a subsidiary of Alphabet Inc.), Cruise LLC (a subsidiary of General Motor Company), Tesla, and Daimler AG.
Browse Global Autonomous Cars, Robotaxis & Sensors Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Technology Coverage, By Level of Autonomy Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/autonomous-cars-robotaxis-sensors-market
Autonomous Trains Market: https://www.fairfieldmarketresearch.com/report/autonomous-trains-market
Heavy-duty Autonomous Vehicles Market: https://www.fairfieldmarketresearch.com/report/heavy-duty-autonomous-vehicles-market
Fairfield Market Research
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
This press release first seen on Brilad