Stratview Research, a leading market research firm has launched a report on the Autonomous Cars Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.

What are the Top Market Drivers?

According to the report, the Autonomous Cars Market is driven by a host of factors, some of which are noted below:

• Norms & regulations set by the government 
• The mounting number of vehicular accidents globally, boost the demand for autonomous vehicles. 
• Surging demand for the advanced driver assistance systems (ADAS) in vehicles, which has resulted in accelerating the market progress. 
• The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights. 

Autonomous Cars Market Segmentation:

Stratview Research has segmented the market in the following three ways which fulfill the market data needs of multiple stakeholders across the industry value chain.

• Level of Autonomy (Level-1, Level-2, Level-3, and Level-4) 
• Type (Internal Combustion Engine (ICE) Vehicle, Hybrid Electric Vehicle (HEV), and Battery Electric Vehicle (BEV) 
• Region (North America, Europe, Asia-Pacific, and Rest of the world).

Autonomous Cars Market Insights

Autonomous Cars Market Share: By Level of Autonomy

Based on the level of autonomy, the market is segmented into Level 1, Level 2, Level 3 and Level 4. In 2020, Level 1 cars accounted for a large share of the overall market. With the growing demands for vehicular and driver/passenger safety concerns, several governments are charting out initiatives to improve the safety of cars. In various countries, they are encouraging consumers to use advanced driver assistance systems (ADAS). As a result, a number of automobile manufacturers have engaged in the integration of Level 1 automation in their vehicles. Moreover, Level 4 cars haven’t been launched in the market yet and are still under the R&D phase. Therefore, there is a significant demand for Level 1 cars currently.

Autonomous Cars Market Share: By Type

Based on the type, the market is segmented into internal combustion engine (ICE) vehicle, hybrid electric vehicle (HEV), and battery electric vehicle (BEV). As of 2020, the cars propelled by ICE are leading the global autonomous cars market, with the largest market share. Although, there has been a high demand for electric vehicles in the recent years, there is still a strong demand for ICE-propelled cars in the developing economies such as India, China, South Africa, Indonesia, and Brazil, among others. Also, the necessary infrastructure for electric vehicles is not adequate in developing countries, which in turn, increases the demand for ICE-propelled vehicles. Hence, it is estimated that the internal combustion engine (ICE) vehicle market sub-segment would gain the maximum traction and grow steadily during the forecast period.

Which region offers the best opportunity and growth?

In terms of regions, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. Among these regions, Europe is expected to have dominance in the market for autonomous cars throughout the forecast period. The region is home to several leading automobile manufacturers across the globe, such as Daimler AG, BMW AG, Volkswagen, and Volvo Car Corporation, among others. The market in the region is largely driven by extensive investments of car manufacturers along with the supportive government initiatives for the market. In addition, several European countries such as Germany, the UK, and France, have already promoted the use of the autonomous cars on the roads and highways. North America and Europe are also expected to offer considerable growth opportunities over the forecast period.

COVID-19 Impact on the Autonomous Cars Market

COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.

To know more about the covid-19 impact, get a free sample report from Stratview Research, here.