The global Autonomous Car Market Growth Accelerated by Connected Services

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Autonomous vehicles have the potential to transform transportation systems and revolutionize how people travel. Autonomous vehicles use a variety of technologies such as sensors, radar, GPS and computer vision to navigate roads with minimal human input or completely without it. This helps in improved road safety, traffic management and last mile connectivity.

The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major market trends accelerating the growth of autonomous car market size is the increasing adoption of connected services. Connected services allow communication between autonomous vehicles and other vehicles on the road as well as roadside infrastructure using technologies such as vehicle-to-everything (V2X) communication. This helps autonomous vehicles in sharing information with other vehicles related to traffic conditions, accidents and road works in real-time. Such connected services enhances the decision making of autonomous vehicles which improves road safety and traffic efficiency. Major automobile manufacturers are focusing on development of advanced connectivity solutions to integrate autonomous driving technology with connectivity platforms for efficient transportation experience.

Segment Analysis
The global autonomous car market is dominated by Level 3 autonomous systems subsegment. Level 3 autonomous vehicles require human intervention occasionally and are expected to be rolled out for public use by 2023. The level 3 vehicles will help enhance driving experience without requiring constant human input. Also, level 3 technology is easier to develop and helps automakers gradually shift towards fully autonomous vehicles.

Key Takeaways
The global autonomous car market is expected to witness high growth driven by increasing investments in developing self-driving technologies and supportive government policies worldwide. Rapidly declining prices of sensors and development of 5G networks will accelerate the adoption of autonomous vehicles. The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023-2030.

Regional analysis
North America currently dominates the global autonomous car market owing to presence of major technology players and highest investments in developing autonomous vehicles in the US. China is emerging as the fastest growing market in Asia Pacific due to massive funding by local automakers and tech firms to develop autonomous driving technologies. Countries like China, Germany, and Japan are expected to dominate the future of autonomous mobility and account for over 50% of the global autonomous vehicle sales by 2030.

Key players
Key players operating in the autonomous car market are Audi AG, Bayerische Motoren Werke AG, General Motors Company, Nissan Motor Co., Ltd., Tesla Motors, Inc., The Volvo Group, Toyota Motor Corporation, Uber Technologies Inc., Waymo LLC, Kia- Hyundai, Poni.ai. Major automakers are partnering with tech giants to develop self-driving systems for future mobility solutions.

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