Autonomous and Driverless Cars Market is to Touch $2,137.2 Billion by 2030; Consumer Preference for Ride-Sharing Services Encourages the Development of Driverless Fleets and Environmental Sustainability Initiatives Boost the Popularity of Electric Autonomous Vehicles propel market growth.

The Autonomous and Driverless Cars Market size is estimated to reach $2,137.2 billion by 2030, growing at a CAGR of 18.3% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Autonomous and Driverless Cars Market – By Level of Autonomy (L4, L5), By Application (Passenger, Commercial, Government and Public Sector), By Component (Radar, LiDAR, Ultrasonic, Camera Unit, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rising concerns over traffic congestion propel interest in automated transport solutions and Enhanced vehicle-to-vehicle communication systems improve safety and coordination on the road are fueling the growth of the Autonomous and Driverless Cars industry during the forecast period.

North America accounted for the largest share of 38% of the Autonomous and Driverless Cars Market in 2023. Advancements in technology, regulatory support, and consumer demand for enhanced safety and convenience drive the Autonomous and Driverless Cars market in North America. The integration of artificial intelligence and machine learning into vehicle systems significantly improves navigation and decision-making capabilities. Furthermore, government initiatives promoting research and development in autonomous vehicles foster innovation. Increasing concerns about traffic congestion and environmental sustainability also propel the adoption of driverless technology, as consumers seek efficient and eco-friendly transportation solutions.

The surge in investment from automotive manufacturers is driving significant advancements in research and development for autonomous and driverless vehicles. In 2023, China emerged as the largest automotive producer globally, with an output of 30 million vehicles, including nearly nine million new energy vehicles (NEVs), which account for two-thirds of global production. Companies are increasingly prioritizing innovation, channeling substantial resources into developing advanced technologies such as artificial intelligence and machine learning to improve automation and safety. This financial commitment encourages collaborations with tech firms and research institutions, facilitating the integration of cutting-edge technologies like sensor systems and real-time data processing. The competitive landscape further accelerates R&D efforts, ensuring manufacturers remain leaders in technological advancements, leading to safer and more efficient transportation solutions.

Rapid urbanization is a significant driver of demand for efficient and flexible transportation solutions, particularly in the autonomous and driverless cars market. As cities become more congested, the need for innovative mobility options that minimize traffic and reduce environmental impact intensifies. Autonomous vehicles offer the potential to optimize traffic flow, enhance road safety, and decrease reliance on traditional car ownership. Moreover, the integration of smart technologies enables seamless connectivity and real-time data utilization, catering to the evolving needs of urban dwellers. This shift towards sustainable and adaptable transportation solutions reflects the increasing emphasis on improving urban mobility in modern society. 

Key companies profiled in the Autonomous and Driverless Cars Market are Waymo LLC (Alphabet Inc.), Tesla, Inc., Cruise LLC (General Motors Company), Aptiv PLC/Lyft, Uber Advanced Technologies Group (Aurora Innovation Inc.), Zoox Inc. (Amazon.com, Inc. subsidiary), Baidu, Inc., Pony.ai Inc., Ford, Daimler and Others.