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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Autonomous cars have advanced sensors and cameras to detect surrounding environment. They use onboard computers, GPS and radar for navigation assistance without any human intervention. These cars rely on deep learning algorithms and connect through vehicle-to-everything (V2X) communication. They make driving safer, efficient and reduces carbon emissions from vehicles.

Market Key Trends:
The autonomous car market is witnessing significant growth owing to the increasing focus on minimizing road accidents and enhancing mobility. According to WHO, over 1.3 million people die each year as a result of road traffic crashes. Autonomous cars use sensing technology and drive-by-wire controls which can eliminate human errors and reduce road accidents. They provide facilities for disabled people and senior citizens through autonomous operation. For example, Waymo's autonomous taxis provide mobility services for people with disabilities. Growing investments by major automakers and tech companies in developing autonomous driving technology is fueling the market growth. Companies are focused on innovating self-driving systems, advance sensors and achieving Level 5 autonomy.

Segment Analysis
The autonomous car market is segmented by level of autonomy into level 1(Advanced Driver Assistance), level 2 (Partial Automation), level 3 (Conditional Automation), level 4 (High Automation), and level 5 (Full Automation). Level 3 autonomy is dominating the market currently as many companies are working towards deployment of vehicles with level 3 and above autonomy in the next 5 years. Level 3 vehicles can drive themselves under limited conditions but require drivers to be ready to take control at all times with notice. They are expected to be first widely available to consumers.

Key Takeaways
The Global Autonomous Car Market Demand is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing investments by major automakers and tech companies in autonomous driving technologies.

Regional analysis
North America currently dominates the autonomous car market accounting for over 40% of share due to presence of major players like GM, Tesla, Uber etc in the region along with favorable government regulations. Asia Pacific is expected to be the fastest growing region in the coming years led by China. Countries like China, Japan, South Korea are aggressively investing in autonomy technologies.

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 players are investing heavily in developing self-driving systems as well as partnerships for testing and deployment of autonomous vehicles. Level 4/5 vehicles are expected to be commercially deployed by 2025 led by Waymo, GM and Tesla.

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https://www.marketwebjournal.com/autonomous-car-market-forecast-growth-and-insights/