Dealers eyeing the driverless car market may be interested to note that it is anticipated to rise from 37,090 units in 2024 to 76,217 units in 2035, at a CAGR of 6.8 per cent, according to a new report by MarketsandMarkets.
In a news release, the company said the self-driving cars market is poised for significant growth. They believe this comes, and will come, thanks to advancements in sensor technologies like LiDAR and radar, along with the adoption of vehicle-to-everything (V2X) communication, and an increase in mobility-as-a-service (MaaS) solutions like robotaxis and autonomous shuttles.
“This growth is further fuelled by supportive government policies and high consumer demand for safer and more convenient mobility solutions,” said MarketsandMarkets. “The development of cloud computing and AI-based decision-making is also critical, enabling real-time data processing and dynamic improvements to autonomous vehicle performance.”
How exactly this expected increase in driverless vehicles will impact the auto retail sector is to be seen, at least to the full extent of it. The many drivers helping to boost self-driving cars is also a factor to consider, along with emerging markets and intelligent city initiatives that are set to amplify the market’s expansion potential.
Within this market, the personal mobility segment will likely lead the driverless car market during the forecast period, thanks to a boost in demand for autonomous vehicles. And the C&D segment may dominate the market due to a preference for mid-size sedans and SUVs equipped with advanced autonomy and safety features.
“North America is expected to grow significantly in the self-driving cars market during the forecast period, driven by technological advancements, supportive policies, and strong consumer demand,” added MarketsandMarkets.
