According to the researchers, driverless cars could reduce fatal accidents by 90% that equals 300,000 lives saved each decade in the US.
Hence, this results in smoother traffic flow and leads to better fuel competence of the vehicles. Using driverless cars will let the vehicles travel much closer to each other and also allows the vehicles to notice parking spots and auto-park. As a result, the chances of failure are less. Additionally, these cars are backed up with impressively advanced artificial intelligence systems being developed by some of the leading companies such as Nvidia, Intel, and many more. Advanced modern-day sensors and machine learning technologies are being used in these cars.
Higher Safety And Possible Decline In Road AccidentĪccording to industry experts, autonomous cars are expected to be safer as compared to traditional cars. However, according to Statista, there are countries that are better prepared than the US. Another analysis published by IHS highlights that the US will be an early player in the autonomous car segment. The share of Autonomous Vehicle Sales in the Total Market (2025 vs 2035)Īccording to most industry experts, North America will become the leading market for such cars.
By this time, the global market will be worth around $42 billion.Ģ5% of the total cars sold in 2035 are projected to be autonomous vehicles comprising 15% partially autonomous vehicles and 10% fully autonomous cars. The self-driving vehicles capable of piloting through highway and traffic jams are most likely to be available by the end of 2017, followed by urban autopilot mode by 2022, and fully driverless cars will appear massively no earlier than 2025. It also estimates that Europe would exhibit the highest CAGR of 42.6% during 2019-2026. On the other hand, according to Allied Market Research, the market could reach from $54.23 billion in 2019 to $556.67 billion in 2026 with a CAGR of 39.47%. According to their report, no Level 4 or Level 5 vehicles will be operational by 2030. Level 2 vehicles are estimated to capture 92% of the total market share even in 2030, while level 3 cars will capture the rest. Lux Research, in one of their reports, revealed that the self-driving vehicle market has the potential to become an $87 billion opportunity by 2030. Various global consulting and research firms have come up with different estimates of autonomous vehicle market size. Autonomous Vehicles Market Size And Growth The following table explains the autonomy levels in the vehicles.
It recently got updated again on May 25, 2021.Įven though the concept started as early as 1500AD when Leonardo da Vinci designed a Self-propelled cart, it really came into practice in the 20th century. It was later updated on Mar 22, 2019, and Apr 26, 2020. The article was first published on Sep 6, 2017.
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