Self-Driving Cars and Trucks Market

Market Definition

The global Self-Driving Cars and Trucks Market size was valued at USD 1.20 billion in 2022 and is predicted to reach USD 2.62 billion by 2030 with a CAGR of 11.7% from 2023-2030. Self-driving cars and trucks, also known as driverless or autonomous vehicles, are autonomous vehicles that are capable of sensing their environment and navigating without any human input. It does not require a human driver to constantly control and operate the acceleration, braking, and steering as the presence of advanced sensors and radars makes the driving completely automatic.

Self-driving cars and trucks use a combination of cameras, GPS, and artificial intelligence (AI) technologies to detect objects and obstacles in their path, plan routes and make decisions about how to navigate safely. They are being developed for a variety of applications, ranging from personal transportation to ride-sharing services and commercial freight delivery. They have the potential to reduce traffic accidents and improve the efficiency of transportation.  

Market Dynamics and Trends

The self-driving cars and trucks market is significantly boosted due to the growing adoption of autonomous vehicles across the world. They have the potential to greatly improve safety on the roads, reduce traffic congestion, and increase mobility for people who are unable to drive, such as the elderly or disabled. Also, technological advancements such as the growing usage of machine learning (ML) and artificial intelligence (AI) which allows the vehicle to understand and respond to its environment in real-time is further boosting the growth of the market. 

Moreover, the growing demand for road safety has also propelled the growth of the market as autonomous vehicles is equipped with advanced sensors and systems that are designed to ensure the safety of the passengers.

However, the high manufacturing cost of these vehicles is the major factors restraining the growth of the market. On the contrary, the introduction of adaptive cruise control, lane-centering assist, and speed control features for an advanced full self-driving solution are expected to create ample opportunities for the market in the coming years.

Market Segmentations and Scope of the Study

The self-driving cars and trucks market report is segmented on the basis of vehicle type, component, the level of automation, propulsion, application, end-users, and region. On the basis of type, the market is divided into self-driving cars and self-driving trucks. Based on self-driving cars, the market is further sub-segmented into sedans, SUVs, and hatchbacks. Based on self-driving trucks, the market is sub-divided into delivery trucks, semi-trucks, and heavy-duty trucks. On the basis of component, the market is divided into light detection and ranging (lidar) sensor, ultrasound sensor, video cameras, central computing system, radar sensor, and GPS navigation system. On the basis of the level of automation, the market is classified into level 1, level 2, level 3, level 4, level 5. On the basis of propulsion, the market is classified into semi-autonomous and fully autonomous. On the basis of application, the market is segmented into personal and commercial. On the basis of end-users, the market is divided into logistics, construction & manufacturing, mining, and port. Regional breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the dominant share of the self-driving cars and trucks market and is expected to continue its dominance during the forecast period. This is attributed to factors such as the growing popularity and rapid adoption of autonomous vehicles in countries such as the U.S. and Canada. According to the National Association of Insurance Commissioners, there will be 3.5 million self-driving vehicles on U.S. roads by 2025, and 4.5 million by 2030. 

Moreover, the increasing demand for automation in transportation coupled with stringent government regulation is further driving the growth of the self-driving cars and trucks market. For instance, the National Highway Traffic Safety Administration of the U.S. issued a standard general order that requires manufacturers and operators of automated driving systems and SAE level 2 advanced driver assistance systems equipped with vehicles to report crashes to the agency in 2021.

On the other hand, Asia Pacific is expected to show a steady rise in the global market due to the rapidly growing autonomous vehicle manufacturing industries in countries such as China and Japan. For instance, autonomous electric vehicle sales reached a total of 3.3 million units in China in 2021 as compared to 1.3 million in 2020. 

Moreover, the presence of key market players such as Honda, Nissan Motor Company, and Toyota play a major role in the self-driving cars and trucks market development in this region. For instance, in March 2021, Honda launched a level 3 self-driving luxury sedan that operates without driver supervision under certain conditions and only requires human control of the vehicle in some specific conditions. 

Furthermore, the growing use of self-driving trucks to minimize road accident fatalities and injuries is further driving the growth of the market in this region. According to the Ministry of Road Transport and Highways of India, a total number of 4,12,432 road accidents happened in India, claiming 1,53,972 lives and causing injuries to 3,84,448 persons in 2021.

Competitive Landscape

Various market players operating in the self-driving cars and trucks industry include TTesla, Collins Aerospace, Siemens AG, Honeywell International Inc., Flux Auto, Wipro Limited, Huawei Technologies Co., IBM, General Motors, Waymo. These market players are adopting various strategies such as product launches to remain dominant in the market. 

For instance, in October 2022, Auve Tech launched a new generation self-driving autonomous vehicle MiCa. The new autonomous vehicle includes seven LiDAR sensors and ten cameras that provide 360-degree visibility of its surroundings and hassle-free driving in various weather and traffic conditions.

Moreover, in April 2022, Daimler opened a technology and software development center in Stuttgart, Germany. Through this establishment, the company aims to support the ongoing development of the Level 4 autonomous virtual driver for deployment in autonomous trucks in the United States.

Furthermore, in March 2022, Alphabet Inc. announced to launch of its driverless car Waymo in San Francisco. Through this launch, the company aims to expand its driverless cab business in the U.S.

Key Benefits

• The report provides quantitative analysis and estimations of the self-driving cars and trucks market from 2023 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the self-driving cars and trucks market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the self-driving cars and trucks market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Self-Driving Cars and Trucks Market Key Segments

By Vehicle Type 

• Self-driving Cars

  • Sedans

  • SUVs

  • Hatchbacks

• Self-driving Trucks

  • Delivery trucks

  • Semi-trucks

  • Heavy-duty trucks

By Component 

• Light Detection and Ranging (LiDAR) Sensor

• Ultrasound Sensor

• Video Cameras

• Central Computing System

• Radar Sensor

• GPS Navigation System

By Level of Automation 

• Level 1

• Level 2

• Level 3

• Level 4

• Level 5

By Propulsion 

• Semi-autonomous 

• Fully Autonomous

By Application 

• Personal

• Commercial

By End-Users 

• Logistics

• Construction & Manufacturing

• Mining

• Port

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe 

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific 

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• Tesla

• Collins Aerospace

• Siemens AG

• Honeywell International Inc.

• Flux Auto

• Wipro Limited

• Huawei Technologies Co.

• IBM

• General Motors

• Waymo

Report Scope and Segmentation:

Parameters	Details
Market Size in 2022	USD 1.20 Billion
Revenue Forecast in 2030	USD 2.62 Billion
Growth Rate	CAGR of 11.7% from 2023 to 2030
Analysis Period	2022–2030
Base Year Considered	2022
Forecast Period	2023–2030
Market Size Estimation	Billion (USD)
Growth Factors	The growing adoption of autonomous vehicles across the world. Technological advancements such as the growing usage of machine learning (ML) and artificial intelligence (AI). Growing demand for road safety which results in overall market growth.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.