The global market for autonomous cars was valued at $1.35 billion in 2021 and is projected to reach $15.55 billion by 2030, growing at a compound annual growth rate of 31.19 percent from 2023 to 2030.
The increasing demand for connected cars employing the internet of things and the growing development of smart cities in the countries is driving the Autonomous Cars Market growth.
This is according to a new report by Verified Market Research, which says the increasing demand for connected cars employing the internet of things is the key force driving the autonomous car market.
Car drivers enhance their experience via the Internet of Things by obtaining real-time feedback from high-speed in-memory computing systems inbuilt in connected cars.
Its inbuilt computers suggest collecting, analyzing, and storing data that help make decisions. The increasing adoption of connected cars boosts autonomous and semi-autonomous cars in the market.
Another factor is the growing development of smart cities in the countries and focuses on growth from transport infrastructure to smart cities.
Countries like Mexico, Canada, and the US are deploying digital infrastructure to enable connectivity between cars and infrastructures to collect essential information, ease traffic congestion, and improve road safety.
The increase in the development of smart cities is the factor increasing the market growth of the Autonomous Cars Market.
Because of steady technological advancements, the software in the autonomous vehicle must be frequently upgraded to keep them consistent with the external environment.
Furthermore, the cost of all parts and the sensor assemblage in autonomous cars is more than manufacturing the vehicles.
Regardless, the ratio of premium consumers is less across the globe, and it is challenging for ordinary people to afford high-end cars. Thus, high initial and maintenance costs restrains the market growth of the autonomous cars market, says VMR.
