Global Self-Driving Cars and Trucks Market Size Likely to Expand at a CAGR of 22.5% By 2034

According to current market research conducted by the CMI Team, the global market for Self-Driving Cars and Trucks is expected to record a CAGR of 22.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 1.02 Billion. By 2033, the valuation is anticipated to reach USD 2.8 Billion.

Self-Driving Cars and Trucks Market: Growth Factors and Dynamics

• It enhances safety and lowers the number of human errors, which is the greatest cause of road accidents. Autonomous driving technologies have combined high-tech sensors and AI-driven technologies to deliver more secure navigation and, therefore, significantly decrease the possibility of accidents.

• Autonomous vehicles may also reduce labour costs in the logistics industry, and thus yield vast potential long-term savings. In addition, route changes in real-time can lead to better fuel efficiency, hence lesser consumption, and spending.

• Standalone technology simply means that it reduces turbulence, idles less, and increases the fuel economy. As a bonus, charging an electric car prolongs this benefit to electric cars, which makes autonomous automobiles and trucks part of an ecologically beneficial system.

• Self-driving cars will eventually free the traffic congestion and enhance the mobility of the cities. It can view all of them real-time traffic assessments and optimize routes. Improving mobility is imperative when it comes to congested cities where an efficient smart transport system becomes more vital than anything else.

• The spending by tech and automotive companies in R&D of an autonomous car is increasing. They spend lavishly on AI, machine learning, and sensor technologies so that the capabilities and reliability of the self-driving system can be improved.

Self-Driving Cars and Trucks Market: New Launches

• In June 2024, Uber’s freight hauling business will deploy Aurora’s driverless trucks on routes between Dallas and Houston as part of a new “long-term” deal that builds on a three-year-old commercial pilot. Uber Freight will be one of Aurora’s first customers on the Texas route. Uber Freight connects truck drivers with shippers, much in the same way the company’s ride-hailing app pairs drivers with those looking for a ride.

Report Scope

Self-Driving Cars and Trucks Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Self-Driving Cars and Trucks Market, with the industry experiencing positive and negative effects. Here are some of the key impacts:

• The pandemic increased interest in autonomous vehicles: There are contactless and efficient modes of transportation available. As governments and corporations reduced the necessity for human connection, people rushed to invest in self-driving technologies, particularly in logistics and deliveries. Autonomous trucks and vans proven to be a lifeline for keeping supply chains running during a time when manpower limits and health protocols hampered traditional transport services.

• E-commerce and Last-Mile Delivery: The level of growth in the pandemic at e-commerce has presented the biggest opportunity for delivery vehicles that are self-driving. Today, most essentials will be ordered online and last-mile delivery solutions will soar to efficient and timely service. And more essentially, autonomous delivery vehicles, especially smaller robots and self-driving vans come under the essential area of concentration for logistics companies to come up to consumer expectations while staying within social distancing parameters.

• Testing and Launch Issues: Lockdowns had completely stalling testing and launches of self-driving cars, pushing timelines for regulatory clearances and commercial launches. Most of the autonomous car companies had to stop road tests and trials forcing a delay that continued unabated. Manufacturing the heart and brain- sensors and microchips- slowed down amid the pandemic, which slowed things around the self-driving world.

• More Investment in Safety and Health Applications: Health and safety issues during the pandemic nudged public attention toward a possible role of self-driving vehicles in providing improved safety for the passengers and cargo themselves. As far as passenger vehicles are concerned, autonomous technology heralded a mitigation process to reduce the risk of transmission through ride-hailing and public transport because such vehicle would not have a human driver. Freight transportation also experienced the great demand for autonomous trucks equipped with upgraded sanitization and health monitoring mechanisms.

• Increased pace of R&D autonomous driving technologies: There was pressure from the pandemic for companies to pump much more money into the research and development of autonomous driving technologies, AI, as well as the accuracy of sensors. With greater emphasis on not contributing to accidents and making transport more efficient, new algorithms for self-driving vehicle and machine learning were developed faster as V2I communications with smarter and more reliable autonomous vehicles.

• Tele management of autonomous fleets: With the distant workplace becoming new normal, companies emerged with advanced systems to control fleet-driven autonomous vehicles from afar. So, cloud remote monitoring and control of self-driving cars and trucks become an adoption element in the fleet management. They make possible real-time operations oversight, maintenance, and software update without the presence of human on-site.

• Increased Public Awareness and Credibility: While initially the pandemic had gone against the testing of the autonomous vehicles, it actually increased public awareness about the merits associated with self-driving cars and trucks. The need for contactless delivery, the improvement of public transportation safety, and the lack of drivers did underscore and aptly identify the role of autonomous vehicles in the future of mobility. Consumers and businesses are now more receptive to embracing autonomous technology as part of their new normalcy.

• Component and Supply Chain Shortages: In addition to this, the increased demand from the autonomous cars went on to ruin the global supply chain due to the pandemic, and just because of the unavailability of some of these critical components such as sensors, cameras, and processors powering the self-driving systems. This shortage of components therefore extended more time into the production timelines as well as increasing the cost to manufacturers in addition to posing long-term difficult challenges in the provision of more self-driving cars to consumers.

• Partnership and Innovation in Autonomous Solutions: The pandemic unleashed increased collaboration between car companies, tech firms, and startups toward developing novel autonomous solutions. As interest began to build toward the fast-approaching pandemic, the trend’s gale became heightened as traditional automotive companies teamed up with AI and robotics companies to fasten the eventual commercialization of self-driving technology. Tech organizations with experience with artificial intelligence and machine learning teamed up with automobile companies to design software systems that would power autonomous cars, as a way of making the vehicles more dependable and secure.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Self-Driving Cars and Trucks Market, with some challenges and opportunities arising from the pandemic in the market.

List of the prominent players in the Self-Driving Cars and Trucks Market:

• Waymo
• Tesla
• Aurora
• TuSimple
• NVIDIA
• Intel (Mobileye)
• Ford
• General Motors (Cruise)
• Volkswagen (Argo AI)
• BMW
• Hyundai
• Baidu
• Zoox (Amazon)
• Nuro
• Rivian
• Others

The Self-Driving Cars and Trucks Market is segmented as follows:

By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

By Application

• Transportation & Logistics
• Ride-Hailing Services
• The public transport
• Industrial & Agricultural Application

By Component

• Hardware
• Software
• Connectivity Solutions
• Services

 Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America