The North American fully autonomous car market is expected to reach $52.3 billion by 2030, growing at a CAGR of 17.1% during the period 2023–2030. Increasing research and development (R&D) activities for the development of autonomous cars, evolution in connected car technology, need for safe and efficient driving options, and support of federal and state governments ensuring the growth of these cars are some of the major factors fueling the growth of the North American autonomous car market, according to P&S Intelligence.
Road traffic, serious injuries, and deaths are unfortunately a common affair, and the primary cause of road crashes and accidents is human error, which accounts for more than 90% of road accidents. Thus, the emerging need for more efficient and safer driving technology, is driving the growth of the North American autonomous car market.
Insights into market segments
On the basis of vehicle autonomy, the North American autonomous car market has been categorized into semi-autonomous car and fully autonomous car. Between the two, semi-autonomous car dominated the market during the historical period. Level 1 semi-autonomous cars held the market share of over 95% in terms of volume, and also dominated the semi-autonomous car market in 2018. The government regulations for incorporation of necessary safety feature in the car is the major factor for the growth of this category. For instance, the National Highway Traffic Safety Administration (NHTSA) has mandated the use of electronic stability control (ESC) in all passenger vehicles being manufactured since 2012, benefitted the growth of the category.
What are the factors impacting the growth of this market?
- Increasing number of collaborations and partnerships is a key trend in the market
- Evolution in connected car technology is acting as a growth driver
Evolution in connected car technology is acting as a growth driver
The demand for connected cars is constantly increasing in North America due to rapid technological advancement and also due to their unique features, including smartphone connectivity with vehicle, road side assistance, traffic and collision warnings, and real-time traffic monitoring, which are not available in conventional passenger cars. The increasing digitization in connected cars is simultaneously fueling the growth of autonomous cars and hence propelling the North American autonomous car market. The integration of autonomous technology in connected cars is comparatively easier as compared to conventional cars, as connected cars need to be equipped with V2V and V2I connectivity, which are two of the necessary requirements for vehicle autonomy.
U.S. was larger autonomous car market in 2018
The U.S. held larger revenue share in the North American autonomous car market and accounted for higher sales volume in 2018. This is due to the presence of strong customer base, and a large number of original equipment manufacturers (OEMs) of autonomous car in the country that are launching new car models with advanced level of automation.
North America autonomous car market competitive landscape
Some of the major manufacturers operating in the North American autonomous car market are Ford Motor Company, Toyota Motor Corporation, Hyundai Motor Company, General Motors Company, Fiat Chrysler Automobiles N.V., Honda Motor Company Limited, Volkswagen Group, Tesla Inc, BMW Group, and Daimler AG.
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