Self-driving Cars Market worth 76,217 thousand units in 2035, Globally, at a CAGR of 6.8%, says MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, April 02, 2025 (GLOBE NEWSWIRE) -- Self-Driving Cars Market is projected to reach from 37,090 thousand units in 2024 to 76,217 thousand units in 2035, at a CAGR of 6.8%, as per the recent study by MarketsandMarkets™.  The market is growing rapidly due to technological advancements, stringent regulations, and increased demand for safer, more convenient vehicles. Asia Pacific is the largest market for self-driving cars, with China approving Level 3 testing for NIO in December 2023 and expanding public road trials for BYD, FAW, and SAIC in 2024. Similarly, South Korea’s Vision 2030 targets citywide autonomous infrastructure by 2026, while Japan plans Level 4 deployments across 100 municipalities by 2027. Regulations such as Europe’s GSR2 (2024) and US NHTSA’s pedestrian AEB mandate (2029) further drive automakers such as Mercedes-Benz and BMW to innovate in Level 3 autonomy.

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List of Key Players in Self-driving Cars Market:

• Toyota Motor Corporation (Japan)
• Tesla (US)
• BYD Co., Ltd. (China)
• Volkswagen Group (Germany)
• Ford Motor Company (US)
• Hyundai Motor Group (South Korea)

Drivers, Opportunities and Challenges in Self-driving Cars Market:

1. Driver: Government regulations for integration of advanced safety technologies
2. Restraint: High development costs
3. Opportunity: Emergence of subscription-based service offerings
4. Challenge: Lack of software standardization

Key Findings of the Study:

1. Radar to be largest component segment during forecast period
2. Level 2 to surpass other autonomy levels during forecast period
3. Asia Pacific to be dominant during forecast period

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The Level 5 (L5) autonomous vehicle segment is set to be the fastest growing in the self-driving car market due to significant advancements in AI, sensor technologies, and global investments aimed at achieving full autonomy. Companies like DeepRoute.ai and Hyundai Motor Group are making notable strides in developing L5 vehicles, with investments such as the USD 100 million secured by DeepRoute.ai to enhance fully autonomous systems. Additionally, the collaboration between Hyundai and Motional to bring robotaxis to the streets emphasizes the commitment to overcoming technological and regulatory challenges. The growing focus on creating fully autonomous vehicles that require no human intervention positions the L5 segment for rapid growth in the coming years.

The A&B segment of self-driving cars, consisting of compact and subcompact vehicles, is expected to experience the highest growth over the forecast period. These vehicles are popular due to their affordability, fuel efficiency, and suitability for urban environments. Models like the Kia Sonet and Hyundai i20 exemplify the segment's appeal, offering consumers basic autonomy features such as adaptive cruise control. As demand for affordable, tech-enabled vehicles increases, especially in emerging markets, the A&B segment is becoming a key entry point for adopting self-driving technologies. Additionally, manufacturers are scaling up production to meet this growing demand, further accelerating the segment's expansion.

The shared mobility segment of the self-driving cars market is set to experience the fastest growth during the forecast period. This includes ridesharing, robotaxi, car-sharing, and other commercial passenger transportation services, with autonomous vehicles expected to lead the way. The growing demand for ridesharing and robotaxi services, driven by the high cost of owning autonomous cars, is fueling this growth. Companies like Waymo LLC are actively developing business models around self-driving technology. At the same time, partnerships such as Hyundai and Motional's robotaxi initiative in Las Vegas highlight the increasing adoption of autonomous vehicles for public transportation. Additionally, trials like Germany's KIRA project and EasyMile's fully driverless shuttles further demonstrate shared mobility's progress and growing potential in the autonomous vehicle sector.

China to Dominate the Asia Pacific Self-Driving Cars Market During the Forecast Period

China is expected to dominate the Asia Pacific self-driving cars market during the forecast period, driven by the government's proactive stance in fostering autonomous vehicle innovation. The Chinese government has set ambitious targets, such as ensuring that over 70% of new cars sold by 2025 include Level 2 or 3 capabilities. This policy has spurred extensive testing and adoption of autonomous technologies. For instance, in August 2024, Zeekr secured a Level 3 vehicle testing permit in China, reflecting regulatory support accelerating technological advancements. Additionally, initiatives such as Baidu's Apollo Go robotaxi service, which plans to deploy 1,000 autonomous vehicles in Wuhan by the end of 2024, showcase the rapid commercialization of self-driving cars in China. These developments underscore China's leadership in shaping the future of autonomous mobility.

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Recent Developments:

• In October 2024, Tesla (US) introduced the Cybercab, a fully autonomous robotaxi priced under USD 30,000. It is designed without a steering wheel or pedals.
• In October 2024, Toyota Motor Corporation (Japan) announced a collaboration with Suzuki Motor Corporation on the development of a battery electric vehicle. The new model is designed exclusively as a BEV (battery electric vehicle).
• In June 2024, Cruise LLC (US), a General Motors (US) subsidiary, announced that it had resumed manual driving in Phoenix, Houston, and Dallas, with supervised operations ongoing in Phoenix and Dallas.
• In April 2024, Buick (US), a General Motors (US) subsidiary, unveiled the Enclave SUV for model year 2025. The SUV will be made available with Super Cruise, General Motors’s hands-free driver assistance system with L2+ capabilities.

Related Reports:

1. Autonomous Forklift Market
2. Autonomous Vehicle Sensor Market
3. Autonomous Driving Software Market

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