Autonomous Cars Market to Reach USD 19.96 Billion by 2029; Nuro Launches its Third-Generation Nuro Delivery Van to Gain Impetus

The global autonomous cars market size was valued at USD 1.50 billion in 2021. The market is projected to grow from USD 1.63 billion in 2022 to USD 19.96 billion by 2029, exhibiting a CAGR of 42.97% during the forecast period.

This information is provided by Fortune Business Insights, in its report titled, “Autonomous Cars Market Size, Share & COVID-19 Impact Analysis, By Type (Fully Autonomous and Semi-Autonomous), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2022-2029.”

A driverless or self-driving vehicle is an autonomous vehicle. It can function with little to no assistance from humans. The technology of automated and self-driving vehicles has undergone a considerable change. When used in tandem in an automobile, cutting-edge technologies such as computers, smartphones, and the internet help to support and power automation activities.

Domestic Production of Semiconductor Chips and Technologies to Boost Market

Different businesses were affected differently by the pandemic-related shortage of semiconductor chips.

Automated driving systems, control units, battery management systems, sensors, LiDAR, and other electrical systems and technologies are used in autonomous vehicles. The effective and secure operation of autonomous vehicles depends on all of these systems, which are mandatory. As a result, delays in the supply of semiconductor chips had an impact on the introduction of fleets of autonomous vehicles, which further restricted market expansion.

Mercedes Opens Sales of Level 3 Self-Driving System on S-Class, EQS

Mercedes-Benz started offering Drive Pilot, the first Level 3 autonomous vehicle system authorized for use on public roads in Europe as an option on S-Class and EQS vehicles.

According to Mercedes, Drive Pilot costs USD 5,300 on the S-Class and more for the EQS in Germany.

Under some circumstances, the system enables the automobile to take over driving duties, freeing the driver to perform other tasks such as responding to emails. Drive Pilot's principal application would be in congested traffic or traffic jams as it is permitted for usage on approximately 13,000 km (8,100 miles) of German motorways at speeds of 60 kph or below.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/autonomous-cars-market-100141

Increasing Demand for Automated Energy-efficient Vehicles to Favor Growth

One of the market's continuing trends is the increasing adoption of emission-free, fuel-efficient, or energy-efficient automobiles. Automakers have created new generations of clean energy vehicles, including fuel cell electric vehicles, battery electric vehicles, and others, as a result of the implementation of strict pollution standards. As an alternative to conventional fossil fuel-powered vehicles, energy-efficient vehicles such as electric automobiles are in demand due to rising fossil fuel prices brought on by their limited supply.

These vehicles offer better economy through efficient driving and optimum energy consumption as they are outfitted with cutting-edge technologies and a high degree of autonomy. As a result, the global population's rising need for highly effective clean energy autonomous vehicles is fueling the market's expansion.

Innovative Product Launch Announcement by Key Players to Bolster Autonomous Cars Market Growth

The prominent autonomous cars players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.

Notable Industry Development

• January 2022: Nuro launches its third-generation Nuro delivery van. It was marketed by the corporation as the most cutting-edge autonomous flag ship delivery vehicle. Its capacity was roughly doubled over the prior model to transport more deliveries. Additionally, it will have programmable and temperature-controlled storage.

List of Key Players Covered in the Report

• Tesla (U.S.)


• Cruise LLC (U.S.)


• Uber Technologies (U.S.)


• Lyft, Inc. (U.S.)


• WAYMO (U.S.)


• Aptiv (Ireland)


• Baidu (China)


• Didi Chuxing (China)


• Zoox (U.S.)


• AutoX Inc. (U.S.)


• Nuro Inc. (U.S.)


• Volkswagen AG (Germany)


• Lumotive LLC (U.S.)


• Pony.ai (U.S.)


• Robert Bosch GmbH (Germany)


• Autoliv (Sweden)


• Mercedes Benz AG (Germany)


• BYD Company Ltd. (China)


• Ford Motor Company (U.S.)


• Volvo (Sweden)

Further Findings

Asia Pacific dominated the market with the largest autonomous cars market share in 2021. The region has witnessed heavy growth in adopting autonomous cars due to the demand for road safety, efficient traffic flow, compelling transit features, and avoiding road accidents.

Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Passenger cars segment holds the largest share of the market. People prefer private transport to avoid overburdened public transport.

Table of Segmentation