The global market for self-driving cars is expected to grow significantly in the coming years. The rapidly increasing number of accidents around the world is expected to drive significant growth in this market over the next few years. Furthermore, growing consumer awareness of the benefits autonomous cars provide to their users, such as enhanced mobility, is expected to fuel demand for autonomous cars in the coming years. However, regulatory concerns may stymie the growth of this market in the near future.
Recent technological advancements in artificial intelligence, machine learning, and other sensors such as RADAR, LIDAR, GPS, and computer vision have enabled car manufacturers to increase self-driving capabilities. Though levels of autonomy vary, major players are working on more advanced control systems integrated into the car that can interpret sensory inputs to detect signboards or avoid collisions.
The elimination of accidents caused by human error, as well as reduced carbon dioxide emissions from autonomous vehicles, are driving the market growth. Furthermore, less battery capacity and less gas consumption by autonomous vehicles, as well as high penetration in the automotive sector, contribute to market growth. However, low consumer acceptance and the looming threat of hackers in the driving operation stymie this stated growth.
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