Europe accounted for a major stake of over 40% in the self-driving cars market in 2017. The presence of major automakers and the increasing number of investments in the auto tech sector have supported the growth of the self-driving cars market. The government in the region has also invested extensively to improve the road and telecom infrastructure to help self-driving cars to communicate with the surrounding environment in a better manner.
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The North American self-driving cars market is anticipated to grow steadily over the projected timespan with a CAGR of over 14% in 2017. The market growth is driven by the presence of large technology players and supportive government policies.
The Asia Pacific self-driving cars market is also expected to witness a high growth rate with a CAGR of over 15% in 2017. Governments of countries such as Japan and China have allowed the testing of autonomous vehicles on public roads. The government authorities are collaborating with automakers and universities to introduce self-driving cars on public roads.
The level 1 autonomous cars are expected to account for over 90% of the autonomous market. The self-driving cars market is driven by the growing number of vehicle safety concerns around the world. The government authorities are consistently working on improving the safety of these cars by mandating the use of ADAS systems in the vehicles. This has led automakers to launch their own level 1 self-driving solutions.
The level 4 cars are still in the development phase and are expected to be commercially available by 2022. The automakers have increased their R&D spending to intensify their efforts for the development of self-driving cars. The companies are obtaining licenses from various local authorities to test their level 4 self-driving technology.
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Internal Combustion Engine (ICE) cars hold a majority share in the self-driving cars market with a market share of over 95% in 2017. This growth is attributed to the high demand for ICE-based cars in emerging nations such as India and Brazil. However, the rising concerns toward environmental safety and the increasing number of government regulations to reduce carbon emissions have restricted the growth of the ICE cars market. The supportive government policies such as tax benefits and subsidiaries are fostering the growth of the Hybrid Electric Vehicle (HEV) market.
The technological advancements in the autonomous industry are fast outdoing the existing regulatory framework. Therefore, the gap between the regulatory framework and the self-driving technology is steadily widening. Moreover, the lack of adequate road infrastructure is also plaguing the growth of the self-driving cars market.
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The players in the self-driving cars market are Waymo, Autoliv, BMW, Bosch, Continental, FCA, Ford, General Motors, Hyundai, Toyota, Uber, Volkswagen, Nvidia, Subaru, Tesla, Intel, Jaguar, Nissan, Honda, Daimler, Baidu, Aptiv, and Volvo. The automotive cars market is highly competitive due to the presence of a large number of players in the self-driving cars market.