The global autonomous car market was valued at over 27 billion U.S. dollars in 2021. The market is expected to grow in the following years, reaching a size of nearly 62 billion U.S. dollars in 2026.
Technological challenges
Fully autonomous vehicle technology is extremely complex. In the United Kingdom, it is expected that 73 percent of all cars will have some level of autonomy (Levels 1-3) before fully autonomous vehicles are even starting to enter the market in 2025. One reason behind this is the lack of consistent 5G or high-speed internet to allow the self-driving cars to communicate with each other and to gather information about driving conditions and traffic jams or potential obstacles blocking the road. Another reason is that some vehicles require extremely detailed maps to navigate safely.
Concerns about autonomous cars
Overcoming technological hurdles is not enough for autonomous vehicles to take off. Securing public support is vital as well. People need to feel comfortable about riding in an autonomous vehicle in order to use them and buy them. Although over 40 percent of customers worldwide would be willing to use fully autonomous or semi-autonomous cars, they still have some concerns. More than half of the customers are worried about the safety of autonomous cars and over 30 percent are not sure whether the technologies necessary for autonomous vehicles to operate are advanced enough.
Size of the global autonomous car market in 2021, with a forecast through 2026
(in billion U.S. dollars)
Characteristic
Market size in billion U.S. dollars
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This Statista estimate is based on the 2027 values and the compound annual growth rate from 2022 to 2027 of 23%, which were provided by the source. An exponential development of the market was assumed.
* Forecast
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Statista. (July 8, 2022). Size of the global autonomous car market in 2021, with a forecast through 2026 (in billion U.S. dollars) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/428692/projected-size-of-global-autonomous-vehicle-market-by-vehicle-type/
Statista. "Size of the global autonomous car market in 2021, with a forecast through 2026 (in billion U.S. dollars)." Chart. July 8, 2022. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/428692/projected-size-of-global-autonomous-vehicle-market-by-vehicle-type/
Statista. (2022). Size of the global autonomous car market in 2021, with a forecast through 2026 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/428692/projected-size-of-global-autonomous-vehicle-market-by-vehicle-type/
Statista. "Size of The Global Autonomous Car Market in 2021, with a Forecast through 2026 (in Billion U.S. Dollars)." Statista, Statista Inc., 8 Jul 2022, https://www.statista.com/statistics/428692/projected-size-of-global-autonomous-vehicle-market-by-vehicle-type/
Statista, Size of the global autonomous car market in 2021, with a forecast through 2026 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/428692/projected-size-of-global-autonomous-vehicle-market-by-vehicle-type/ (last visited September 01, 2024)
Size of the global autonomous car market in 2021, with a forecast through 2026 (in billion U.S. dollars) [Graph], Statista, July 8, 2022. [Online]. Available: https://www.statista.com/statistics/428692/projected-size-of-global-autonomous-vehicle-market-by-vehicle-type/