Size of the global autonomous car market 2019-2023

The global autonomous car market is expected to shrink by some three percent in 2020 as a result of the economic slowdown caused by the Covid-19 pandemic. In 2021, however, the market is forecast to recover and start growing, reaching a size of over 37 billion U.S. dollars in 2023.

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.