The market for autonomous vehicles (AVs) will grow significantly from 2018 through 2030.
Fully automated cars are expected to contribute some US$13.7 billion by 2030 and one in ten vehicles will be self-driving by then.
According to Statista’s newest DossierPlus on autonomous vehicles, market growth depends on the speed of consumer acceptance and the manufacturers’ ability to scale up production.
Many consumers see attacks from hackers as the main barrier to autonomous vehicle adoption: Almost four out of five consumers do not trust self-driving cars to provide enough vehicle security. More than 70% of consumers do not think driverless vehicle systems will be safe from hackers.
With an estimated market size of $1,161 billion robo-taxis are projected to become the top use case for driverless vehicles. As of today, businesses have already spent billions on related research and development activities to reap the rewards of the robo-taxi market.
Global demand for Advanced Driving (AD) and Advanced Driver Assistance Systems (ADAS) is also projected to spur the market growth for automotive semiconductors and sensors. These systems will prove crucial when machines are taking over the control helping driverless vehicles navigate and detect obstacles on the road.
The challenge for manufacturers will be recouping the immense investments they have made in autonomous driving. Mobility provider Uber has started investing in self-driving cars, spending more than $1 billion over three years. When General Motors’ Cruise subsidiary garnered $3.4 billion in funding in 2018, overall automotive startup funding had increased ten-fold over the past five years: reaching a record-breaking $27.5 billion in 2018.