Analysis Autonomous Vehicle Impacts 5 Million Jobs Driving $250 Billion Market 25% CAGR by 2030
SCS market analysis reports Waymo, the autonomous vehicle subsidiary of Alphabet, is now expanding its driverless car testing to Los Angeles. This will mark the first time that fully autonomous cars will be tested on the streets of LA, and Waymo plans to conduct the test with a limited number of vehicles available only to riders in its Waymo Research Trusted Tester program.
While the company has successfully rolled out autonomous drivers in new cities with "little-to-no on-board engineering work," it still needs to obtain a Driverless Deployment permit from the California Public Utilities Commission before launching its Waymo One taxi service in California. Until then, the company's paid taxi service will remain exclusive to Phoenix, Arizona, where it is permitted to charge for driverless rides. Currently, GM's Cruise robotaxi service is the only company permitted to charge for driverless rides in California, so long as those rides take place during daylight writes J Dean @SCS.
Although, Waymo has not provided specific dates in 2023 when the driverless car testing will begin in Los Angeles, it has stated that it will initially conduct rider-only testing outside of rush hour with its 5th-generation Jaguar I-Pace cars in Santa Monica.
The program will then expand in accordance with Waymo's safety framework before eventually launching to consumers. To address concerns about traffic congestion, Waymo is continuously updating its self-driving software to avoid causing traffic jams, as one of its vehicles previously did in San Francisco.
SCS analysis finds the Worldwide Autonomous Car Market value in 2021 was worth $25 Billion, and it is projected to reach $250 Billion by 2030 at a CAGR of 25% data shows.
And we project the widespread adoption of self-driving vehicles could potentially lead to job displacement in certain sectors by 2026, including the trucking industry. As self-driving trucks become more prevalent, it is possible that many truck drivers could lose their jobs, as the vehicles will no longer require a human operator.
According to a report by the Center for Global Policy Solutions, self-driving vehicles could potentially displace up to 3.5 million truck drivers and 1.1 million delivery drivers, leading to a total of five million job losses nationwide. This would represent around 3% of the U.S. workforce writes J Dean @SCS.
However, it is also possible that the emergence of a shared mobility transport system serviced by electric and self-driving vehicles could create new jobs in related industries.
For example, the development and maintenance of the necessary infrastructure for these vehicles, such as charging stations and vehicle monitoring systems, could create new job opportunities. In addition, the software and engineering expertise required to design and build self-driving vehicles could also create new jobs.
It is important to note that the transition to a shared mobility transport system is likely to be gradual, allowing time for affected workers to retrain and acquire new skills. Additionally, policymakers and industry leaders are increasingly recognizing the need to address the potential impacts of self-driving vehicles on employment, and are exploring various policy solutions to support affected workers and industries during the transition period.
Autonomous Technology
Autonomous cars are equipped with advanced technologies such as cameras, sensors, artificial intelligence, and radar to travel across various places without any human intervention. They are capable of recognizing their surroundings and making decisions based on the data collected by their sensors.
Several leading automotive companies, including Audi, BMW, Ford, General Motors, Tesla, Volkswagen, and Volvo, are currently testing and developing autonomous vehicles. These vehicles have the potential to revolutionize transportation and provide numerous benefits, including improved safety, reduced traffic congestion, and increased efficiency.
Additional insights into the Autonomous Car Market. Here are some key takeaways :
The semi-autonomous segment held a significant position in the worldwide market. This refers to vehicles that still require some level of human intervention, but have advanced driver assistance systems (ADAS) to aid in driving.
The passenger car segment dominated the overall market in terms of vehicle type. This is likely due to the greater consumer demand for autonomous technology in personal vehicles.
In 2021, the transportation segment, which includes ride-sharing and public transportation, had the highest revenue share of nearly 93.8% in the market. This highlights the potential for autonomous technology to transform the transportation industry.
North America had the highest market share in 2021, accounting for about 45% of the overall market. This may be attributed to the presence of leading companies in the autonomous vehicle industry, as well as favorable regulatory policies and infrastructure for testing and deployment.
And factors contributing to the growth of the worldwide autonomous car market include the rise in the adoption of advanced technologies in vehicles as another significant factor in driving market growth. Automotive companies are integrating advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), and cameras to develop self-driving cars. These technologies help the vehicles to perceive and interpret the surrounding environment, enabling them to make intelligent decisions and drive safely without human intervention.
Moreover, government initiatives and programs aimed at increasing consumer safety and security are further boosting the demand for autonomous cars. The incorporation of AI-based cameras is also increasing the demand for self-driving cars, as these cameras can capture and analyze real-time data, providing valuable insights to improve the safety and performance of autonomous vehicles.
So, the worldwide market for autonomous cars is expected to witness significant growth in the coming years, driven by factors such as the rise in smart city development and the adoption of advanced technologies in vehicles spurred by new legislation. These trends are likely to continue to shape the automotive industry and transform the way we travel.
The worldwide Autonomous Car Market segmentation has been done on the basis of type, vehicle type, application, component, level of automation, and region.
By Type:
Semi-Autonomous
Fully Autonomous
By Vehicle type:
Commercial Vehicles
Passenger Cars
By Application
Defense
Construction
Civil
Transportation & Logistics
By Component
Ultrasonic Sensor
Radar Sensor
Infrared Sensors
LiDar
Camera Unit
By Level of Automation
Level 5
Level 4
Level 3
Level 2
Level 1
By Region
North America
Canada
United States
Mexico
Europe
United Kingdom
France
Spain
Germany
Italy
Turkey
Russia
Rest of Europe
Asia Pacific
Japan
India
Thailand
China
South Korea
Rest of Asia Pacific
Rest of the World
South Africa
Brazil
Others
While the strong government support and positive consumer acceptance have propelled the North American market to have the highest market share of about 45% in 2021. The United States is gradually approving legislation across all 50 states to allow autonomous vehicles on public roads, which is expected to significantly increase the North American market. On the other hand, the Asia Pacific region is anticipated to have a significant increase over the projection period due to countries like China, Singapore, Japan, and South Korea enacting laws and policies to assist in the development of the autonomous car and encouraging companies like Baidu, AutoX, and Pony.ai to test their vehicles on public roads.
Key players in Autonomous Car Market:
Audi AG
Toyota
BMW AG
General Motors
Volvo Car Corporation
Waymo
Microsemi Corporation
Texas Instruments
Nxp Semiconductors
Google LLC
Uber Technologies, Inc.
Nissan Motor Company
Honda Motor Company
Ford Motor Company
Ficosa International Sa
Daimler Ag
Volkswagon
Voxx International Corp.
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