The global self-driving car market is expected to expand at a compound annual growth rate of 36.2%, leading to global revenue of $173.15 billion by 2023, according to new data from Research and Markets (www.researchandmarkets.com).
Rising acceptance of autonomous vehicles by various governments is expected to boost the growth of industrial applications of autonomous cars and trucks over the forecast period, notes the research group. Technological advancements, increasing number of road accidents, and growing demand for automation are the key factors driving the growth of the market. Research and Markets says the rise of the mobility as a service (MaaS) sector is anticipated to provide an impetus to the market for autonomous cars. Automation in the automotive industry will boost the growth of the global self-driving car market.
Although the self-driving car market is expected to experience positive growth globally, apprehension regarding privacy and security risk and lack of proper infrastructure that is needed to support autonomous cars may pose several challenges for manufacturers, according to Research and Markets. There can be security threats to the wide-ranging networks that will connect with autonomous vehicles.
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