Global Self-Driving Car market size was USD 23.66 billion in 2023 and the market is projected to touch USD 67.83 billion by 2032, at a CAGR of 12.41% during the forecast period.
Self-driving cars, also known as autonomous vehicles, are vehicles capable of navigating and operating without human input. They use a combination of sensors, cameras, and artificial intelligence algorithms to perceive their surroundings, interpret traffic signs, and make decisions on acceleration, braking, and steering.
The market for self-driving cars has grown significantly in recent years due to technological developments, rising investments from tech giants and automakers, and rising customer demand for more convenient and safe transportation options. These cars have the power to completely transform the automotive sector by decreasing human error-related collisions, increasing traffic flow and efficiency, and offering accessible mobility options to people who aren't able to drive. Regulatory obstacles, concerns about cybersecurity and data privacy, and the requirement for infrastructure changes, among other issues, continue to be major obstacles to wider implementation.
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