Market Size of US Autonomous Car Industry
|2019 - 2029
|Base Year For Estimation
|Market Size (2024)
|USD 14.79 Billion
|Market Size (2029)
|USD 37.56 Billion
|CAGR (2024 - 2029)
*Disclaimer: Major Players sorted in no particular order
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US Autonomous Car Market Analysis
The US Autonomous Car Market size is estimated at USD 14.79 billion in 2024, and is expected to reach USD 37.56 billion by 2029, growing at a CAGR of 20.5% during the forecast period (2024-2029).
The ongoing COVID-19 pandemic has hit the overall automotive industry, compelling automakers to cut down the output at their production plants. COVID-19 has also impacted many OEM operations, from production to R&D, creating short-term disruption and delaying autonomous vehicle development and rollouts.
Over the medium term, with stringent regulations by the government focused on increasing road safety, more autonomous vehicles are being developed with highly advanced technologies integrated with smartphones through the internet creating new interest among market players to attract customers. Due to rising health concerns and changing commuting patterns, the demand among private consumers is also increasing for personal cars. According to Euromonitor's Voice of the Industry survey, 13% of respondents indicated they plan to increase the usage of cars for commuting short distances permanently.
Level 4 and Level 5 (as scaled by SAE) autonomous cars may not reach wide acceptance by 2030. However, there would be rapid growth for Level 2 and Level 3 autonomous cars, which have advanced driver assistance systems, like collision detection, lane departure warning, and adaptive cruise control.
The demand for self-driving cars in the United States region has increased significantly over the past three years. The demand is well supported by the collaboration between the companies across the United States. For instance,
In April 2021, Velodyne Lidar announced that it had been selected by Faraday Future (FF) as a lidar supplier for Faraday's FF 91 all-electric vehicle. Velodyne's solid state Velarray H800 lidar sensors will power the FF 91's autonomous driving system to deliver various autonomy features. Velarray H800 is a solid state lidar sensor that combines long-range perception and a broad field of view for safe navigation and collision avoidance in ADAS and autonomous mobility applications.
Apart from the points above, Mexico's new trade agreement with the United States and Canada has involved opportunities for the transfer of autonomous technology. However, there is room for improvement in infrastructure in the coming years.