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24m autonomous cars on the road by 2030
According to a new research report from Berg Insight, the first autonomous cars will debut in 2020. The total number of new registrations of autonomous cars is forecasted to grow at a compound annual growth rate (CAGR) of 62% from 0.2-million units in 2020 to reach 24-million units in 2030.
Several automobile manufacturers have initiated projects to develop self-driving features in their cars. The incumbent automakers are joined by multiple new actors such as IT companies and other technology-oriented firms. Most incumbent automotive companies pursue an incremental approach with step-by-step roll-out of autonomous systems while start-ups and IT companies take a more revolutionary direction and aim at developing fully autonomous cars immediately from scratch.
The advent of autonomous cars is expected to have a tremendous impact on our society in several ways. Cars are among the most costly as well as inefficiently used assets of today. When cars can operate around the clock on a service-based business model it results in a tremendous increase of their utilisation rate. Furthermore, autonomous cars will improve life quality for people unable to drive, reduce the number of fatalities and accidents in road traffic and increase overall traffic efficiency. The economic benefits are vast – the challenge is to succeed in making self-driving cars sufficiently reliable at a reasonable cost to enable commercialization.